Monday, 22 October, 2018

Oil jumps 2 % as market tightens, more gains seen

Crude prices are spiking Oil prices at highest levels in 4 years
Kenneth Drake | 26 September, 2018, 13:49

Trump wrote on Twitter.

The refiner will start supplying fuel to local wholesaler Kygnus Sekiyu K.K. from 2020, which is expected to increase Cosmo's market share in Japan from 11 percent to 15 percent, Tanaka said.

But he said producers would reduce "supply if there is ever. a demand shock to the market".

Alexander Novak, energy minister for the former Soviet Union, said his country is ready to hike its oil output after the implementation of USA sanctions on Iran: "I don't think we can discuss the exact number at this point but what I can tell you for sure is that we have significant potential to increase our production".

OPEC agreed to produce more earlier this year at Trump's request.

"Moreover, higher oil prices could prompt the United States to consider extraordinary measures such as the usage of [its] strategic petroleum reserves to taper [domestic] gasoline prices ahead of the its mid-term elections in early November", he said.

"It is critical that we continue to foresee and anticipate changing market supply and demand balances and take proactive actions to avoid conditions that could make (oil) consumers uneasy and anxious", said Falih, who chairs the joint committee of OPEC and non-OPEC countries.

“Declining demand for OPEC crude is a result of strong non-OPEC supply in the 2017–2023 period, most notably from USA tight oil, ” the Organization of the Petroleum Exporting Countries said in its long-term world oil outlook.


The price rises have stemmed mainly from a decline in oil exports from OPEC member Iran due to sanctions introduced by Mr Trump.

The decision, which came at a meeting in Algiers over the weekend, could keep global crude supplies in a potential shortage, as Iranian production is expected to drop further in the face of American sanctions. The Saudi minister said returning to 100 per cent compliance was the main objective and should be achieved in the next two to three months.

Although he refrained from specifying how that could be done, Saudi Arabia is the only oil producer with significant spare capacity.

The bank said "the Iran factor may dominate the market near-term and cause a (crude price) spike", although it added that emerging market "demand concerns could reappear thereafter". The biggest source of new global supply, USA shale, is also experiencing growing pains as pipeline bottlenecks and workforce issues may hamper growth, he said.

The lack of an immediate response to Trump's demand adds to speculation about the group's ability, or willingness, to push oil down from near $80 a barrel.

In a speech before the United Nations, Trump reiterated calls on the Organization of the Petroleum Exporting Countries to pump more oil and stop raising prices. The figures are higher than last year's forecast, with rising production in non-cartel states led by the USA a major factor.

That effectively means compensating for falling Iranian production.

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