U.S. President Donald Trump met NATO Secretary General Jens Stoltenberg at the White House Tuesday, where he took credit for increased burden sharing in collective defense spending. As White House Correspondent Patsy Widakuswara reports, the North Atlantic Treaty Organization is commemorating its 70th birthday in Washington with less pomp than usual, out of concerns for further verbal attacks from an American president who has repeatedly criticized the trans-Atlantic military alliance.
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U.S. President Donald Trump met NATO Secretary General Jens Stoltenberg at the White House Tuesday, where he took credit for increased burden sharing in collective defense spending. As White House Correspondent Patsy Widakuswara reports, the North Atlantic Treaty Organization is commemorating its 70th birthday in Washington with less pomp than usual, out of concerns for further verbal attacks from an American president who has repeatedly criticized the trans-Atlantic military alliance.
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The United States will not send high-level officials to attend China’s second Belt and Road summit in Beijing this month, a spokesperson for the U.S. State Department said on Tuesday, citing concerns about financing practices for the project.

China’s top diplomat, Yang Jiechi, said on Saturday that almost 40 foreign leaders would take part in the summit due to be held in Beijing in late April. He rejected criticisms of the project as “prejudiced.”

The first summit for the project, which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending, was held in 2017 and was attended by Matt Pottinger, the senior White House official for Asia.

There are no such plans this year.

“We will not send high-level officials from the United States,” a spokesperson for the U.S. State Department said in answer to a question from Reuters.

“We will continue to raise concerns about opaque financing practices, poor governance, and disregard for internationally accepted norms and standards, which undermine many of the standards and principles that we rely upon to promote sustainable, inclusive development, and to maintain stability and a rules-based order.

“We have repeatedly called on China to address these concerns,” the official added.

Chinese President Xi Jinping’s Belt and Road Initiative has proven controversial in many Western capitals, particularly Washington, which views it as a means to spread Chinese influence abroad and saddle countries with unsustainable debt through non-transparent projects.

On Saturday, Yang called such criticisms “prejudiced,” saying China has never forced debt upon participants and the project was to promote joint development.

On Saturday, he did not name the 40 leaders he said would attend, but some of China’s closest allies have already confirmed they will be there, including Russian President Vladimir Putin, Pakistani Prime Minister Imran Khan, Philippines President Rodrigo Duterte and Cambodian Prime Minister Hun Sen.

​The United States has been particularly critical of Italy’s decision to sign up to the plan this month, during a visit by Xi to Rome, the first for a G7 nation.

Washington sees China as major strategic rival and the Trump administration has engaged Beijing in a tit-for-tat tariff war. 

The world’s two biggest economies have levied tariffs on hundreds of billions of dollars’ worth of bilateral trade since July 2018, raising costs, disrupting supply chains and roiling global markets.

White House economic adviser Larry Kudlow on Tuesday said the countries “expect to make more headway” in trade talks this week, while the top U.S. business lobbying group said differences over an enforcement mechanism and the removal of U.S. tariffs were still obstacles to a deal.
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The United States will not send high-level officials to attend China’s second Belt and Road summit in Beijing this month, a spokesperson for the U.S. State Department said on Tuesday, citing concerns about financing practices for the project.

China’s top diplomat, Yang Jiechi, said on Saturday that almost 40 foreign leaders would take part in the summit due to be held in Beijing in late April. He rejected criticisms of the project as “prejudiced.”

The first summit for the project, which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending, was held in 2017 and was attended by Matt Pottinger, the senior White House official for Asia.

There are no such plans this year.

“We will not send high-level officials from the United States,” a spokesperson for the U.S. State Department said in answer to a question from Reuters.

“We will continue to raise concerns about opaque financing practices, poor governance, and disregard for internationally accepted norms and standards, which undermine many of the standards and principles that we rely upon to promote sustainable, inclusive development, and to maintain stability and a rules-based order.

“We have repeatedly called on China to address these concerns,” the official added.

Chinese President Xi Jinping’s Belt and Road Initiative has proven controversial in many Western capitals, particularly Washington, which views it as a means to spread Chinese influence abroad and saddle countries with unsustainable debt through non-transparent projects.

On Saturday, Yang called such criticisms “prejudiced,” saying China has never forced debt upon participants and the project was to promote joint development.

