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You can find the current article at its original source at https://www.theguardian.com/business/live/2019/may/20/oil-prices-rise-opec-production-cuts-trump-iran-threats-business-live
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| Oil prices rise amid production cuts and Trump Iran threats – business live | Oil prices rise amid production cuts and Trump Iran threats – business live |
| (32 minutes later) | |
| Equities had mixed fortunes this morning – but we have had another big reminder of the trade tensions which roiled stock markets last week. | |
| Google has suspended Huawei’s access to updates of its Android operating system and chipmakers have reportedly cut off supplies to the Chinese telecoms company, complying with orders from the US government as it seeks to blacklist Huawei around the world, write the Guardian’s Nadeem Badshah and Lily Kuo. | |
| Current owners of Huawei devices will still be able to use Google apps, but the next generation of devices could be affected. | |
| Huawei has taken a central role in the dispute between US President Donald Trump and China, after the company – which is a leader in network equipment as well as consumer devices – was banned from critical applications by the security services of several countries. Notably, the UK was not one of them. | |
| You can read a lot more detail (on a story which will run and run) here: | |
| Google blocks Huawei access to Android updates after blacklisting | |
| Activists at Greenpeace UK appear to have blockaded BP’s London headquarters, saying that “business as usual is just not an option”. | Activists at Greenpeace UK appear to have blockaded BP’s London headquarters, saying that “business as usual is just not an option”. |
| The protestors have put themselves in heavy containers blocking the entrances to the offices in St James’s Square, according to tweets from Greenpeace. | The protestors have put themselves in heavy containers blocking the entrances to the offices in St James’s Square, according to tweets from Greenpeace. |
| Activists are blocking the entrances to BP’s London HQ. They have set up camp inside specially designed containers. BP can’t continue as if it’s business as usual in this #ClimateEmergency we’re in. #BPshutdown pic.twitter.com/9FaaLMajo5 | Activists are blocking the entrances to BP’s London HQ. They have set up camp inside specially designed containers. BP can’t continue as if it’s business as usual in this #ClimateEmergency we’re in. #BPshutdown pic.twitter.com/9FaaLMajo5 |
| BP has come under sustained pressure from campaign groups and investors to explain how it will decarbonise. | BP has come under sustained pressure from campaign groups and investors to explain how it will decarbonise. |
| “They are fuelling a #ClimateEmergency that threatens millions of lives. BP must clean up or clear out”, Greenpeace wrote. | “They are fuelling a #ClimateEmergency that threatens millions of lives. BP must clean up or clear out”, Greenpeace wrote. |
| Other airlines have caught a cold from Ryanair: Easyjet and International Consolidated Airlines Group, the owner of British Airways, are the biggest fallers on the FTSE 100 in early trading. | Other airlines have caught a cold from Ryanair: Easyjet and International Consolidated Airlines Group, the owner of British Airways, are the biggest fallers on the FTSE 100 in early trading. |
| Easyjet lost 2.2%, while IAG lost 1.5%. Travel company Tui lost 1%. | Easyjet lost 2.2%, while IAG lost 1.5%. Travel company Tui lost 1%. |
| The broader FTSE 100 index edged up in the first 10 minutes of trading, while the mid-cap FTSE 250 has lost about 0.2%. | The broader FTSE 100 index edged up in the first 10 minutes of trading, while the mid-cap FTSE 250 has lost about 0.2%. |
| Irish budget airline Ryanair on Monday reported its weakest annual profit in four years, amid intense competition on fares. | |
| After tax profits (excluding some exceptional items) fell to €1.02bn (£900m) for its financial year to 31 March, down from €1.45bn the previous year. | After tax profits (excluding some exceptional items) fell to €1.02bn (£900m) for its financial year to 31 March, down from €1.45bn the previous year. |
| Shares fell by 5% at the start of trading. | Shares fell by 5% at the start of trading. |
| The airline’s outspoken chief executive, Michael O’Leary, blamed “attritional fare wars” for the weakness. | The airline’s outspoken chief executive, Michael O’Leary, blamed “attritional fare wars” for the weakness. |
