Wednesday, 17 October, 2018

OPEC chief: Cartel must stay together as US sanctions Iran

Crude Oil Pump Crude Oil Pump
Lindsey Cook | 22 September, 2018, 11:49

The cartel is nevertheless likely to face anger from Iran as it has come under more and more pressure once US President Donald Trump pulled his country out of the 2015 nuclear deal reached between Tehran and leading world powers in early May.

According to data by the JODI database, which collects self-reported oil figures from 114 countries, Saudi Arabia's crude oil exports in July dropped by 126,000 bpd month on month, to 7.12 million bpd.

The change in Saudi Arabia's view on prices coincides with some intense oil diplomacy.

Data from the InterContinental Exchange showed open interest in calls that give the owner the right to buy Brent futures at $80 and $85 by next week grew by almost 45 percent on Monday and Tuesday to an equivalent of 54 million barrels of oil.

The warning came from the group's top official as looming unilateral USA sanctions on oil sales by Iran, OPEC's third-biggest supplier, are scheduled to take effect on November 4.

Technical analysis from Reuters market analyst Wang Tao showed that USA oil prices have repeatedly failed to overcome a resistance level of $69.85 per barrel, signalling a dissipation of positive outlook.

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US oil futures rose more than $1 a barrel on Wednesday, bolstered by a fifth weekly crude inventory drawdown and strong domestic gasoline demand, amid ongoing supply concerns over USA sanctions on Iran that come into force in November.

This expected increase follows higher forecast annual crude oil prices in 2018 and more than offsets slightly lower crude oil production from OPEC members in 2018.

"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.

LONDON-Oil prices advanced on Monday on the back of a weaker dollar and continued expectations of a global supply crunch.

He added: "We have no choice but to continue to work with all parties". Riyadh boosted production significantly in June, pumping 10.42 million barrels a day, up from 9.9 million barrels a day in April.

U.S. Energy Secretary Rick Perry said in an interview with Reuters on Friday that he did not expect any price spikes and that the world's top three oil producers could between them raise global output in the next 18 months.

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