Sunday, 17 February, 2019
  • Economy
  • WTI slumps below $69 as trade tensions weigh

WTI slumps below $69 as trade tensions weigh

1000x-1 Iran OPEC chief: 'Saudi and Russia are taking oil market hostage'
Laurie Berry | 21 September, 2018, 18:01

According to reports, Iran's crude exports are already falling as the USA prepares to curb Tehran's ability to sell oil and participate in global financial markets.

Iranian crude oil exports continue to decline.

U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports on Monday, a senior administration official told Reuters.

He did not specify how crude producers would compensate for declining exports from Iran, with new U.S. sanctions due to hit the Islamic republic´s oil industry on November 4.

Beijing on Tuesday quickly added US$60 billion of USA products to its import tariff list in retaliation for President Donald Trump's planned levies on US$200 billion worth of Chinese goods.

The Organization of the Petroleum Exporting Countries and other producers including Russian Federation meet on September 23 in Algeria to discuss how to allocate supply increases within their quota framework to offset the loss of Iranian supply.

Iran is the third-largest OPEC producer.

Jessica Simpson Debuts Baby Bump After Announcing She's Pregnant With Third Child
On Tuesday, Simpson took to Instagram to reveal she was expecting her third child with husband Eric Johnson . Simpson and Johnson's children Maxwell , 6, and Ace , 5, helped with the balloon-popping gender reveal.

The barrel of West Texas Intermediate marched higher toward the $70 mark during the first half of the day but reversed its course in the NA session as the latest trade headlines raised concerns over the potential negative impact of the U.S. - China trade conflict on the world oil demand.

"The growing trade dispute has hurt trading sentiment".

On Monday, Russia's Energy Minister Alexander Novak said that OPEC and non-OPEC members would discuss all possible supply scenarios when they meet this month in Algeria.

With Iran's crude sales falling due to the US sanctions and countries such as Venezuela struggling to avoid outright economic collapse, it was perhaps inevitable that Mohammad Barkindo, secretary general for the Organization of the Petroleum Exporting Countries (OPEC), would tell Reuters that his cartel will keep working with other oil producers to manage global supplies in the face of demand for crude facing "headwinds".

Also weighing on oil prices, US drillers added two oil rigs in the week to December 1, bringing the total count up to 749, the highest since September, General Electric Co's Baker Hughes energy services firm said on Friday.

Reuters previously reported that Saudi Arabia wants oil to stay between $70 and $80 a barrel for now, as the world's biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until USA congressional elections.

Washington's withdrawal from the landmark Iran nuclear deal was criticised across the world.

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