Iran welcomes OPEC 'no' to Trump call for output hike

25 September, 2018, 07:25 | Author: Sally Reid
  • Crude prices are spiking

Oil prices LCOc1 have been rising since early 2017, when the Organization of the Petroleum Exporting Countries (OPEC) together with other suppliers including Russian Federation started withholding output to lift crude values.

Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year.

"It's going to be significantly less than it was, and probably lower than most people expected when the sanctions were announced - hence the higher prices", Luckock said at the APPEC event.

"Our plan is to meet demand", said Saudi Energy Minister Khalid Al-Falih. That was the highest level since November 12, 2014. "We will remember. The OPEC monopoly must get prices down now!"

"South Korea was the first country to halt Iran's oil imports following the US sanction threats against the country", Kasra Nouri, the public relation manager of the ministry, was quoted as saying by SHANA news agency.

At Sunday's meeting in Algiers, OPEC oil ministers and non-OPEC signatories to the 2016 agreement discussed extending their cooperation.

U.S. light crude was $1.25 higher at $72.03 on Monday.

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Iran told OPEC its production had been steady in August at 3.8 million barrels per day.

"It is now increasingly evident, that in the face of producers reluctant to raise output, the market will be confronted with supply gaps in the next three-six months that it will need to resolve through higher oil prices", BNP Paribas oil strategist Harry Tchilinguirian told Reuters Global Oil Forum.

OPEC isn't just grappling with US sanctions cutting Iranian supply.

"It's a time of great uncertainty in oil markets, from Iranian output post-sanctions to the global economy and demand", said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University in NY and a former Obama administration oil official.

"The biggest issue is not with the producing countries, it's with the refiners, it's with the demand".

A decade ago, Brent crude surged to almost US$150 a barrel, only to crash just months later as high fuel prices and the global financial crisis triggered a slump in demand. "The reason Saudi Arabia did not increase more is because all of our customers are receiving all of the barrels they want".

"The US seeks to reduce Iranian oil exports to zero even for a month, but that dream would not come to reality", Bijan Zangeneh said on Monday.

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