Saturday, 22 September, 2018

Oil near November 2014 highs firm as markets tighten amid OPEC cuts

Oil Prices Steady Amid US Sanctions Against Iran Excess crude account swells as oil price leaps towards $80
Cristina Norman | 15 May, 2018, 22:41

Brent futures advanced 1.1 per cent. Dozens of Palestinians were killed in clashes with Israeli troops in Gaza after the USA opened an embassy in Jerusalem.

In the end, he said, "US President Donald Trump had earlier announced that he will not renew Iran's sanctions relief".

The coming USA sanctions pushed up oil prices last week after President Donald Trump withdrew the United States from the nuclear deal.

The oil group also lifted its 2018 forecast for production growth outside of OPEC and now sees it expanding by 1.72 million bpd, up from a prior view of 1.71 bpd, with the US accounting for 89% of the 1.72 million bpd increase.

It is unclear how United States sanctions will affect Iranian oil. "For the moment, investors are cautious to any sort of supply disruption, considering the tightness that we're seeing". On Friday, West Texas Intermediate crude oil closed at $70.70 per barrel, after rising $2 during the week. Prices rose 26 cents to close at $70.96 on Monday. Total volume traded Tuesday was 17 per cent above the 100-day average.

Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before easing to $78.28, up 5 cents, by 1345 GMT.

Brent rose 0.5% to $77.49 per barrel.

The supply is greater in the U.S. were production has now seen a large increase in production bringing the total of barrels produced per day to 10.7m.

"Russian and Chinese firms in particular may still be willing to invest in Iran, but if sanctions result in excess capacity at existing fields, there will be little economic rationale to support new developments". Foreign ministers from the UK, France and Germany will meet with their Iranian counterpart, Javad Zarif, to discuss salvaging an accord that allows Iranian oil exports, after the U.S. withdrew last week. Mr Zarif is scheduled to meet the British, French and German foreign ministers this week.

Moody's, for its part, said its baseline assessment was that oil prices would be volatile, trading in the range of $45 to $65 per barrel.

However, Iran's overall exports of oil and condensate are no lower than the average of 6 million barrels per day (m/bpd), with 60 percent of exports designated for Asia and another 40 to Europe, said Pirooz Mousavi, who heads the National Iranian Oil Terminals Company (NIOTC), as cited by PressTV news outlet. Refined oil product exports soared 46 percent on the year in April, but eased from the all-time high in March.

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