Wednesday, 14 November, 2018

Oil rises to $73 on report Russia, Saudi discussing possible output cut

Iran’s Economy Minister Farhad Dejpasand Iran’s Economy Minister Farhad Dejpasand
Kenny Thornton | 09 November, 2018, 14:20

Separately, a top OPEC official from Iran, which has been angered by higher production in Saudi Arabia and Russian Federation in response to Trump's calls, said Riyadh and Moscow needed to cut output by 1 million barrels per day.

Trump said on Monday he wants to impose sanctions on Iran's oil gradually, citing concerns about shocking markets and causing global price spikes.

China, the world's biggest importer of crude oil, is also the top buyer of Iranian oil, and its mostly state-owned refiners have lobbied hard for waivers.

The API reported a draw in gasoline inventories for week ending November 2 in the amount of 1.2 million barrels.

An industry source who also monitors such shipments said the figure was likely to be on the low side.

The United States is warning other countries not to allow Iranian oil tankers into their ports, saying the tankers not only could incur penalties under USA sanctions but may be courting "environmental disaster".

Iran's oil minister on Thursday predicted a painful time ahead for global oil customers as US sanctions take hold, saying waivers that Washington granted to eight major oil-importing countries are not enough for market demands.

Major Incident Unfolding In Melbourne CBD Involving Car That "Exploded"
A man has been arrested after setting a auto on fire and stabbing three people - one fatally - in central Melbourne , Australia. The spokesperson confirmed that one person had died in the stabbing attacks and that the attacker was in hospital.

Speaking on background Tuesday, a U.S. State Department spokesperson said that Secretary Mike Pompeo had approved carving an exception from sanctions for Iran's Chabahar port.

A close USA ally, South Korea had stopped buying crude from Iran ahead of the sanctions while still lobbying for exemptions.

However, Washington granted waivers to Iran's biggest customers to allow limited imports for 180 days. -China trade war will dampen fuel demand as supply grows from multiple directions. At first glance, this would seem improbable, given the way the government is trying to project the temporary waiver from sanctions given to India and seven other countries.

The exemption for Chabahar comes as good news for India and Afghanistan, but undercuts the Trump administration's portrayal of the sanctions as the "toughest ever". It is also considered a gateway to golden opportunities for trade by India, Iran and Afghanistan with central Asian countries besides ramping up trade among the three countries after Pakistan denied transit access to India.

The sanctions that went into force on November 7 target Iran's energy, financial, and shipping sectors and result from President Donald Trump's decision to withdraw the United States from Iran's 2015 nuclear agreement with world powers, which had lifted the sanctions for a time.

From around $87 a barrel early October, Brent crude has tumbled by a whopping 15 per cent to less than $72 now, signifying a remarkable correction and confirming that the market actually peaked early last month (as mentioned in the column on October 9, 2018).

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