United States terminates treaty with Iran after UN court ruling - Ireland
08 October, 2018, 12:54 | Author: Teresa Adams
Crude oil for October was trading lower by Rs 80, or 1.44 percent, to Rs 5,466 per barrel with a business volume of 2,472 lots at the Multi Commodity Exchange (MCX).
Oil is heading for the longest run of weekly gains since January on concern that higher Saudi and Russian output may not prevent a supply crunch as impending US sanctions squeeze Iranian exports. U.S. West Texas Intermediate (WTI) crude futures were down 57 cents, or 0.8 percent, at $73.77 a barrel.
While the Trump administration previously indicated an intent to bring Iranian crude exports "down to zero", a USA official confirmed this weekend that the White House is "in the midst of an internal process" that could result in issuing so-called Significant Reduction Exemptions "on a case-by-case basis".
"Iranian export losses have already accelerated faster than we expected", said Paul Sheldon, S&P Global Platts Analytics' chief geopolitical adviser.
Both pulled back on Thursday, after the USA oil inventory grew and Saudi Arabia and Russian Federation stated the countries are raising output to attempt to make up for the anticipated loss from Iran, which is OPEC's 3rd largest provider.
He put the country's oil exports volume at 2.8 million oil barrels per day (bpd) and reiterated that OPEC and non-OPEC member states can not make up for Iran's huge oil production volume in the global markets.
United States crude exports can not increase rapidly enough to replace Iranian barrels, until the Permian pipeline bottleneck eases in mid-2019.
In May, Trump pulled the U.S. out of the Iran nuclear deal despite objection from the other signatories, the UK, Russia, Germany, China, and France, re-imposing sanctions lifted under the deal.
But the United States continues to insist that it expects Iranian oil buyers to bring their purchases down to zero.
Two Indian companies have placed orders to buy Iranian oil in November, petroleum minister Dharmendra Pradhan said on Monday, adding that India does not yet know if it will be granted a waiver from USA sanctions on Iran.
The U.S. oil drilling rig count fell for a third consecutive week, as rising costs and pipeline bottlenecks have hindered new drilling since June.
In the short-term, prices will go up but it won't last, Barclays predicts.
There were also reports from Saudi Arabia claiming that it has raised output in October and will further hike production in November. "The tightness of oil supply means that prices are particularly susceptible to shocks, and implies that risks are firmly to the upside", said World Bank economist Cesar Calderon. Saudi Arabia and Iran are both members of OPEC.
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