Debate over offering crude oil at IRENEX to tackle sanctions

22 October, 2018, 13:26 | Author: Sally Reid
  • Oil edges higher amid tension over death of Saudi journalist

Crude oil futures ended higher on Friday with investors weighing the possible impact of USA sanctions on Iran's oil exports on crude supply in the market.

Dalian typically receives between one million and three million barrels of Iranian oil each month, according to statistics.

The crude oil futures market has felt the rise of us crude oil exports with growing volumes of West Texas Intermediate futures and options traded in Asian and European hours, making the WTI contract an nearly 24-hour benchmark, Owain Johnson, managing director for energy research and development at exchange operator CME Group, said on Thursday.

Crude oil prices have kept rising since the beginning of the year, even managing to reach record highs that were last seen in November 2014.

USA lawmakers blamed the Saudi leadership over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, indicating that sanctions could be possible.

" 1/8U.S. President Donald 3/8 Trump started efforts to reduce Irans oil exports from months ago and it's not like we should think that he will do something special on November fourth, Kardor said".

The market has been focused on US sanctions on Iran, which take effect on November 4 and are created to cut crude exports from the country.

"A coming seasonal scale back in refinery demand could result in oil stock builds".

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In global markets, stocks in Asia fell on Friday as global sentiment soured on issues ranging from trade worries, Italy's 2019 budget, higher USA interest rates and growth concerns in China that led to a slump in Chinese shares in the previous session.

The U.S. administration has been pushing its allies to cut Iranian oil imports and is encouraging Saudi Arabia, other OPEC states and Russian Federation to pump more oil to meet the shortfall n the global market.

The gains were supported by U.S. -Saudi tensions after Trump pledged "severe punishment" should the kingdom be linked to Khashoggi's disappearance.

"We have conveyed to him that the price of crude oil is a matter of concern for our domestic economy and directly affects the common people", he said at a press briefing. However, Saudi circles deny this and assure us that they have the capacity to increase production in case of increased demand.

For the week, Brent crude was 1 per cent lower while WTI futures were down 3.4 per cent, putting both on track for a second consecutive weekly decline.

The oil weapon does not work, which is why Saudi Arabia is unlikely to employ it in the dispute over the disappearance of Washington Post journalist Jamal Khashoggi.

While offering of oil at IRENEX is a pilot plan with its supporters and opponents, if conducted and continues it will definitely change Iran' pattern of crude oil exports and create some big potentials for expansion of the deals and some new financial instruments over this highly-valued export product.

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