Iran to only trade with countries that import its oil

08 July, 2018, 01:36 | Author: Elaine Woods
  • Saudi Arabia's Minister of Energy Industry and Mineral Resources Khalid Al Falih speaks during a press conference with his Russian counterpart Alexander Novak at the Ritz Carlton Hotel in the capital Riyadh on Feb. 14 2018

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 37 cents, or 0.5 per cent, at 73.77 dollars per barrel.

"Increased Saudi crude availability that is being enhanced by reduced OSPs (official selling prices) into Europe and other regions is providing a strong counter against curtailed Libyan export activities", Ritterbusch wrote. "Looming U.S. sanctions on Iran, however, are causing serious concerns amongst market players".

Brent crude futures lost 85 United States cents to settle at US$77.39 a barrel.

Oil will soon cost $100 per barrel due to supply disruptions caused by US President Donald Trump, Iran's OPEC Governor told Reuters on Thursday, as he warned expectations that Saudi Arabia and Russian Federation would help bring down prices were in vain.

NAB said its oil price forecasts "point to Brent spending the next few months largely in the mid-to-high $70s (per barrel) range, although meaningful OPEC-Russia output increases could push prices lower later in the year and higher USA shale production should impose an upside limit on WTI".

"Further declines in United States crude oil inventories and the significant outage in Libyan oil supply are helping to keep a floor under the market", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.

Gasoline stocks fell 1.5 million barrels, compared with expectations in a Reuters poll for a 817,000-barrel drop.

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"The OPEC monopoly must remember that gas prices are up and they are doing little to help..."

Saudi Arabia had political reasons to respond positively to Trump's request, given its animosity to arch-rival Iran, which Trump is trying to bring to its knees through strict new sanctions. This must be a two way street.

"Trump sends every day a new message that creates uncertainty in the oil market", Bijan Zanganeh said in an interview with Iranian broadcaster IRIB.

Benchmark Brent crude oil was up 45c at $77.75.

Canadian oil prices are poised to continue their slow, steady march upward next year as shipping bottlenecks ease and U.S. refiners look north to fill the gap created by decreasing output from Venezuela, according to Deloitte.

China's Commerce Ministry spokesman Gao Feng said America's tariffs will backfire and damage the world economy because more than half of the US$34 billion of Chinese exports are produced by foreign companies.

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