OPEC puts Iran's September oil output at 3.447m bpd

14 October, 2018, 03:04 | Author: Eric Barnett
  • OPEC cuts forecast for global oil demand growth in 2019

Crude was still heading for its first weekly drop in five weeks, pressured by a big rise in USA inventories and fading concerns for now that looming US sanctions on Iran will cut supplies significantly.

Brent for December settlement was 93 cents lower at $82.16 a barrel on the London-based ICE Futures Europe exchange, after falling $1.91 on Wednesday.

Brent crude fell $1.55, or 1.9 percent, to $81.54 a barrel by 10:53 a.m. ET (1453 GMT), off the session low of $81.14, its weakest since September 26. On Oct. 3, it hit a four-year high of $86.74 U.S.

"On the other hand, Iran sanctions are only weeks away".

The monthly report of the Organization of the Petroleum Exporting Countries (OPEC) said in its latest report that the world oil demand growth is to decline to 1.36 million barrels a day in 2019 from 1.54 million barrels a day this year, Xinhua reported.

Moreover, presently, the Indian federal government is struggling with higher oil prices and a weakening Rupee (domestic currency) against the USA currency that also weighs on its oil import bill.


Iran's crude exports fell further in early October as buyers sought alternatives ahead of US sanctions that take effect on November 4, according to tanker data and an industry source. It had planned to import of 9 million tonnes of Iranian oil in the 2018-19 fiscal (April 2018 to March 2019) or 0.75 million tonnes a month. US light crude CLc1 was down 15 cents at $74.81. Iran's tankers were constrained for India, China, and the Middle East region in the first week of the present month, as per the data. "The market remains well supplied".

Oil futures lost more ground in electronic trading late Wednesday, after settling with a loss of more than 2% in NY.

Early in the session, crude rose as global equities were set for their biggest daily gain in almost a month.

Reports emerged in early September that India had given permission to state-owned refiners to import oil from Iran on Iranian tankers using Iranian-backed insurance, after the biggest Indian shipping company backed out of Iran voyages due to the US sanctions. As supply conditions continue to tighten, crude oil prices are rallying as a result.

In the U.S. Gulf of Mexico, producers have cut oil output by roughly 42 percent due to Hurricane Michael, the Bureau of Safety and Environmental Enforcement said on Wednesday, citing reports from 30 companies.

Recommended:



Popular

Kevin Garnett Offers Honest Assessment Of Jimmy Butler-T’Wolves Saga
Just as trade talks between the Timberwolves and Heat broke down, Pat Riley had some parting words for Tom Thibodeau . However, point guard Jeff Teague went on Twitter to call that report "fake news", saying there was no such meeting.

Maurizio Sarri admits Eden Hazard problem amid talk of Jose Mourinho reunion
"I came back totally out of shape", noted Hazard , who was a member of the Blues squad that won the EPL title the previous campaign in 2015.

England are happy being favourites against Sri Lanka: Jos Buttler
Despite losing the old guard of Sangakkara, Dilshan and Jayawardene, Sri Lanka aren't massively inexperienced. Last time they were in Sri Lanka to play a one-day series things were far less rosy than they are now .

11 infant bodies found hidden in former funeral home ceiling in Detroit
Construction workers made a gruesome discovery as they worked to transform a funeral home into a community centre on Friday. Authorities removed the infants from the building and sent them to the Medical Examiner's office to be identified.

Snowstorm kills at least eight climbers on Nepal peak
It was unlikely the weather would clear on Saturday and helicopter flights were likely to be possible only on Sunday. Police official Bir Bahadur Budamagar says that a storm Friday night destroyed their camp.

Novak Djokovic has world No 1 spot in his sights
The top seed turned on the style in Friday's last match on court, recording a 6-4 7-6 (7-4) victory after one hour and 51 minutes. The top four players in the world - Nadal, Federer , Djokovic and Juan Martin del Potro - had already qualified for London .

Search called off in Sulawesi for quake victims
Last month, a magnitude-7.4 quake in Central Sulawesi killed more than 2,000 people and destroyed tens of thousands of houses. Memorials will be constructed in hard-hit neighborhoods such as Balaroa and Petobo, he said at a news conference in Jakarta .

Pope Francis accepts resignation from scandal-plagued Cardinal Wuerl
Cardinal Donald Wuerl resigned amid two major sexual abuse and cover-up scandals rocking the Catholic Church . Wuerl's archdiocese issued a series of similar plaudits on Friday, coinciding with the Vatican announcement.

De Minaur sets up Zverev clash in Shanghai
Tennis young gun Alexander Zverev has scared the absolute daylight out of a young ball boy at the Shanghai Open. De Minaur, 19, defeated France's Benoit Paire 6-4, 6-3 to enhance his growing reputation.

Hillary Clinton Tells Dems You 'Can't Be Civil' With The Republican Party
Kevin Cramer, R-N.D., who has sought to paint her as someone who chose party over the people she represents. "They are pioneers of the prairie".