Oil jumps to highest since 2014 after USA quits Iran deal

10 May, 2018, 00:36 | Author: Myra Gill
  • America
US Oil Production up in Face of OPEC Supply Freeze

He made his remarks a day after President Donald Trump announced the United States' withdrawal from the 2015 Iran nuclear deal. The benchmark contract was up $1.80 a barrel, or 2.4 percent, at $76.65 by 1050 GMT.

In China, the biggest single buyer of Iranian oil, Shanghai crude futures hit their strongest in dollar terms since they were launched.

The recent upswing in prices - which has almost tripled crude values from lows hit in early 2016 - has led to speculation that the output curbs will soon be lifted as countries reliant on oil revenue seek to boost their coffers by raising their exports.

For all these reasons, Saudi Arabia and other OPEC members will come under intense pressure to raise their output to make up for any loss of Iranian barrels.

But a drop in Iranian exports due to a return of USA sanctions, plus involuntary supply losses in other OPEC members such as Venezuela, would mean the supply cut would be significantly larger than intended.


The official said that Iran and Iraq are eager to resume Kirkuk crude oil swap soon but there are few logistics issues such as the exact number of Iranian and Iraqi tankers and which path they have to take, which is going to be rectified and the swap will be started soon.

A number of countries have already cut their reliance on Iranian oil, as well as other "traditional" sources of supply, due to surge in cheaper US crude exports.

Amir Hossein Zamaninia made the remarks in the 2nd day of Tehran's 23rd global oil show and stated that any country which has a highest production capacity, has more influence on the market.

Saudi Arabia said it would work with other producers to lessen the impact of any shortage in oil supplies.

Recommended:

  • J. Cole coming to Target Center for KOD Tour

    J. Cole coming to Target Center for KOD Tour

    Cole has announced a massive North American tour run, starting August 9 in Miami. Cole was in Sacramento was for rapper Common's Imagine Justice concert .
    Our Cloud Will Beat AMZN, GOOG on Customer 'Trust — Microsoft CEO

    Our Cloud Will Beat AMZN, GOOG on Customer 'Trust — Microsoft CEO

    Microsoft says it has a new Kinect device in the works, with some new sensors and plenty of computing power on board. Mashable's Raymond Wong will be sharing live updates before and during the event.
    Fitbit quick replies and women's health tracking now available

    Fitbit quick replies and women's health tracking now available

    Previously, users were unable to respond to text messages, or messages from services such was WhatsApp and Facebook. The on-device experience can be used to track where users are in their cycle and see when their period is expected.
  • Hal Steinbrenner speaks about MLB's London Series, Yankees-Red Sox matchup

    Hal Steinbrenner speaks about MLB's London Series, Yankees-Red Sox matchup

    It has already been announced that Oakland and Seattle will play next season's opener at the Tokyo Dome on March 20-21. Three more National Football League games are scheduled for this year, including one at Tottenham's new stadium.
    CIA Director nominee Gina Haspel sought to withdraw her nomination

    CIA Director nominee Gina Haspel sought to withdraw her nomination

    Haspel will testify before the Senate Intelligence Committee on Wednesday for her confirmation hearing. Haspel said she's "looking forward" to her hearing Wednesday before the Senate Intelligence committee.
    Google's Android Things IoT platform comes out of beta

    Google's Android Things IoT platform comes out of beta

    In addition, Google Maps can be expected to provide real-time information of traffic patterns, and brings about a newer map. Although officially Google IO doesn't begin until tomorrow that hasn't stopped Google from beginning their announcements.
  • Washington Capitals vs Pittsburgh Penguins Series Review

    Washington Capitals vs Pittsburgh Penguins Series Review

    The Penguins, by contrast, have been impossible to finish off since head coach Mike Sullivan took over in December 2015. The deficit hardly appeared to stoke the Penguins. "And they did a good job of not allowing us to get inside".
    One player is creating his own Cavaliers mutiny

