Oil Prices to Be 'Cheaper' if Trump Stops Tweeting, Iran Official Says
Oil Prices to Be 'Cheaper' if Trump Stops Tweeting, Iran Official Says
25 September, 2018, 07:22
WTI for November delivery added as much as $1.61 to US$72.39 a barrel on the New York Mercantile Exchange.
Nearly 2 million barrels per day (bpd) of crude could be taken out of the market as a result of the United States sanctions against Iran by the end of the fourth quarter this year, said Daniel Jaeggi, president of commodity merchant Mercuria Energy Trading, making a crude price spike to US$100 a barrel possible.
"South Korea was the first country to halt Iran's oil imports following the USA sanction threats against the country", Kasra Nouri, the public relation manager of the ministry, was quoted as saying by SHANA news agency.
Such a price rally would mark the first time since the summer of 2014 that oil would return to the $100-a-barrel level that became the norm in the early part of this decade. Furthermore, the commodity has also rallied in the wake of USA sanctions on Iranian oil exports and fears about OPEC-member depletion rates.
"The market is well-supplied", Saudi Energy Minister Khalid Al-Falih said after a meeting of OPEC and its allies over the weekend.
Iran will keep on selling oil in defiance of U.S. attempts to prevent Tehran from reaping profits from its major export earner, according to the head of the Iranian delegation at Sunday's meeting of oil producers in Algiers.
In its annual World Oil Outlook, the Organisation of Petroleum Exporting Countries forecast world supply of all hydrocarbons (primarily oil and liquified natural gas) would rise from a current 98.4 million barrels per day (mbd) to 104.5 million by 2023, and 111.9 million by 2040. He sees US$90 oil by Christmas and US$100 in early 2019.
The tightening USA market came ahead of sanctions that Washington plans to implement against Iran's petroleum exports from early November. The contract later stood at $80.69, up $1.89 from Friday's close.
That's because there's more to the conflict between Trump and OPEC right now than meets the eye, according to Money Morning Global Energy Strategist Dr. Kent Moors. The biggest source of new global supply, USA shale, is also experiencing growing pains as pipeline bottlenecks and workforce issues hamper growth. "The reason Saudi Arabia didn't increase more is because all of our customers are receiving all of the barrels they want". Money managers' wagers on higher Brent crude prices are having their longest streak since November 2017, according to ICE Futures Europe data.
Francisco Blanch, head of commodities research at Bank of America Corp., said in a note to clients on Monday that signals from OPEC mean "the likelihood of an oil spike and crash scenario akin to the one observed in 2008 has increased".
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