On Saturday, he did not name the 40 leaders he said would attend, but some of China’s closest allies have already confirmed they will be there, including Russian President Vladimir Putin, Pakistani Prime Minister Imran Khan, Philippines President Rodrigo Duterte and Cambodian Prime Minister Hun Sen.

​The United States has been particularly critical of Italy’s decision to sign up to the plan this month, during a visit by Xi to Rome, the first for a G7 nation.

Washington sees China as major strategic rival and the Trump administration has engaged Beijing in a tit-for-tat tariff war. 

The world’s two biggest economies have levied tariffs on hundreds of billions of dollars’ worth of bilateral trade since July 2018, raising costs, disrupting supply chains and roiling global markets.

White House economic adviser Larry Kudlow on Tuesday said the countries “expect to make more headway” in trade talks this week, while the top U.S. business lobbying group said differences over an enforcement mechanism and the removal of U.S. tariffs were still obstacles to a deal.
…

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Trade tensions between China and the United States are putting a drag on economies in the region, with growth likely to continue to slow in the coming two years, the Asian Development Bank says in a report released Wednesday.

 

The Manila, Philippines-based regional lender’s latest economic outlook forecasts that growth in developing Asia will slow slightly to 5.7 percent this year and 5.6 percent in 2020. In 2017 growth was at 6.2 percent.

 

“The main risk to the outlook is still the ongoing trade conflict, as heightened trade policy uncertainty can negatively affect investment and manufacturing activity,” it said. “A sharper slowdown in the advanced economies or the PRC (People’s Republic of China) is another risk.”

 

The annual update comes as China and the U.S. prepare for another round of talks, this week in Washington, aimed at resolving their dispute over China’s industrial policies and acquisition of technology.

 

After the dispute escalated in mid-2018, with both sides imposing billions of dollars’ worth of tariffs on each other’s products, world trade weakened, contracting nearly 2 percent in January from a year earlier, the report shows.

 

It said the solid growth momentum in the first nine months of the year began to fade in the last quarter. Growth in industrial production also showed signs of weakness, the ADB report said.

 

This is an added burden as the business cycle for major economies heads into a “negative trend,” said the ADB’s chief economist, Yasuyuki Sawada.

 

“This global business cycle seems to create some impact on Asian economies,” he said in an interview. “It’s not only trade tensions.”

 

Other reports show similar sluggishness in the region, which remains the main driver for world economic growth.

 

The latest set of purchasing manager indexes showed slight improvements in exports in March from January-February for Indonesia, Vietnam, Thailand and Taiwan as well as China.

 

“But other data suggest that growth in China could well weaken again in the near term,” Capital Economics said in a report. “As such, we think it is too soon to predict a turn in fortunes for the region’s manufacturing sectors.”

 

The Asian Development Bank forecasts that growth in major economies will slip to 1.9 percent in 2019 and 1.6 percent in 2020 from 2.2 percent last year. The U.S. economy is forecast to expand at a 2.4 percent annual rate this year, slowing from 2.9 percent in 2018, and to decelerate to 1.9 percent growth in 2020. Japan’s growth will remain flat at 0.8 percent this year, it estimates, and fall to 0.6 percent next year.

 

The bank expects growth in the area using the euro to fall to 1.5 percent in 2019 and 2020 from 1.8 percent in 2018.

 

On the positive side, inflation should remain manageable and domestic demand in many economies in Southeast and South Asia is vibrant, the Asian Development Bank said.

 

That’s less true of East Asia, where consumers have grown more cautious about spending: auto sales in China, for example, have plunged in recent months in one of the biggest reversals of sentiment.

 

Developing countries in Asia are seeing an uptick in investment from many parts of the world, especially China, it noted. China’s foreign direct investment in new projects such as renewable energy, textile factories and property in the region nearly tripled, while investment by the U.S. jumped by nearly three-quarters.

 

While much of the ADB’s report focused on trade and investment, the bank urged governments across the region to devote more resources to cultivating resilience and taking measures to help prevent or mitigate natural disasters.

 

The report noted that 84 percent of the 206 million people affected by natural disasters each year in 2000-2018 lived in developing Asian economies. More than half of the 60,000 deaths from such catastrophes each year were in this region, which suffers a large share of extreme weather events and earthquakes.

 

The report says that a large share of the $1.7 trillion in annual investments in infrastructure needed over the coming decade should go to reducing risks from such disasters.

