Tuesday, 23 October, 2018

IEA: Iran, Venezuela may cause oil market turmoil

Oil hits high OPEC compliance reaches record 172%
Laurie Berry | 17 May, 2018, 17:58

However the IEA - which advises oil-consuming nations - has warned that prices are high enough to hurt consumption, and trimmed its forecasts for demand growth.

"U.S. oil prices have flip-flopped on a strong dollar", said Phil Flynn, analyst at Price Futures Group in Chicago.

U.S. crude oil inventories decreased in the week to May 11, and the refining sector increased 149,000 barrels per day, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

Between 2012 and 2015, under European Union and US sanctions to curb Iran's nuclear program, Chinese companies took up almost half of Iran's oil exports, which were slashed by more than half and cost Tehran as much as $80 billion in lost revenue.

The Guardian is reporting that US -based cereal maker Kellogg says it is pulling out of Venezuela because of the economic deterioration in the country.

"The only reason why we're not seeing higher prices from here today is the strength of the USA dollar", said Tariq Zahir, managing member at Tyche Capital Advisors. Thus far, only a meager 70 tick daily range has been established in the wake of mixed API and EIA crude oil stocks reports. Reuters is reporting that USA crude arriving in Asia hit an all-time high of close to 25 million barrels in May with cargoes discharging in China, South Korea, Singapore, India and Malaysia, according to trade flows data on Eikon.

Rosneft's oil and gas condensate output in the first quarter was down 1.2 percent year on year because of the global supply pact with OPEC, the company said.

President Donald Trump's decision to withdraw the USA from the Iran nuclear deal just over a week ago - and the expected re-imposition of sanctions on the country - coupled with political and economic disorder in recession-hit Venezuela has cast the supply of Iran and the Latin American country into doubt. June WTI futures are trading in a consolidation pattern around the $71.00 handle.

Miramar Map Now Available in PUBG Mobile for Android and iOS
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Oil prices, which had already risen on the back of steady demand growth and a landmark deal by oil producing countries to lower output, had now surged to above $77 per barrel the IEA noted.

Is $100-$3.60 per gallon gasoline in the US -or higher possible?

As a result of its surging production, US crude is increasingly appearing on global markets. Current conditions-with geopolitical unrest, unplanned supply outages, thin spare capacity, and rising demand-mirror the state of affairs in 2008 and 2011, when prices rallied into triple-digit territory.

US crude stockpiles slipped for a second week as the summer driving season approaches, government data showed on Wednesday.

The view of top exporter Saudi Arabia is that any brief, speculator-driven jump in oil prices is not sufficient grounds for producers to boost output, an OPEC source familiar with the kingdom's thinking said.

The general public has starting feeling the pinch in their wallet as the oil prices have now climbed to five-years high and are unlikely to go down anytime soon.

While all eyes are riveted on Iran and the Middle East, the pace of Chinese oil demand growth could be the most underappreciated story in oil markets right now, Bloomberg Opinion columnist David Fickling writes.

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