    One player is creating his own Cavaliers mutiny

    The Cavs will return to the court soon to face either the Sixers or, most likely, the Celtics in the Eastern Conference Finals. The Cavaliers acquired Hood from the Utah Jazz at the trade deadline as part of their midseason roster makeover.
    Trump weighs in on West Virginia Senate race

    Trump weighs in on West Virginia Senate race

    If polling had shown Moore dead in the water, you can bet Trump would have been much more wary of getting involved. Or the time when he said that term wasn't racist because "races are Negro, white Caucasian, Hispanic, Asian".
  • Google's ARCore updates make it easier for businesses to develop AR apps

    Google's ARCore updates make it easier for businesses to develop AR apps

    Multi-user effectivity is actually one of the limitations of early AR platforms, and Google's ARCore is not exempt from it. AR is one of the few areas where Google hasn't been a recent leader, with Apple's ARKit giving it a slight leg up .
    Google News Gets Revamped for Android and iOS

    Google News Gets Revamped for Android and iOS

    Among all the apps, only Old Man's journey app is a paid app, while all the others are free to download with in-app purchases. You don't have to sign up or create any new account for your subscription as Google manages everything using your Google ID.
    Federico Fernandez returns for Swansea City at Bournemouth

    Federico Fernandez returns for Swansea City at Bournemouth

    Swansea has missed out on the chance to ease its relegation fears after losing at Bournemouth 1-0 in the English Premier League . Huddersfield , Swansea and Southampton are all sandwiched in between them and looking for a win and a top-flight lifeline.


Popular

American citizens jailed in North Korea released, on their way home
Pence says President Donald Trump's "tough minded diplomacy" has led to the release of three Americans detained in North Korea. U.S. officials were infuriated by Warmbier's death and Trump has accused North Korea of brutally abusing the American student.

Google Just Fixed the Biggest Maps Problem with This Brilliant Idea
New Google Lens features will be implemented on devices from 11 Android OEMs, including the LG G7 ThinQ , in just weeks. A user can see the names of places around them, as well as street names and directions, right in front of them.

Mark Ingram's suspension means Browns will miss facing Saints RB
But with Ingram out for the first four games, the depth chart at the position all of a sudden has become much more important. He had his first career 1,000-yard season in 2016 and followed that up with another one in 2017.

French Minister Warns Air France Will "Disappear" Unless Crisis Stops
France's economy minister on Sunday warned that the survival of Air France was now in the balance and could "disappear". Air France-KLM is one of Europe's biggest airlines, but has seen a series of strikes in recent weeks.

Huddersfield keeper Lossl confident of missing relegation
City were in party mood as they celebrated the title they secured last month following Sunday's clash with Huddersfield . Manager Guardiola was the first man to receive his Premier League medal, while club captain Vincent Kompany went up last.

Pokémon GO Fest 2018 And Safari Zone 2018 Announced
They will now be happy to know that Niantic has confirmed that the Pokemon Go Fest will be headed back to Chicago this summer. There will also be "a unique and immersive gameplay experience not seen in any of Niantic's previous live events".

Cops catch man suspected of defecating daily on high school football field
The district said Director of Academics Brian Luciani will step in for Tramaglini, who has served as superintendent since 2015. School officials say for the past couple of weeks they found human feces outside of the school on a daily basis .

Punjab beat RR by six wickets
With four overs remaining in the innings, Rahul had managed only 48 off 43 on a sticky wicket that ensured runs came at a premium. He was dismissed in the following over when he miscued a knuckle ball from Stoinis and the skier was pouched by KL Rahul .

Man United-Ferguson, 2nd Ld-Writethru,178
Warm wishes have flooded in for Sir Alex Ferguson , who is in intensive care after suffering a brain haemorrhage . In a statement on Liverpool's website, a spokesperson said Sir Alex was "a great rival but also a great friend".

The NRA's biggest contribution to gun control is holding its annual convention
The president was addressing the NRA gathering almost three months after a deadly shooting at a high school in Parkland, Florida. The NRA has fiercely defended America's gun ownership rights for many years, citing the Second Amendment.