 

One area of concern is insurance.

 

“Almost all direct damage is not covered by insurance,” Sawada said.

 

Another area that could yield strong results is in weather forecasting and warnings in the Asia-Pacific, home to four of every five people affected by storms and other disasters.

 

While earthquakes and tsunamis are virtually impossible to predict, when it comes to extreme weather, “there is room for constructing mechanisms and building up early warning systems,” Sawada said. “There is huge potential.”
…

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Trade tensions between China and the United States are putting a drag on economies in the region, with growth likely to continue to slow in the coming two years, the Asian Development Bank says in a report released Wednesday.

 

The Manila, Philippines-based regional lender’s latest economic outlook forecasts that growth in developing Asia will slow slightly to 5.7 percent this year and 5.6 percent in 2020. In 2017 growth was at 6.2 percent.

 

“The main risk to the outlook is still the ongoing trade conflict, as heightened trade policy uncertainty can negatively affect investment and manufacturing activity,” it said. “A sharper slowdown in the advanced economies or the PRC (People’s Republic of China) is another risk.”

 

The annual update comes as China and the U.S. prepare for another round of talks, this week in Washington, aimed at resolving their dispute over China’s industrial policies and acquisition of technology.

 

After the dispute escalated in mid-2018, with both sides imposing billions of dollars’ worth of tariffs on each other’s products, world trade weakened, contracting nearly 2 percent in January from a year earlier, the report shows.

 

It said the solid growth momentum in the first nine months of the year began to fade in the last quarter. Growth in industrial production also showed signs of weakness, the ADB report said.

 

This is an added burden as the business cycle for major economies heads into a “negative trend,” said the ADB’s chief economist, Yasuyuki Sawada.

 

“This global business cycle seems to create some impact on Asian economies,” he said in an interview. “It’s not only trade tensions.”

 

Other reports show similar sluggishness in the region, which remains the main driver for world economic growth.

 

The latest set of purchasing manager indexes showed slight improvements in exports in March from January-February for Indonesia, Vietnam, Thailand and Taiwan as well as China.

 

“But other data suggest that growth in China could well weaken again in the near term,” Capital Economics said in a report. “As such, we think it is too soon to predict a turn in fortunes for the region’s manufacturing sectors.”

 

The Asian Development Bank forecasts that growth in major economies will slip to 1.9 percent in 2019 and 1.6 percent in 2020 from 2.2 percent last year. The U.S. economy is forecast to expand at a 2.4 percent annual rate this year, slowing from 2.9 percent in 2018, and to decelerate to 1.9 percent growth in 2020. Japan’s growth will remain flat at 0.8 percent this year, it estimates, and fall to 0.6 percent next year.

 

The bank expects growth in the area using the euro to fall to 1.5 percent in 2019 and 2020 from 1.8 percent in 2018.

 

On the positive side, inflation should remain manageable and domestic demand in many economies in Southeast and South Asia is vibrant, the Asian Development Bank said.

 

That’s less true of East Asia, where consumers have grown more cautious about spending: auto sales in China, for example, have plunged in recent months in one of the biggest reversals of sentiment.

 

Developing countries in Asia are seeing an uptick in investment from many parts of the world, especially China, it noted. China’s foreign direct investment in new projects such as renewable energy, textile factories and property in the region nearly tripled, while investment by the U.S. jumped by nearly three-quarters.

 

While much of the ADB’s report focused on trade and investment, the bank urged governments across the region to devote more resources to cultivating resilience and taking measures to help prevent or mitigate natural disasters.

 

The report noted that 84 percent of the 206 million people affected by natural disasters each year in 2000-2018 lived in developing Asian economies. More than half of the 60,000 deaths from such catastrophes each year were in this region, which suffers a large share of extreme weather events and earthquakes.

 

The report says that a large share of the $1.7 trillion in annual investments in infrastructure needed over the coming decade should go to reducing risks from such disasters.

 

One area of concern is insurance.

 

“Almost all direct damage is not covered by insurance,” Sawada said.

 

Another area that could yield strong results is in weather forecasting and warnings in the Asia-Pacific, home to four of every five people affected by storms and other disasters.

 

While earthquakes and tsunamis are virtually impossible to predict, when it comes to extreme weather, “there is room for constructing mechanisms and building up early warning systems,” Sawada said. “There is huge potential.”
…

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Royal Dutch Shell on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies, citing its support for the goals of the Paris climate agreement.

