Thursday, 15 November, 2018

Iran Starts Oil sales to Private Exporters to Beat US Sanctions

Iran US'Lying to the World, Unable to Halt Our Oil Exports Iran US'Lying to the World, Unable to Halt Our Oil Exports
Elsie Buchanan | 01 November, 2018, 19:43

Brent crude fell 2.7 percent last week and is down 10.5 percent from its October 3 high of $86.74. "However, depending on what happens with Iran later this week, oil could go both ways, so the market seems to be taking a cautious stance near $67 a barrel". U.S. West Texas Intermediate (WTI) crude futures were at $66.99 a barrel, down 5 cents from their last settlement.

Tim Ghriskey, chief investment strategist at Inverness Counsel in NY said on Friday that "We've seen oil prices sell off here throughout the correction we've had in the broad market".

Hedge fund managers continued to liquidate former bullish positions in oil last week, with signs of short-selling appearing for the first time in over a year.

USA supply data also showed a sixth straight weekly rise in domestic crude inventories.

More than half of all U.S. oil rigs are in the Permian basin in West Texas and eastern New Mexico, the country's biggest shale oil formation.

Some predicted that $100 per barrel oil by the end of the year was imminent, while Tehran maintained a defiant tone, stating that neither Saudi Arabia nor OPEC would be able to pump enough oil to compensate for the loss of Iranian barrels, estimated between 500,000 bpd and 1 million bpd.

Pittsburgh synagogue suspect pleads not guilty, requests jury trial
Mourners gathered Wednesday to bury some of the 11 people killed in the Saturday massacre at the Tree of Life synagogue . She blamed Trump's rhetoric for encouraging increasingly toxic political divisions that can lead to violence.


Meanwhile, as the specter of renewed sanctions led to a big reduction in oil exports to countries such as India and south Korea, which are among the biggest customers of Iran's oil next to China, and European Union countries, Tehran was hoping that shortage of oil in the global market would increase prices, but according to Reuters, "rising oil production from Saudi Arabia, the United Arab Emirates, Kuwait and Russian Federation has eased concerns about the availability of supplies once USA sanctions on Iran are re-imposed in November".

Crude oil trade is state-controlled in Iran.

Crude oil futures fell Monday as investors reduced exposure, extending weakness that started a week ago amid increased investor caution in anticipation of a possible economic slowdown, an increase in oil production and a stronger dollar that could make oil more expensive in other currencies. Moreover, the fallout for Iran remains clear.

In a sign that oil supply remains ample despite the looming US sanctions against Iran's petroleum exports, crude output from the world's top 3 producers, Russia, the United States and Saudi Arabia, reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed. Protests also broke out in other cities in the country.

Ever since the announcement of sanctions India has conveyed its opposition to the sanctions in a series of meeting including the inaugural 2+2 dialogue in New Delhi and most recently during the visit of USA special envoy on Iran Brian Hook.

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