Monday, 24 September, 2018

Oil slips below $77, weighed down by Saudi output boost, trade tensions

Trump shakes hands with Saudi Arabia's Crown Prince Mohammed bin Salman in the Oval Office at the White House in Washington President Trump shakes hands with Saudi Crown Prince Mohammed bin Salman at the White House in March
| 09 July, 2018, 06:45

U.S. President Donald Trump, who recently called on OPEC producers to help reduce oil prices, has raised prices through his tweets, Iranian OPEC Governor Hossein Kazempour Ardebili was quoted as saying by news agency SHANA on Thursday.

US President Donald Trump has tried to calm jittery oil markets by suggesting Saudi Arabia is willing to use up to 2 million barrels per day in spare capacity to meet any supply shortages arising from US sanctions on Iran, writes Nassir Shirkhani. The president said the US defends many OPEC member states, insinuating that as a returned favor, these nations should cave to Washington's demands. He added, "This must be a two way street".

Oil was mixed on Friday, with short-covering pushing up USA crude futures while Brent slipped on global trade tensions and increased Saudi production.

In his bid to halt the flow of Iranian oil without raising prices, Trump has urged Saudi Arabia and other OPEC members to increase their output.

Saudi Arabian Oil Co., also known as Aramco, lowered August prices for light oil to Asia by 20 cents to $1.90 a barrel above the Middle East benchmark, according to Bloomberg. Trump's decision in May to pull out of the United Nations -backed nuclear agreement with Iran, meanwhile, means sanctions on the Iranian energy sector snap back into place in November.

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

Brent crude oil edged up Wednesday after a second consecutive drop in US crude inventories, driven by an outage at the Syncrude Canada oil sands facility, which usually supplies the U.S.


"Another major consideration is the extent to which U.S. shale production will respond to higher prices". Since when did you start ordering OPEC! Trump said Sunday that OPEC should put another 2 million barrels on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.

Inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell to their lowest level since December 2014.

In May, the USA retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets.

However, the market response was minimal given the continuing threat of U.S. sanctions against Iran and a reported threat by the Iranians to close the Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman and is an important shipping route for oil.

An oil pump jack is seen at sunset near Midland, Texas, U.S., May 3, 2017.

Implied options volatility, a way of measuring uncertainty among crude oil traders and investors is at its highest since the run-up to last month's OPEC meeting.

According to Commerzbank, OPEC now has just enough oil to meet global demands without Iran's supply.

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