Sunday, 18 November, 2018

Iran says Trump can not bring oil prices down by 'bullying'

Donald Trump announced that the US would withdraw from the Iran nuclear deal. Subsequently he signed an executive order reinstating sanctions against Iran Committed to meet India's oil demand: Saudi Energy Minister
Rhonda Young | 18 October, 2018, 01:51

Global oil demand is expected to increase by 14.5 million bpd from 2017 to 111.7 million bpd in 2040, OPEC said in its latest report, issued in September.

Brent crude was up 40 cents at $81.81 a barrel by 0755 GMT, after gaining $1.15 in the previous three sessions.

The oil exchange is a mechanism that attempts to sidestep the US sanctions, which are being reimposed following the USA withdrawal from the nuclear deal, by allowing private companies to buy the crude at auction in Tehran and then resell it privately on the open market.

"Saudi Arabia is now producing 10.7 million barrels of oil per day and our production capacity is up to 12 million barrels", Falih told reporters on the sidelines of the India Energy Nation Forum in Delhi.

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"These (factors) are very bearish for oil prices", said Commerzbank commodities analyst Carsten Fritsch. "Rising U.S. oil production is one key reason why the globaloil market is likely to be amply supplied next year".

The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a new peak of 3.55 million bpd. In April, prior to President Trump's announcement of the US withdrawal from the multi-lateral nuclear deal with Iran, Iran exported 2.5 million bpd.

Inventories rose sharply even as USA crude production slipped 300,000 bpd to 10.9 million bpd last week, which analysts attributed to the effects of offshore facilities closing temporarily for Hurricane Michael.

Jahangiri said some countries that have stopped importing oil from Iran are looking for workarounds that would allow them to continue to import energy from Iran indirectly.

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Inventory data from the US Energy Department's Energy Information Administration is due at 1430 GMT on Wednesday.

New US sanctions on Iranian oil exports start on November 4, while Iran has accused Saudi Arabia and Russian Federation of breaking an OPEC-led agreement on output cuts by producing more crude.

But analysts said it was hard to imagine Saudi Arabia taking action that would greatly affect world oil supply.

Falih said he told India's Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan that Saudi Arabia is committed to meeting its growing oil demand.

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Also underpinning sentiment is the scandal over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, who disappeared two weeks ago after entering the Saudi consulate in Istanbul.

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