Oil ends week higher ahead of Iran sactions

08 October, 2018, 07:38 | Author: Eric Barnett
  • US considers sanction waivers on countries reducing imports of Iranian oil

Brent crude oil prices fell more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.

Prices might hit US$100 this autumn as United States pressure stymies exports from Iran, OPEC's No. 3 producer, Russian Minister of Energy Alexander Novak said. As Iran's customers are cutting purchases and Venezuela's industry continues to struggle, trading giant Mercuria Energy Group Ltd. said last month Brent may spike over $100 in the fourth quarter and Trafigura Group expects it in early 2019.

Crude oil prices stayed steady Friday after a volatile week that saw the highest prices in four years. Saudi Arabia is now pumping about 10.7 million barrels per day (bpd) and can add a further 1.3 million "if the market needs that", he said.

However, some analysts doubt that 12 million barrels a day can be reached quickly, or maintained for an extended period.

The investment bank said there was enough oil to meet demand, but "global spare capacity is dwindling to the lowest level that we can document".

The Indian government "has conveyed to the Trump administration that India is a fit case for a presidential waiver from the provisions of Countering America's Adversaries Through Sanctions Act (CATSA) on Russian Federation and the sanctions on trade with Iran", the Hindustan Times reported on Friday.

The US sanctions imposed by the US will come into effect on 4 November.

The Iranian vice-president for legal affairs has called on the Health Ministry and other governmental bodies to provide the International Court of Justice (ICJ) with cases of the US violation of the ICJ's decision on Tehran-Washington dispute.

The Saudis, by contrast, are bitter rivals with Iran in the Middle Eastern region and applauded Trump's decision to quit the nuclear deal.

Today, the United States will prepare a series of retaliatory measures in response to a ruling by the Hague-based International Court of Justice on the re-imposition of sanctions against Iran.

The Saudi prince contended in the Bloomberg interview that the most recent sharp rise in prices to over $80 a barrel is actually being driven by output losses in other countries, not Iran.

He also warned that media controlled by "foreign enemies" could be as unsafe as "chemical weapons", and said he would never allow Iran to "kneel and give in to the U.S.".


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