In its first review of its association with 19 key industry groups, Shell said it had found “material misalignment” over climate policy with the American Fuel & Petrochemical Manufacturers (AFPM) and would quit the body in 2020.

The review is part of Shell’s drive to increase transparency and show investors it is in line with the 2015 Paris climate agreement’s goals to limit global warming by reducing carbon emissions to a net zero by the end of the century.

It is the latest sign of how investor pressure on oil companies, particularly in Europe, is leading to changes in their behavior around climate. Last year, Shell caved in to investor pressure over climate change, setting out plans to introduce industry-leading carbon emissions targets linked to executive pay.

Its chief executive, Ben van Beurden, has since repeatedly urged oil and gas producers to take action over climate and pollution, staking out a more radical position than the heads of other major oil companies.

“AFPM has not stated support for the goal of the Paris Agreement. Shell supports the goal of the Paris Agreement,” the Anglo-Dutch company said in its decision.

“The need for urgent action in response to climate change has become ever more obvious since the signing of the Paris Agreement in 2015. As a result, society’s expectations in this area have changed, and Shell’s views have also evolved,” van Beurden said in the report.

The company has disagreed with AFPM on a number of issues for some time, according to two lobbying sources. Shell said it also disagreed with AFPM’s opposition to a price on carbon and action on low-carbon technologies.

Shell and AFPM have also been at odds in recent months over regulation over the use of renewable fuels. While Shell and other large refiners invested in cleaner fuel technology, AFPM has fought hard against standards requiring refiners to blend or subsidize the blending of biofuels into the gasoline pool – saying it hurts independent refiners.

Shell and rivals Exxon and BP have in recent years left the American Legislative Exchange Council, a conservative political group, over its stance on climate change.

AFPM Chief Executive Chet Thompson thanked Shell for its “longstanding collaboration.”

“We will also continue working on behalf of the refining and petrochemical industries to advance policies that ensure reliable and affordable access to fuels and petrochemicals, while being responsible stewards of the environment,” Thompson said in a statement.

AFPM counts around 300 U.S. and international members including Exxon Mobil, Chevron, BP and Total SA that operate 110 refineries and 229 petrochemical plants, according to its 2018 annual report.

French oil major Total said in a statement to Reuters that consensus required by organizations such as AFPM does not always reflect its position, and that it regularly monitors the relevance of its participation.

“In this case, Total takes a pro-active approach in order to convince its peers, particularly on climate issues. In case of differing points of view, Total publicly defends its position, and is ready to reconsider its participation in case of disagreement,” the company said.

Total said it was fully aware of climate issues, has publicly recognised them and takes them into its strategy.

Shell’s review was welcomed by Adam Matthews, director of ethics and engagement for the Church of England Pensions Board, which invests in Shell and led discussions with the company over its climate policy.

“This is an industry first,” Matthews said. “With this review Shell have set the benchmark for best practice on corporate climate lobbying not just within oil and gas but across all industries. The challenge now is for others to follow suit.”

Walk Away

Shell also found “some” misalignment with nine other trade associations, including the American Petroleum Institute, the oil and gas industry’s main lobby.

Shell said that while it had some climate-related differences with the API, it welcomed the lobby’s advocacy on a range of state and federal issues such as trade and transport, as well as the API’s efforts to reduce methane emissions.

Shell said it will continue to engage with the API and other groups over climate policies and monitor their alignment.

Shell last month urged President Donald Trump’s administration to tighten restrictions on emissions of methane, a potent greenhouse gas, instead of weakening them as planned.
…

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Royal Dutch Shell on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies, citing its support for the goals of the Paris climate agreement.

In its first review of its association with 19 key industry groups, Shell said it had found “material misalignment” over climate policy with the American Fuel & Petrochemical Manufacturers (AFPM) and would quit the body in 2020.

The review is part of Shell’s drive to increase transparency and show investors it is in line with the 2015 Paris climate agreement’s goals to limit global warming by reducing carbon emissions to a net zero by the end of the century.

It is the latest sign of how investor pressure on oil companies, particularly in Europe, is leading to changes in their behavior around climate. Last year, Shell caved in to investor pressure over climate change, setting out plans to introduce industry-leading carbon emissions targets linked to executive pay.

