India appreciates US waiver regarding Iran sanctions

09 November, 2018, 23:01 | Author: Shannon Aguilar
  • Iran’s Economy Minister Farhad Dejpasand

The WTI crude oil is trading slightly bearish a day after Washington allowed sanction waivers to top buyers of Iranian oil.

The market focused on record USA crude production and signals from Iraq, Abu Dhabi and Indonesia that output will grow more quickly than expected in 2019.

Crude has tumbled nearly 20 percent since touching a four-year high last month as bearish supply signals around the globe crowded out concerns about disrupted exports from Iran and Venezuela.

"In view of the latest price slump and the oversupply that looks set to materialize next year, the Organization of the Petroleum Exporting Countries is thinking about cutting back oil production", analysts at Commerzbank said in a note on November 8.

Benchmark Brent crude LCOc1 fell below $70 a barrel for the first time since early April, and was down almost 20 percent since reaching four-year highs at the beginning of October.

Oil prices in October rallied above US$85 per barrel on fears of a steep decline in Iranian exports and have fallen since then. On Thursday, Nov. 8, 2018, Iranian state TV quoted the minster as predicting a painful time for worldwide oil customers as US sanctions take hold, saying waivers that Washington granted to eight major oil-importing countries are not enough for market demands.

Brent was 15 cents a barrel lower at $70.50 by 0925 GMT, down more than 3 per cent for the week and more than 14 per cent this quarter.

The sanctions aim to further isolate Iran by choking off its main source of revenue - oil exports - by imposing sanctions on countries and companies that do not end their imports.

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The Trump administration said that the deal did not address other concerns, including Tehran's support for regional proxies such as Hezbollah, and has boasted of the economic contraction forecast in Iran due to the renewed sanctions.

"Knowingly providing these services to sanctioned Iranian shipping companies will result in the imposition of United States sanctions", Hook told reporters.

Still, a return to oil production cuts by OPEC and its allies next year can not be ruled out, two OPEC sources said this week, to avert a possible supply glut.

The United States is now the world's biggest crude oil producer, pushing Russian Federation and Saudi Arabia to the back seat.

Futures in NY gained 1 per cent. Ministers from the Organization of Petroleum Exporting Countries gathering in Abu Dhabi this weekend will discuss options for 2019 including the scenario of fresh supply cuts, said delegates.

The EIA report showed domestic crude production jumped to 11.6 million barrels per day while stockpiles at Cushing, Oklahoma, increased by 2.42 million barrels.

Last week's increase in US crude inventories was the seventh week of gains, the longest stretch since early March, according to Energy Information Administration data.

That has not started yet: indeed, during October, Chinese crude imports hit an all-time high amid indications that the country's manufacturers were stepping up production ahead of U.S. tariffs kicking in.

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