Oil prices could rise to $100 a barrel by 2019, warn merchants
26 September, 2018, 23:57 | Author: Gerard Cortez
Russian Energy Minister Alexander Novak has accused the USA of destabilising the global oil market, urging for wider cooperation between OPEC and non-OPEC producers to reach long-term stability.
In a speech, Mohammad Barkindo, OPEC secretary general, said the organisation would "work hard to ensure a sustainable stability in the global oil market, enabling steady and lasting economic growth across consuming and producing countries". Al-Rumhy said the exact mechanism for doing so had not been discussed.
Traders are calculating exports from Iran, a major producer, may dry up in the coming months.
Most, if not all, of worldwide crude flows are either directly or indirectly linked to Asian demand these days.
The OPEC cartel in December 2016 concluded an agreement with non-member states - including Russian Federation - to reduce output in order to arrest sliding prices.
Iranian leaders have already threatened to disrupt oil shipments through the Strait of Hormuz, the world's busiest sea route for crude oil exports.
The report says that oil is set to retain the highest share in the global energy mix through to 2040.
An Iranian tanker and a South Korean (right) tanker docking at the platform of the oil facility in the Khark Island.
OPEC and Russian Federation have capped production since January 2017 to bolster prices.
JPMorgan said USA sanctions on Iran could lead to a loss of 1.5 million barrels per day (bpd), while Mercuria warned that as much as 2 million bpd could be knocked out of the market. The biggest source of new global supply, US shale, is also experiencing growing pains as pipeline bottlenecks and workforce issues may hamper growth, he said. At the same time, global oil demand is nearing 100 million barrels per day, a historical high. IrantoldOPEC its production had been steady in August at 3.8 million bpd.
Politically unstable Libya also presents a supply risk, industry participants at APPEC said.
The outages from Iran are worse than most analysts expected as buyers remain wary of penalties from sanctions due to take effect from November. WTI is now trading at the top-end of last Friday's daily trading range. Higher gasoline prices for U.S. consumers could create a political headache for Republican Trump before mid-term congressional elections in November.
"We expect that those OPEC countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels", said Edward Bell, commodity analyst at Emirates NBD bank.
Trump has repeatedly called for a hike in production by countries other than Iran to reduce oil prices, which have partially recovered since the December 2016 agreement, to trade close to $80 per barrel this month. In her view, the market does not focus enough on how Iran will react.
All of those sanctions will be "in full force by early November", Trump said. "Deals have to be good for both parties". President Trump on Wednesday accused the Chinese government of actively trying to interfere in the midterm elections.
The #BelieveSurvivors walkout on Monday was initially planned after Ford's allegation against Kavanaugh was known publicly. But the judge said he never drank so much that he could not recall what happened while he was intoxicated.
Kavanaugh did not claim that he couldn't have assaulted Ford and Ramirez because he was a virgin in high school and college. The judiciary committee that needs to approve Kavanaugh's confirmation has a narrow 11-10 Republican majority, but Sen.
Kavanaugh will testify after Ford, although at this writing it's not clear that Ford will actually show up for the hearing. Swetnick says she told others about the incident at the time and knows of other witnesses who can confirm her statements.
Senators were told to be prepared for a rare weekend session and McConnell said he was confident Kavanugh would be confirmed. Clune is among those asking that the FBI open a new investigation into the sexual assault claims against Kavanaugh.
Women and children also died in the violence, state news IRNA agency quoted an unnamed official source as saying. The attack in Ahvaz came as Rouhani was among dignitaries at the main anniversary parade in Tehran .
Putin spoke to Assad by phone Monday and informed him of the plan to provide the missiles, the Kremlin said in a statement . Because of this, Moscow claims that the Russian airforce could not keep its plane safe.
Additionally, crude stocks at the Cushing, Oklahoma, futures delivery hub fell 1.25 million barrels, EIA data showed. Specifically, helping to underpin prices is another drawdown in USA inventories and strong US gasoline demand.
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