Its chief executive, Ben van Beurden, has since repeatedly urged oil and gas producers to take action over climate and pollution, staking out a more radical position than the heads of other major oil companies.

“AFPM has not stated support for the goal of the Paris Agreement. Shell supports the goal of the Paris Agreement,” the Anglo-Dutch company said in its decision.

“The need for urgent action in response to climate change has become ever more obvious since the signing of the Paris Agreement in 2015. As a result, society’s expectations in this area have changed, and Shell’s views have also evolved,” van Beurden said in the report.

The company has disagreed with AFPM on a number of issues for some time, according to two lobbying sources. Shell said it also disagreed with AFPM’s opposition to a price on carbon and action on low-carbon technologies.

Shell and AFPM have also been at odds in recent months over regulation over the use of renewable fuels. While Shell and other large refiners invested in cleaner fuel technology, AFPM has fought hard against standards requiring refiners to blend or subsidize the blending of biofuels into the gasoline pool – saying it hurts independent refiners.

Shell and rivals Exxon and BP have in recent years left the American Legislative Exchange Council, a conservative political group, over its stance on climate change.

AFPM Chief Executive Chet Thompson thanked Shell for its “longstanding collaboration.”

“We will also continue working on behalf of the refining and petrochemical industries to advance policies that ensure reliable and affordable access to fuels and petrochemicals, while being responsible stewards of the environment,” Thompson said in a statement.

AFPM counts around 300 U.S. and international members including Exxon Mobil, Chevron, BP and Total SA that operate 110 refineries and 229 petrochemical plants, according to its 2018 annual report.

French oil major Total said in a statement to Reuters that consensus required by organizations such as AFPM does not always reflect its position, and that it regularly monitors the relevance of its participation.

“In this case, Total takes a pro-active approach in order to convince its peers, particularly on climate issues. In case of differing points of view, Total publicly defends its position, and is ready to reconsider its participation in case of disagreement,” the company said.

Total said it was fully aware of climate issues, has publicly recognised them and takes them into its strategy.

Shell’s review was welcomed by Adam Matthews, director of ethics and engagement for the Church of England Pensions Board, which invests in Shell and led discussions with the company over its climate policy.

“This is an industry first,” Matthews said. “With this review Shell have set the benchmark for best practice on corporate climate lobbying not just within oil and gas but across all industries. The challenge now is for others to follow suit.”

Walk Away

Shell also found “some” misalignment with nine other trade associations, including the American Petroleum Institute, the oil and gas industry’s main lobby.

Shell said that while it had some climate-related differences with the API, it welcomed the lobby’s advocacy on a range of state and federal issues such as trade and transport, as well as the API’s efforts to reduce methane emissions.

Shell said it will continue to engage with the API and other groups over climate policies and monitor their alignment.

Shell last month urged President Donald Trump’s administration to tighten restrictions on emissions of methane, a potent greenhouse gas, instead of weakening them as planned.
…

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As movie theater owners converge on Las Vegas for their annual convention, one topic that keeps coming up is how they contend with a company that has resisted their traditional business model: Netflix.

The world’s most successful streaming service sends some movies to theaters but has insisted on making them available on Netflix at the same time, or just a few weeks later. That has upset big movie chains, which refuse to show Netflix films and want a longer “window” of time to play films exclusively.

The issue of how Netflix fits into, or threatens, the theater business dominated a press conference on Tuesday at CinemaCon, the theater industry trade show.

“All of your questions from the first 17 minutes or whatever are about Netflix,” grumbled John Fithian, president and chief executive of the National Association of Theatre Owners.

He insisted that Netflix and theaters can happily co-exist, citing data that showed the biggest consumers of streaming video visit theaters more often. He also said Netflix had helped revive interest in documentaries, which had helped draw people to theaters to see them.

Earlier, Fithian told a crowd in a Caesars Palace theater that films reached their full potential only with a “robust theatrical release.” He spoke just after “Crazy Rich Asians” director Jon M. Chu said his film would not have had as big an impact if it had debuted on a streaming service.

Some members of the Academy of Motion Picture Arts & Sciences, the group that hands out the Oscars, have been debating whether films must play in theaters for a specific length of time to compete for the awards, which could exclude Netflix or force the company to agree to longer exclusive theatrical runs.

