OPEC puts Iran's September oil output at 3.447m bpd
14 October, 2018, 03:04 | Author: Eric Barnett
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.
Ingka said it experienced sales growth in a majority of its 30 markets, with one of the biggest increases recorded in China. Its CEO, Jesper Brodin, told Reuters that online sales jumped almost 50 percent to account for 8 percent of total turnover.
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Before speaking to the manager, he will be on the PlayStation, and then on the field he asks to be and wants to be the leader. But he has struggled to reproduce the same scintillating form when wearing the blue and white shirt of Argentina .
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Benchmark Brent crude jumped by $1.13 a barrel to a high of $85.04 before easing back to $84.56, up 65 cents, by 1330 GMT. Before the re-imposition of US sanctions, Iran was India's third-largest oil supplier behind Saudi Arabia and Iraq.
The precipitous fall of the market in previous days has alarmed Trump who had tethered his electoral fortunes to soaring stocks. The comments followed his strongest criticism of the Fed late Wednesday when he said the central bank had "gone insane ".
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