Tuesday, 20 November, 2018

India appreciates U.S. waiver on Iran-related sanctions

Crude Oil Crude Oil
Scott Davis | 09 November, 2018, 22:59

"OPEC and Russian Federation may use cuts to support prices at $70 a barrel", said Ole Sloth Hansen, head of commodity strategy at Saxo Bank in Copenhagen.

Meanwhile, with energy prices slumping, Opec and its allies will discuss scenarios including the possibility of cutting production again next year during a meeting in Abu Dhabi on Sunday, according to delegates.

"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions", Rouhani said. Tehran worries OPEC and non-OPEC countries such as Russian Federation will increase their production to fill the gap in response. The group led by Saudi Arabia will gather in Abu Dhabi this weekend as they face a fresh surge of United States shale oil threatening to unleash a new surplus in 2019.

The Saudis have, since the 1970s, been able to exert disproportionate influence on global oil prices by - along with other Opec producers - cutting production at various times.

Brent futures for January settlement edged up 15 cents to $70.80 a barrel on the London-based ICE Futures Europe exchange.

Exxon Mobil fell 1.6 percent to $81.71 and ConocoPhillips gave up 4.5 percent to $119.36.

United States crude production surged to a record 11.6 million barrels a day, while nationwide inventories rose more than expected.




West Texas Intermediate crude oil futures fell below $60 a barrel on Friday for the first time since early March.

The net long position in the six most important petroleum-linked futures and options contracts was cut by a further 73 million barrels in the week to October 30.

All of this has come as something of a surprise to the market which, in late September and early October, was more focused on a loss of supplies from Iran due to sanctions and also on weaker supplies from Marxist Venezuela due to the collapse of its economy. Brent is set for a 2.9% drop for the week, its fifth consecutive week of declines.

Pressure from the U.S.to lower prices probably will decrease now that the nation's midterm elections are over, Saxo Bank's Hansen said. It makes the United States the world's biggest producer of crude.

Production has not just risen in the U.S., but also in many other countries, including Russia, Saudi Arabia, Iraq and Brazil, stoking producer concerns of a return of oversupply that depressed oil prices between 2014 and 2017. Domestic production surged to a record 11.6 million barrels a day, while stockpiles at the key storage hub in Cushing, Oklahoma, climbed by 2.42 million barrels.

Refinitiv data showed Iranian exports have fallen to 1 million barrels per day (bpd) so far in November, down from around 3 million bpd in mid-2018.

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