Iran's Oil Production, Exports Not Impacted By Protests

03 January, 2018, 01:55 | Author: Edward Snyder
  • WTI Crude Oil Price Hits 60 bbl Highest Since Mid-2015

"Geopolitical risks are clearly back on the crude oil agenda after having been absent nearly entirely since the oil market ran into a surplus in the second half of 2014", Bjarne Schieldrop, chief commodities analyst at SEB, said, also citing Kurdistan and Libya.

Brent Crude futures rose 41c to 66.57 bbl.

WTI prices were supported by data from the U.S. Energy Information Administration late on Thursday showing domestic oil production C-OUT-T-EIA declined last week to 9.75 million barrels per day (bpd) from 9.79 million bpd the previous week.

Anti-government protests in Iran have fueled uncertainty in the global oil market.

Lipow said he expected USA crude prices to creep up to around $63 a barrel by the end of next year, while Brent would remain around $67 a barrel as US oil exports rise to record levels. That's about $12/barrel more than a year ago. Brent crude futures hit US$67, highest since May 2015 on Tuesday following fears of a supply glut.




A possible rise in USA oil production may pose a threat to higher oil prices.

The 14-member cartel, Russian Federation and nine other crude producers announced plans to extend their output cuts until the end of 2018. Iranian oil industry and shipping sources said protests have had no impact on oil production or exports so far.

Moody's believes North American exploration & production companies, after strong capital investment in 2017, will aim for profitable growth within existing oil acreage and cash flow in the new year, with improvement favouring companies with the greatest exposure to the best acreage and producers in the Permian Basin leading the way.

In global markets, China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in its first batch of allowances for 2018.

Oil markets have been supported by a year of production cuts and strong demand from China.

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