Department of Justice Weighs In

Hollywood publication Variety reported on Tuesday that the Department of Justice had weighed in on the issue.

Antitrust chief Makan Delrahim sent a letter to the academy warning that any changes that limited eligibility for the industry’s highest honors “may raise antitrust concerns,” according to Variety.

An academy spokesperson confirmed it had received the letter and said any rule changes would be considered at an April 23 meeting. A source close to Netflix said the company was not involved with or aware of the Justice Department’s letter.

Netflix is a member of the Motion Picture Association of America, the trade association for Walt Disney Co., AT&T’s Warner Bros. and other movie studios.

“We are all stronger advocates for creativity and the entertainment business when we are working together … all of us,” MPAA CEO Charles Rivkin said on the CinemaCon stage.

Both Rivkin and Fithian noted that box office receipts hit a record $11.9 billion in the United States and Canada in 2018 even as Netflix released dozens of original movies.

Mitch Neuhauser, managing director of CinemaCon, also was asked to address the issue when he wandered into a work room for reporters.

“Streaming is not a problem!” he exclaimed, noting that there are limits to how much people can stand to stay at home with all of the modern conveniences including grocery delivery. “We’ve got to get out of the house. We are talking about becoming a society of hermits!”
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Three of the eight countries to which Washington granted waivers to import Iranian oil have now cut their shipments from Iran to zero, a U.S. special representative said on Tuesday.

While the United States has set a target of driving Iranian oil exports to zero, it granted temporary import waivers to China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea.

“In November, we granted eight oil waivers to avoid a spike in the price of oil. I can confirm today three of those importers are now at zero,” Brian Hook, the envoy on Iran, told reporters.

Hook did not identify the three countries.

“There are better market conditions for us to accelerate our path to zero. We are not looking to grant any waivers or exceptions to our sanctions regime,” Hook said.

A senior Trump administration official told reporters on Monday that the U.S. government was considering additional sanctions against Iran that would target areas of its economy that have not been hit before.

The administration aimed to follow through with new sanctions around the anniversary of U.S. President Donald Trump’s announcement last May withdrawing the United States from a 2015 nuclear deal between Iran and several world powers, the official said.

The accord sought to prevent Iran from developing a nuclear bomb in return for the removal of sanctions that had crippled its economy. Trump ordered U.S. sanctions to be reimposed on Iran.
…

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Three of the eight countries to which Washington granted waivers to import Iranian oil have now cut their shipments from Iran to zero, a U.S. special representative said on Tuesday.

While the United States has set a target of driving Iranian oil exports to zero, it granted temporary import waivers to China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea.

“In November, we granted eight oil waivers to avoid a spike in the price of oil. I can confirm today three of those importers are now at zero,” Brian Hook, the envoy on Iran, told reporters.

Hook did not identify the three countries.

“There are better market conditions for us to accelerate our path to zero. We are not looking to grant any waivers or exceptions to our sanctions regime,” Hook said.

A senior Trump administration official told reporters on Monday that the U.S. government was considering additional sanctions against Iran that would target areas of its economy that have not been hit before.

The administration aimed to follow through with new sanctions around the anniversary of U.S. President Donald Trump’s announcement last May withdrawing the United States from a 2015 nuclear deal between Iran and several world powers, the official said.

The accord sought to prevent Iran from developing a nuclear bomb in return for the removal of sanctions that had crippled its economy. Trump ordered U.S. sanctions to be reimposed on Iran.
…

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Vice President Mike Pence said on Tuesday the United States would continue to pressure Venezuela’s oil industry and those who support it with economic sanctions, citing world oil prices as low enough to allow for the measures.

Oil prices hit their highest point since November on Tuesday, with Brent crude approaching $70 a barrel, based in part on fears that U.S. sanctions against OPEC members Iran and Venezuela would result in a cut to global supplies.

“We recognize the importance of energy to the United States,” Pence told reporters. “But the price of oil around the world has been quite low for some time, quite competitive for some time, and we’re just going to continue to stand firm and bring even more pressure on this regime,” he said.

A White House official said while oil prices have crept up from historic lows recently, prices are still under last year’s highs.

Pence’s comments stood in contrast to concerns that President Donald Trump has voiced about oil prices. As recently as last week, Trump called for the Organization of the Petroleum Exporting Countries to boost production, saying on Twitter that the price of oil was “getting too high.”