| “Frankly, if we are in a period where there are going to be attritional fare wars... profits will suffer for a year or two and I think that is what shareholders should expect,” O’Leary said in a video presentation. | “Frankly, if we are in a period where there are going to be attritional fare wars... profits will suffer for a year or two and I think that is what shareholders should expect,” O’Leary said in a video presentation. |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| Oil prices have rallied at the start of the week on a familiar script: sustained production cuts from the Opec cartel and some threatening tweets from the world’s most powerful man. | Oil prices have rallied at the start of the week on a familiar script: sustained production cuts from the Opec cartel and some threatening tweets from the world’s most powerful man. |
| Brent crude futures prices earlier hit $73.40 per barrel, the highest since April 26, and was up by 1.4% for the morning at the time of writing. | Brent crude futures prices earlier hit $73.40 per barrel, the highest since April 26, and was up by 1.4% for the morning at the time of writing. |
| Saudi energy minister Khalid al-Falih said on Sunday there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories “gently” but he would remain responsive to the needs of a “fragile market”. Saudi oil tankers were last week attacked. | Saudi energy minister Khalid al-Falih said on Sunday there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories “gently” but he would remain responsive to the needs of a “fragile market”. Saudi oil tankers were last week attacked. |
| United Arab Emirates energy minister Suhail al-Mazrouei earlier told reporters that relaxing supply cuts was not the right decision. | United Arab Emirates energy minister Suhail al-Mazrouei earlier told reporters that relaxing supply cuts was not the right decision. |
| Prices look “well supported” at current levels, said Jasper Lawler, head of research at London Capital Group. | Prices look “well supported” at current levels, said Jasper Lawler, head of research at London Capital Group. |
| Oil has already rallied around 40% since the start of the year, thanks mainly to OPEC limiting supply. Investors had been growing nervous that OPEC could look to remove the production limits at its next meeting in June, in light of tightening global supply and elevated prices. | Oil has already rallied around 40% since the start of the year, thanks mainly to OPEC limiting supply. Investors had been growing nervous that OPEC could look to remove the production limits at its next meeting in June, in light of tightening global supply and elevated prices. |
| US President Donald Trump added fuel to the fire, threatening Iran on Twitter. Some analysts say that John Bolton, his hawkish national security adviser, may have a hand in the increasingly bellicose tone towards the Middle Eastern state. | US President Donald Trump added fuel to the fire, threatening Iran on Twitter. Some analysts say that John Bolton, his hawkish national security adviser, may have a hand in the increasingly bellicose tone towards the Middle Eastern state. |
| If Iran wants to fight, that will be the official end of Iran. Never threaten the United States again! | If Iran wants to fight, that will be the official end of Iran. Never threaten the United States again! |
| Elsewhere, economists had expected Japan to be in a recession in the first quarter. But the consensus forecast of 0.1% quarter-on-quarter growth was way out – in fact, it came in at 0.5%. However, economists warned that the underlying picture was still less than stellar, with the headline figure boosted by a fall in imports. | Elsewhere, economists had expected Japan to be in a recession in the first quarter. But the consensus forecast of 0.1% quarter-on-quarter growth was way out – in fact, it came in at 0.5%. However, economists warned that the underlying picture was still less than stellar, with the headline figure boosted by a fall in imports. |
| The agenda | The agenda |
| 9am BST: Eurozone current account (March) | 9am BST: Eurozone current account (March) |
| 9am BST: Speech by Peter Praet, chief economist at the European Central Bank | 9am BST: Speech by Peter Praet, chief economist at the European Central Bank |
| 5:30pm: Speech by Ben Broadbent, deputy governor of the Bank of England | 5:30pm: Speech by Ben Broadbent, deputy governor of the Bank of England |