Oil rises ahead of US Iran sanctions; outlook less certain
Oil rises ahead of US Iran sanctions; outlook less certain
REUTERS Andrew CullenMore
08 October, 2018, 12:55
Worldwide benchmark Brent crude oil futures were at $85.05 per barrel at 0653 GMT, up 47 cents, or 0.6 percent from their last close.
"This price for oil is very largely the result of the current U.S. administration - these expectations of sanctions against Iran, the political problems in Venezuela", Russian President Vladimir Putin said at a conference in Moscow on Wednesday.
The US benchmark West Texas Intermediate fell 54 cents, or 0.73 percent, to United States dollars 73.80, while Brent, the global benchmark, was down 80 cents, or 0.95 percent, to USD 83.36 a barrel.
The government was discussing its options to buy Iranian oil with all authorities, Pradhan said.
White House National Security Adviser John Bolton said on Thursday that the administration's goal was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero".
"S&P Global Platts sees prices strengthening "a little" toward the end of the year", said Chris Midgely, the company's global director of analytics, at the S&P Global Platts Analytics annual summit.
"Iran has been off-and-on taking rupee payments for oil it sells".
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The U.S. Labor Department's employment report showed that average hourly earnings increased 0.3 percent in September, while the unemployment rate fell to near a 49-year low of 3.7 percent.
To stop Iran's involvement in conflicts in Syria and Iraq and bring the country to the negotiating table to scuttle its ballistic missile programme, USA plans to impose sanctions on Iran's oil export on November 4. "So, if prices become too high then both Saudi Arabia and us have the capability and capacity to increase production", Dmitriev said.
Indian buyers instead lifted purchases of Iranian crude to 502,000 bpd in the month, up 111,000 bpd over August, said Reuters which had already claimed that India was cutting Iran oil imports.
"This is one of the single biggest supportive factors for crude", said analysts at JBC Energy of the U.S.re-imposition of Iran sanctions.
With that being said, analysts are expecting a loss of about 1 Million BPD (Barrels Per Day).
Top Photo | Russian Minister of Energy Alexander Novak, Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei, from left, attend a news conference after a meeting of the Organization of the Petroleum Exporting Countries, OPEC, and non OPEC members at their headquarters in Vienna, Austria, June 23, 2018.
Iran's key oil customers are opting for more medium sour crudes from Saudi Arabia, Iraq, Russia and UAE, which is causing prices of these grades to soar and putting pressure on global refinery margins. Innes warned that limited spare production to deal with further supply disruptions meant "the capacity is quickly declining due to Asia's insatiable demand".
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