Iran to Store Its Oil in Fleet of Supertankers

17 September, 2018, 15:27 | Author: Gerard Cortez
  • InvestMarketsCommoditiesWorkEnergy Economic Concerns Cause Oil to Slip
By Irwin Fletcher

Iran's oil minister had previously warned its Saudi counterpart the OPEC supply pact from a year ago does not give member countries the right to raise oil production above their targets.

USA production jumped in recent years because of techniques including hydraulic fracturing, or "fracking", which is the use of chemicals, sand, water and high pressure to crack rock formations deep below ground, releasing more oil and natural gas.

On the flip side, the bearish breakout of $68.45 can lead oil prices towards $67.45.

Iran's oil exports are down by nearly a third since President Donald Trump said in April that the U.S. would withdraw from the nations' nuclear deal and reimpose sanctions. The government is also witnessing a backlash from the opposition parties over the high prices of the crude oil.

WTI crude was trading around $69.0 per barrel and Brent crude was hovering around $78.0 per barrel on Friday. The bearish news was concerns over possible lower future demand.

Iran and India traded 4.71 million tons of non-oil commodities worth 2.18 billion US dollars during the first five months of the current Iranian fiscal year from March 21 to August 22, Eghtesad online news website reported on Saturday. United States light crude was up 27 cents, or 0.4 per cent, at 68.86, after dropping 2.5 per cent on Thursday.

Brent is heading for a 1.8 percent gain this week, while WTI is on track for a 1.5 percent increase.

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"The price action of yesterday confirms $80.00 a barrel as a strong resistance line in Brent", consultancy Petromatrix said in a research note.

The International Energy Agency said Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (Mmbpd), global economic risks were mounting.

USA sanctions on Iran snapped back on August 6, a move after US withdrawal from the Iran nuclear deal on May 8.

"Any country will naturally try to sell its oil at the highest rate possible to increase its own revenues", said the Iranian official, who added, "Nevertheless, the behavior of Saudi Arabia and Russian Federation in dealing with Iran in terms of their oil production will be recorded in history and the future generations will realize that ... both of these countries chose to welcome the sanctioning of an OPEC producer".

China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said, while U.S. President Trump said on Twitter he felt no pressure to strike a deal with China.

Indian refiners, traditionally major buyers of Iranian crude, will cut their monthly loadings from Iran for September and October by almost half from earlier this year.

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