OPEC chief says Iran still ‘very important as United States sanctions loom

22 September, 2018, 11:49 | Author: Natasha Holloway
  • Crude is averaging about $72 a barrel this year and the International Energy Agency warned last week that prices could rise above $80

Meanwhile, an industry report Tuesday showed US crude stockpiles increased 1.25 million barrels last week, defying expectations for a decline ahead of government data Wednesday.

The Joint Technical Committee consists of members from OPEC and non-OPEC producers that coordinates the groups' current supply agreement.

November WTI and December Brent Crude Oil should continue to push higher throughout the session as long as a possible supply shortage remains the theme.

"No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the Ministerial Conference has not issued any licence for such actions", Iran's oil ministry news agency SHANA quoted Kazem Gharibabadi, the permanent envoy to Vienna-based organizations, as saying.

With almost 50 days to go before new U.S. oil sanctions against Iran enter into force, U.S. President Donald Trump has already managed to crush the country's petroleum exports, dealing severe economic damage to Tehran.

Oil eased on Wednesday, but held near its highest level this year, as concerns that producers may fail to cover a supply shortfall once United States sanctions on Iran come into force outweighed an increase in U.S. inventories.

West Texas Intermediate for October delivery was at $68.93 a barrel on the New York Mercantile Exchange, down 6 cents, at 12:38 p.m.in Seoul.

New study debunks aspirin claims
Murray, M.D., director of the Berman Center for Outcomes and Clinical Research at Hennepin Healthcare in Minneapolis. For healthy people, the study failed to show an overall benefit to offset the bleeding risk, he said.

However, potential supply cuts caused by US sanctions on Iran, the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC), are providing some support for oil prices.

Shale explorers added last week the most oil rigs in a month as a pipeline bottleneck in the busy U.S. Permian Basin is encouraging drilling in other areas.

Reuters reported on September 5 that Saudi Arabia wanted oil to stay between $70 and $80 to keep a balance between maximizing revenue and keeping a lid on prices until USA congressional elections.

The supply concerns outweighed an increase in oil inventories in the United States reported late on Tuesday.

However, the market was tempered by an escalation in the China-US trade war that has clouded the outlook for crude demand from the world's top oil consumers.

Intensifying trade tensions between the USA and China could hit economic growth and reduce crude oil demand next year, while supply disruption risks could push prices further upward, according to the International Energy Agency (IEA).

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