<img class = "expand-img-vertical" itemprop = "url" src = "https://www.gannett-cdn.com/-mm-/9e985dc67e8a4776dbb7f240eb0f5e044ae41d38/c=0-71-987-1387/ local / – / media / 2016/11/10 / TXGroup / Abilene / 636143952004611413-Alex-Mills.jpg? width = 534 & height = 712 & fit = crop "alt =" Alex-Mills "data-mycapture-src =" https: // www.gannett-cdn.com/media/2016/11/10/TXGroup/Abilene/636143952004611413-Alex-Mills.jpg "data-mycapture- sm-src =" https://www.gannett-cdn.com/- mm- / 1a305b70d12e26d3b20b587ced7613a5acbf295d / r = 270×400 / local / – / media / 2016/11/10 / TXGroup / Abilene / 636143952004611413-Alex-Mills.jpg "1965-19006] Energy issues have become a central topic of discussion this week while the 29 countries of the North Atlantic Treaty Organization met, and they should be a topic of conversation Trump traveled this week to meet Russian President Vladimir Putin
Trump has questioned Germany's agreement to buy the natural gas produced in Russia, delivered to Germany by a new pipeline built under the Baltic Sea. Germany is concluding a huge oil and gas deal with Russia, where we are supposed to guard against Russia. Germany is coming out and paying billions and billions of dollars. "If you look at this, Germany is a captive of Russia, because they provide – they got rid of their coal plants, got rid of their nuclear, they get a lot of oil and gas from Russia .I think it's something that NATO has to look at, "said Trump.
Russia has always used its natural gas exports as a political weapon against its neighbors It wants OPEC to increase its production and exports to drive down prices.
Even though Russia is not a member of OPEC, it has reduced oil production Under an agreement with OPEC members, the reduction balanced the supply and demand and oil prices have risen.Russia plans to increase the production of 200,000 barrels a day
Meanwhile, crude oil prices dropped to 73 dollars a barrel l on the New York Mercantile Exchange, the Trump administration will impose 10% tariffs on Chinese goods. the consultations end in August. Traders fear that the announcement will raise further concern over a trade war, which will result in lower demand for oil, which will drive down prices.
If the tariffs proposed by the United States on Chinese products come into effect, half of all American imports from the Asian nation. In addition to consumer goods such as clothing, televisions and refrigerators, the list includes petroleum products such as fuels, kerosene and naphtha.
Moreover, Libya regained control of critical ports, including Ras Lanuf and Es Sider who had fallen under the sway of a rival faction in the country politically broke. NOC has lifted the force majeure in the terminals and shipments will resume quickly, according to Bloomberg.
World oil production is expected to increase until 2019. The OPEC and Russia have agreed to increase their production. Oil and natural gas production in the United States is also expected to increase
However, Venezuela's political and economic problems will create more problems for its oil industry limiting its ability to export, and sanctions against Iran could also limit its exports.
Alex Mills is the former president of the Texas Alliance of Energy Producers.
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