India Is Cutting Imports of Iranian Oil to Zero in November

28 September, 2018, 22:50 | Author: Eric Barnett
  • Petrol price crude oil

And they're partly a self-inflicted injury: The administration's decision to pull out of the nuclear deal with Iran and reimpose sanctions on the country's oil exports starting in November has caused Iranian oil production to tumble, with follow-on effects on market prices.

"Trump demanded in a very strong tone at the United Nations that OPEC push down crude prices, triggering profit taking", said Takayuki Nogami, chief economist at Japan Oil, Gas and Metals National Corp.

"It would be good for the price of oil for Iran to be able to sell it", the French leader said.

If Iranian supply turns out tighter than anticipated and prices rise further, a formal production increase from OPEC and allies next year may still be possible and will be discussed at a meeting on December 6-7, the two sources said.

USA crude futures were up 37 cents at $72.45 a barrel, close to their highest since mid-July.

"The United States stands ready to export our abundant affordable supply of oil, clean coal, and natural gas", President Trump told the United Nations General Assembly. The move effectively rebuffed Trump's calls on oil producers to take action.

Front-month Brent crude futures were at $82.17 per barrel at 0133 GMT, up by 83 cents, or 1 percent from their last close, just off Tuesday's four-year highs.


Trump, not the Organisation of the Petroleum Exporting Countries (Opec), is behind the recent rise in prices, Zanganeh said.

With global oil demand nearing 100 million barrels per day, a historical high, the supply-side constraints can have a longer-term impact on oil prices. The committee said in a statement that it was satisfied "regarding the current oil market outlook, with an overall healthy balance between supply and demand".

Brent crude futures LCOc1 were down 43 cents, or 0.5 percent, at $81.44 a barrel by 0041 GMT, after gaining almost 1 percent the previous session.

The so-called 'OPEC+' group, which includes Russia, Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group was in no rush to do so.

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year". He also explained that Aramco, the Saudi national oil company, is making the necessary preparations to access that spare capacity "within days and weeks" if needed. "Perhaps on this path, we will sustain certain pressures, but certainly, the United States will not reach its objective", said Rouhani.

That unexpected supply surge pushed WTI crude prices down 49 cents to $71.79 in Wednesday trading.

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