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Iran Exports Soar Ahead of Possible New Sanctions

03 May, 2018, 20:20 | Author: Ted Wilson
  • OPEC April oil output hits year low on Venezuela slide- Reuters survey

A "snapback" of sanctions will not be immediate, but countries importing oil from Iran, which also include China, India and South Korea, would be asked to scale back their supplies - first by 20 per cent and the 40 per cent - over a six month period beginning either in May or in November, said Mr Nasseri.

Crude oil is trading almost flat early Wednesday as investors continue to wait for the proverbial shoe to fall in regards to the sanctions on Iran. This was caused primarily by the declining output in Venezuela.

Growing U.S. crude production and stockpiles have weighed on the market.

Gas prices across the country have seen a spike in recent weeks.

Crude Oil tends to make some great price moves, which is very attractive to traders, and it has been bullish lately.

Moreover, oil prices will stay affected by Trump's decision on May 12 to reinstate the USA sanctions on Tehran.

From 2011-2015 when the European Union and United States had levied sanctions on the transportation and purchase of Iranian crude, Iran saw its exports fall by nearly 1 million b/d.

Production in Libya, which remains unstable due to unrest, edged lower after a suspected act of sabotage briefly stopped flows from Waha Oil Co.'s fields, industry sources said. His absence fueled speculation about a return to instability, which threatened new oil supply disruptions. While the US continues pumping record amounts of crude, Goldman Sachs Group Inc. expects only a "moderate" response to higher prices from American shale producers. It rose to a record of 10.62 million barrels per day (bpd), a jump of more than a quarter since mid-2016.

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US West Texas Intermediate crude futures were down 8 cents, or 0.1%, at $67.85 per barrel.

OPEC has pledged to trim 1.2 million bpd since January 2017 through the end of this year with allies led by Russian Federation kicking in another 600,000 bpd.

On Wednesday, the oil prices continued to remain steady, as they surrendered their early gains once the data showed that the USA shale supply increased whereas the Iranian exports also rose.

"If that happened, Brent prices could jump to near 90 dollars (a barrel)".

Fritsch said the cuts, along with demand growth, were more than offsetting the increase in USA oil.

Saudi Arabia played its role as a swing producer and Venezuela continued to struggle with production at 1.5 million bpd, which along lower output from Angola and solid demand and geopolitical tension centered on Iran helped benchmark Brent crude cross $75 a barrel in April.

Total products supplied over the past four-week period averaged over 20.1 million barrels per day, up by 2.7 percent from the same period a year ago. We expect bunker prices may continue slight upward evolution next week.

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