Pence, who is helping lead the White House campaign to dislodge Venezuelan President Nicolas Maduro from power, made his remarks in a meeting with family members of six executives jailed in Venezuela since 2017. The executives worked for Citgo Petroleum, the U.S. refinery division of Venezuelan state oil firm PDVSA.

The United States and most other Western countries have backed Venezuelan opposition leader Juan Guaido, who declared himself interim president in January, arguing that Maduro’s 2018 reelection was illegitimate. Maduro has called Guaido a puppet of the United States.

The United States slapped stiff sanctions on PDVSA in January, aimed at cutting Maduro’s government off from oil revenues.

Trump is considering expanding the measures with sanctions on foreign companies that do business with Venezuela, his national security adviser John Bolton said on Friday.

“We’re going to continue to bring pressure on the oil industry. We’re going to continue to bring pressure on countries in this hemisphere who are supporting the dictatorship in Venezuela,” Pence said.

Pence also said the Trump administration was considering new measures to punish Cuba, which has close ties with Maduro.

“We’re looking at strong action against Cuba which continues to provide personnel and support for the dictatorship in Venezuela,” he said.

‘Worried for Their Life’

Pence expressed sympathy to the family members of the six Citgo executives – five U.S. citizens and one legal permanent resident – who were arrested in Caracas during corporate meetings and accused of embezzlement and money laundering.

Pence said the men had been “illegally detained” and that 16 court hearings had been canceled as the men languished in basement cells without enough food or medical treatment. He said the Trump administration was working for the prisoners’ release.

“We are just worried for their life and we just want them home as soon as possible,” said Carlos Anez, who told Pence his father had worked for Citgo for more than 20 years before he was detained.
…

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Vice President Mike Pence said on Tuesday the United States would continue to pressure Venezuela’s oil industry and those who support it with economic sanctions, citing world oil prices as low enough to allow for the measures.

Oil prices hit their highest point since November on Tuesday, with Brent crude approaching $70 a barrel, based in part on fears that U.S. sanctions against OPEC members Iran and Venezuela would result in a cut to global supplies.

“We recognize the importance of energy to the United States,” Pence told reporters. “But the price of oil around the world has been quite low for some time, quite competitive for some time, and we’re just going to continue to stand firm and bring even more pressure on this regime,” he said.

A White House official said while oil prices have crept up from historic lows recently, prices are still under last year’s highs.

Pence’s comments stood in contrast to concerns that President Donald Trump has voiced about oil prices. As recently as last week, Trump called for the Organization of the Petroleum Exporting Countries to boost production, saying on Twitter that the price of oil was “getting too high.”

Pence, who is helping lead the White House campaign to dislodge Venezuelan President Nicolas Maduro from power, made his remarks in a meeting with family members of six executives jailed in Venezuela since 2017. The executives worked for Citgo Petroleum, the U.S. refinery division of Venezuelan state oil firm PDVSA.

The United States and most other Western countries have backed Venezuelan opposition leader Juan Guaido, who declared himself interim president in January, arguing that Maduro’s 2018 reelection was illegitimate. Maduro has called Guaido a puppet of the United States.

The United States slapped stiff sanctions on PDVSA in January, aimed at cutting Maduro’s government off from oil revenues.

Trump is considering expanding the measures with sanctions on foreign companies that do business with Venezuela, his national security adviser John Bolton said on Friday.

“We’re going to continue to bring pressure on the oil industry. We’re going to continue to bring pressure on countries in this hemisphere who are supporting the dictatorship in Venezuela,” Pence said.

Pence also said the Trump administration was considering new measures to punish Cuba, which has close ties with Maduro.

“We’re looking at strong action against Cuba which continues to provide personnel and support for the dictatorship in Venezuela,” he said.

‘Worried for Their Life’

Pence expressed sympathy to the family members of the six Citgo executives – five U.S. citizens and one legal permanent resident – who were arrested in Caracas during corporate meetings and accused of embezzlement and money laundering.

Pence said the men had been “illegally detained” and that 16 court hearings had been canceled as the men languished in basement cells without enough food or medical treatment. He said the Trump administration was working for the prisoners’ release.

“We are just worried for their life and we just want them home as soon as possible,” said Carlos Anez, who told Pence his father had worked for Citgo for more than 20 years before he was detained.
…

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