India should reduce or stop crude oil import from Iran: Moody’s
India should reduce or stop crude oil import from Iran: Moody’s
Barrels of crude oil stock
27 September, 2018, 17:12
He also accused Iran of sowing chaos and pledged to imposed further sanctions.
Oil prices rose Tuesday on global supply concerns following US sanctions on Iran's oil exports, with benchmark Brent surging to a four-year high, then retraced gains to settle just slightly higher after US President Donald Trump called again on Opec to boost crude output.
U.S. sanctions against Tehran are pushing up oil prices, according to Iran's oil minister. Eventually, I do believe that the market will be used to that price and we will be able to go higher, but we may be a little bit overextended over the last couple of days. 'The US seeks to reduce Iranian oil exports to zero even for a month, but that dream would not come to reality, ' Bijan Zangeneh said on Monday.
Crude oil is off of recent highs with WTI crude barrels back into the 72.00 level after peaking at 72.72, driven higher by incoming United States sanctions on Iran and concerns about immediate supply being able to cover the loss of Iranian production in global markets.
"Oil is trading higher this morning after U.S. Energy Secretary Rick Perry said that there are no plans for the U.S.to release oil from its Strategic Petroleum Reserves", according to Warren Patterson, commodities strategist at ING Bank.
Crude oil prices touched new four-year highs yesterday as Brent crude - the worldwide benchmark for crude oil - touched $82.20 a barrel. The growth will come at the time when OPEC's third largest producer, Iran, has been losing clients due to United States sanctions against its oil sector which come into force on November 4.
The US is looking to ease market tensions about global crude supplies, which largely lie at the US administration's feet to begin with.
Speaking at the Asia Pacific Petroleum Conference (APPEC) in Singapore, the president of commodity merchant Mercuria Energy Trading, Daniel Jaeggi, said that almost two million barrels per day of crude could be removed from the market by the fourth quarter of 2018 due to these sanctions. This puts pressure on other nations to lessen crude imports from Iran as well.
Exports to India accounted for 21 per cent of Iran's crude oil outbound shipments in 2017-18 and 30 per cent from April to August 2018. OPEC, along with other suppliers except for Russian Federation, began to limit their output in order to raise crude values.
At the same time, the demand worldwide is reaching 100 million barrels per day for the first time in history.
Oil producers from OPEC and Russian Federation met over the weekend but ruled out any immediate increase in output.
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Market forces and demand for oil on the global market are likely to mean Iran will continue to find customers to buy its supply. Trump said he was a victim of smear campaign by the "fake news " and that no one was laughing at his expense.
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