Thursday, 18 October, 2018

Trump crushes Iran oil exports ahead of sanctions

Iran OPEC chief: 'Saudi and Russia are taking oil market hostage' Russia says Iran sanctions 'unproductive'
Kenneth Drake | 22 September, 2018, 11:46

November WTI and December Brent Crude Oil should continue to push higher throughout the session as long as a possible supply shortage remains the theme.

The change in Saudi Arabia's view on prices coincides with some intense oil diplomacy.

Elsewhere, Russia's energy minister, Alexander Novak, said on Monday that the country was ready to discuss cooperation with the United States to balance the oil market.

While trade disputes and financial woes in some countries may affect crude demand, the IEA said supply risks are the more important issue.

The Joint Technical Committee consists of members from OPEC and non-OPEC producers that coordinates the groups' current supply agreement.

In May, U.S. President Donald Trump pulled out of an worldwide nuclear deal with Iran and announced sanctions against OPEC member Iran.

The upcoming deadline for USA sanctions on Iranian oil and gas exports to come into effect in November could prove a challenge to global supply stability and reserves, particularly if there are any other significant outages in the system at the same time, according to the IEA.

West Texas Intermediate for October delivery was at $68.93 a barrel on the New York Mercantile Exchange, down 6 cents, at 12:38 p.m.in Seoul.


Brent may fall more than $1 to $76.37 a barrel, while WTI crude prices may revisit their September 14 low of $67.94, he wrote.

The warning came from the group's top official as looming unilateral US sanctions on oil sales by Iran, OPEC's third-biggest supplier, are scheduled to take effect on November 4.

The report pointed out that, theoretically, Saudi Arabia could raise production to 11.5 million barrels per day.

The tariffs are likely to limit economic activity in both the China and the United States and that should lower oil demand growth as less fuel is consumed to move goods for trade.

A leading Iranian official said on Saturday that Saudi Arabia and Russian Federation had taken the oil market "hostage" and accused other producers of turning the Organization of the Petroleum Exporting Countries into "a US tool".

This expected increase follows higher forecast annual crude oil prices in 2018 and more than offsets slightly lower crude oil production from OPEC members in 2018.

LONDON-Oil prices advanced on Monday on the back of a weaker dollar and continued expectations of a global supply crunch.

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