Saturday, 17 November, 2018

Oil prices climb on tightening United States market

Oil prices climb on tightening United States market Oil prices climb on tightening United States market
Elsie Buchanan | 04 July, 2018, 17:36

"If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat.

Iran's first vice president is saying the country's private sector will be able to buy and export crude oil under a new plan to combat USA sanctions.

He hopes that will keep prices low - and motorists happy with cheaper fuel - as he tries to force the Iranians out of the market.

Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers.

"These three countries account for about half of Iran's oil exports", it said.

So, how much support can Trump garner for his economic assault against Iran?

"We are confident that there is sufficient global spare oil production capacity", he added.

Saudi Arabia says it is ready to use its surplus two million barrels of oil production capacity to even out the global market.

Criminals Land Helicopter In Prison To Help Gangster Escape
French police are also investigating the possibility that Faid may now be disguised as an Orthodox Jew and on his way to Israel. Just months before his escape, drones were spotted flying above the prison which are now believed to be linked to the breakout.


The U.S. government plans to shut Iran's oil exports out of the market from November, demanding that all countries stop buying its oil.

President Trump lashes out at OPEC with a warning to stop manipulating oil markets and piles pressure on U.S. ally Saudi Arabia.

The president, in an interview with Fox News's "Sunday Morning Futures with Maria Bartiromo also piled pressure on close United States allies with a threat to sanction European companies that do business with Iran".

Last week, some White House officials privately expressed displeasure with the State Department remarks because they were at odds with another Trump administration priority - stopping oil prices from rising too high ahead of the midterm elections.

US crude stockpiles are forecast to have declined 5 million barrels last week, according to a Bloomberg survey ahead of government data to be released on Thursday. "We are also working with oil market participants, including producers and consumers, to ensure market stability".

But the U.S. official, Brian Hook, also said that keeping prices stable in the absence of Iranian crude is also important.

A survey of analyst expectations from S&P Global Platts revealed expectations of a drain on US crude oil inventories of 4.5 million barrels last week, adding support to the concerns about a market deficit.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.

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