Friday, 16 November, 2018

Iran says removing oil from market by November impossible

Sanctions against Iran to push oil prices to $90 a barrel – analysts Reinhard Rohner Global Look Press
Rhonda Young | 04 July, 2018, 13:22

"Prices to [sic] high!" Trump's tweet offered no timeframe for the additional 2 million barrels - whether that meant per day or per month.

On the other hand, Saudi Arabia and Russian Federation have spare production capacity and could presumably ramp up their production to help address the new OPEC policy.

OPEC decisions by no means warrant any action by some of its Member Countries in pursuit of the call for production increase by U.S., politically motivated against Iran and publically declared.

Iran's crude sales are set to drop by at least 500,000 to 600,000 bpd this year, with the shortfall potentially much higher given Tuesday's announcement from the State Department, according to Vakhshouri.

As for the Saudi side of the request, the Associated Press reports that the state-run Saudi Press Agency released remarks on the matter that did not confirm Trump's claims.

USA crude production slipped by 2,000 barrels per day (bpd) to 10.467 million bpd in April, falling from the highest on record in March, the Energy Information Administration (EIA) said in a monthly report on Friday.

June 29, 2018 (Investorideas.com Newswire) Saudi Arabia is starting to panic, and is growing concerned that the growing number of supply disruptions around the world could cause oil prices to spike. Estimates vary, but Saudi Arabia may have the ability to produce as much as 12.5 mb/d, although perhaps less.

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Germany has to accept "that it is a migration country and that it has to decide whom to keep and whom to send out", Fricke added. The conflict had nearly toppled Germany's ruling coalition comprised of CDU, CSU and the Social Democratic Party (SPD).

Oil prices rose strongly on Friday as U.S. sanctions against Iran threatened to remove a substantial volume of crude oil from world markets at a time of rising global demand.

Iran pumps about 4.7 million barrels per day (bpd), or nearly 5 percent of total output, much of it to China and other energy-hungry nations such as India.

That agreement sought to curb Tehran's nuclear capabilities in exchange for the lifting of some sanctions.

Many analysts and investors think strict enforcement of United States sanctions against Iran will push up prices sharply. If the U.S.is successful at convincing most countries to stop buying oil from Iran, the outages could rise to as high as 2 mb/d, although that remains speculation.

"This is a situation where U.S. shale oil production itself has dropped in the past few months and that drop in the inventory has pushed oil prices up", Jordan said.

Iran's Supreme Leader Ayatollah Ali Khamenei on Saturday accused Washington of trying to turn Iranians against their government.

"They bring to bear economic pressure to separate the nation from the system. but six U.S. presidents before him tried this and had to give up", Khamenei was quoted as saying on Saturday by his website, referring to Trump.

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Iran's rial currency has lost up to 40 per cent of its value since last month, when Trump pulled out of the nuclear deal.

The White House statement said instead that while King Salman bin Abdulaziz confirmed his country has the extra production capacity, the Saudis will "prudently" use it "if and when necessary to ensure market balance and stability, and in coordination with its producer partners, to respond to any eventuality".

The full Reuters OPEC survey for June will be published on Monday.

Analysts said the outcome of the discussions between the Saudi and United States leaders may have far reaching benefits for both sides. "The rest depends on geopolitics, and those decisions will be taken based on the situations", he said.

Arabic-language daily Al-Rai, a local newspaper.

Khalid al-Falih the Saudi Energy Minister, told CNN's John Defterios in an interview at the latest OPEC meeting that the demands by major consuming nations would be met, but he didn't expect the kingdom to add 2 million more barrels a day.

Bolton: Trump will discuss election meddling with Putin
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