Oil hits multi-year high on tight supply, Iran sanctions
15 May, 2018, 22:39 | Author: Shannon Aguilar
The reports suggest that US President Donald Trump's decision to reinstate anti-Iran sanctions and Venezuela's plunging oil production will tighten global oil markets further. The immediate aftermath has seen tensions between Israel and Iran rise in Syria, already leading to one military clash.
The oil cartel's report shows positive signs of the oil market and the joint oil production cut, however, a stronger rivalry from USA shale, as it is expected to rise under a relatively higher price. "Around a million barrels of oil a day is likely to disappear from global oil markets if the USA sanctions on Iran bite", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
"In 2012, the reduction in Iranian crude production and exports were around 1 MMBPD", Wittner said, Reuters reported.
In it's monthly report, OPEC didn't directly discuss possible fallout from the USA leaving the Iranian nuclear deal, but included it in a list of concerns about the potential risk from US policies, also noting new sanctions on Russian Federation, tariffs on Chinese goods, steel and aluminum tariffs, and talks to revamp trade with China and NAFTA. While those nations have vowed to stand by the agreement, there is little likeliness that USA allies would side with Iran in this issue. "This time around, we expect much less of an impact".
Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before retreating to $78.14, down 9 cents by 10:09 EDT.
He said that Germany has announced that it will protect its companies against United States sanctions imposed on Iran.
- Oil prices are at four-year highs, raising the price of producing gasoline.
Production levels will be a key topic of discussion at the upcoming June 22 OPEC ministerial meeting where the Vienna Agreement, which began in 2017, is expected to be discussed.
In total, South Korea's April crude oil imports were 11.59 million tonnes, or 2.83 million bpd, up 2.5 percent from 11.30 million tonnes from 2017, according to the data.
"Oil prices are touching fresh multi-year highs as robust demand prospects coupled with a tense geopolitical backdrop make for a potent bullish cocktail", said Stephen Brennock, analyst at London brokers PVM Oil Associates. USA crude oil has already gained 17% year to date and 48% from a year ago. On the supply side are expectations that as prices continue to rise so will production, including USA oil and shale production.
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