Iran sells oil on exchange in bid to counter sanctions: AFP report
02 November, 2018, 19:12 | Author: Sally Reid
Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter USA sanctions which come into effect on November 4 and aim to stop the country's key crude exports, the oil ministry's news website SHANA reported.
Oil capped its worst month in more than two years as concerns mount that the global economy will slow down.
Front-month Brent crude oil futures LCOc1 were trading down 46 cents, or 0.6%, at $77.16 a barrel at 0745 GMT.
Last week, CEO of the National Iranian Oil Company (NIOC) Ali Kardor had said the country would soon start offering oil for exports via its national stock exchange.
Current political situation in Germany, Italy and the United Kingdom are also weighing on crude oil.
"The hedge funds really abandoned the long side of the market and there's some short-selling going on this perception that perhaps the economy is slowing", said Phil Flynn, analyst at Price Futures Group in Chicago.
Trump said he would like to make a deal now but that China was not ready.
EIA forecast that US crude oil production to increase by 1 million barrels per day in 2019.
"If Turkey gets more oil from Iraq, it will be more hard for Ankara to argue it needs a USA waiver to continue buying Iranian oil", the source toldReuters.
Oil prices fell Monday as Russian Federation said its crude production will run unabated, and concern over the global economy's direction put crude on track for its biggest monthly drop in more than two years.
In case a planned meeting between presidents Donald Trump and Xi Jinping yields no progress on the sidelines of a Group 20 summit in Buenos Aires next month, US officials are preparing a new list which would apply to the Chinese products that aren't already covered by previous rounds of tariffs.
"Mounting perception of a weakening in global oil demand due to increasing tariff issues between the USA and China, while extremely hard to measure, will be maintaining some negative influence in keeping would-be buyers sidelined", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Around 300,000 bpd of crude oil previously pumped and exported in the Kirkuk province to the Turkish port of Ceyhan have been shut in since the Iraqi federal government moved in October past year to take control over the oil fields in Kirkuk from Kurdish forces.
Oil was also being weighed down by signs of rising supply from top producers. USA crude was on course to fall about 8.5 percent.
Meanwhile, the market will focus on the news of any meeting between officials from China and the United States aiming at seeking solution to the ongoing trade tensions.
Nishikori has a 4-2 record against Anderson from six previous meetings, including a 6-1, 3-6, 7-6 (4) win in NY in February. Anderson was runner-up to Djokovic at Wimbledon in July but the win in Vienna represented the biggest title of his career.
A police statement said a female passenger started quarrelling with the driver after she missed her stop. It doesn't look as if the driver had time even to hit the brakes before the bus went off the bridge.
Jiangxi Tongqing Metal Handicrafts, a foundry in southeastern China, was tasked with the bronze panelling of Patel's statue. Patel, the country's first home minister, is credited with merging over 500 princely states into the Union of India .
Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25 percent on January 1. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed.
Cardi is like most loving mothers, adding that she wants to be the one to calm her baby down when she's crying or needs to eat. Minaj took to her Beats 1 Queen Radio show the following day to address the allegations, ultimately denying them.
There's still a lot we don't know about these devices, though, and Tuesday will be the day for filling in the blanks. It has been mentioned only briefly in rumors, but there is clearly demand, and it hasn't been updated since 2014.
After Winfrey's speech, Abrams climbed the stage to join a discussion and was greeted by chants from the audience. Abrams' campaign has attracted support former President Barack Obama, who is rallying in the state on Friday.
The voting for parliamentary, Wolesi Jirga, elections kicked off in southern Kandahar province of Afghanistan earlier today. One police officer was killed and six others, including election workers and policemen, were wounded in the blast.
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Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter the planned sanctions. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).
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