'Crucial period' for oil as Iran exports shrink: IEA

19 September, 2018, 12:43 | Author: Salvatore Jensen
  • Oil prices climb as Iran sanctions loom

The deal, in place since January 2017, has effectively lifted prices from a slump in 2015 to current levels of roughly $79 a barrel for Brent crude and $69/Bbl for U.S. West Texas Intermediate, CNBC reported.

Benchmark Brent crude futures were up $1.01 at $80.07 a barrel by 10:58 a.m. EDT (1458 GMT) after reaching $80.13 a barrel, its highest since May 22.

The falls came on the back of a potential slowdown in fuel demand growth because of trade disputes between the United States and China as well as emerging market turmoil.

"We are entering a very crucial period for the oil market", the IEA said in its latest monthly report.

The U.S. Energy Information Administration (EIA) on Tuesday cut its forecast for U.S. crude output growth in 2019, while leaving 2018 production and demand growth forecasts unchanged.

The warning by the Paris-based International Energy Agency that oil prices could scale above $80 a barrel is definitely not good news for India.

OPEC opened the flood gates this summer by increasing crude oil production by 278,000 barrels a day from July to August. In 2018, world oil demand is expected to grow by 1.62 Mmbpd, a minor downward revision from last month's projection.

Demand for oil grew more slowly in the second quarter, particularly in Europe and Asia but also because of higher gasoline prices in the USA, the energy group said.

S&P global Platts said OPEC, in a report, indicated demand for the organization's own crude oil in September will be nearly 1 million bpd more than the level produced in August.

Oil prices rose on Wednesday following a report of declines in US crude inventories and as looming sanctions against Iran raised expectations of tightening supply, while top producer Russian Federation warned of a fragile global crude market.

The EIA now predicts ethanol production will average 1.05 million barrels per day this year, falling to 1.03 million barrels per day next year.

"The American Petroleum Institute figures for the week ended September 7 showed a much larger-than-expected 8.6 million barrels and WTI reacted positively", OANDA's head of trading Stephen Innes said.

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.

In addition, OPEC's production also is rising. "This is a huge uncertainty on the market - how countries, which buy nearly 2 million barrels per day of Iranian oil, will act". As Florence moves closer to the southeastern coast of the USA, the storm appears likely to strengthen, forecasters said. EIA expected Brent spot prices will average 73 dollars and 74 dollars per barrel in 2018 and 2019, respectively.



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