Oil market never buys Saudi brags: Zanganeh

12 October, 2018, 12:39 | Author: Gerard Cortez
  • Saudi Arabia unable to replace lost Iranian oil – Iran’s oil minister

The crude exports out of Iran fell further during the first few days of October showed tanker data, taking a big turn from sanctions placed by the USA and throwing up a big challenge for OPEC crude producers as they look to cover Iran's shortfall.

Still, oil traders generally agreed that the Iran sanctions are hitting harder than expected, with Jeremy Weir, chief executive officer of Trafigura Group Pte. forecasting 2 million barrels per day (bpd) lost to the market and Vitol and Gunvor Group pegging the volume closer to 1 million bpd.

India, the world's third-biggest oil importer, will buy 9 million barrels of Iranian oil in November, Reuters reported on Friday, citing two industry sources.

USA president Donald Trump, who took his first overseas trip as USA president to the kingdom and whose son-in-law Jared Kushner has close ties to Prince Mohammed, said he had not yet talked to the Saudis about Mr Khashoggi, "but I will be at some point".

Tanker schedules are often adjusted and exports can vary week by week.

The U.S. has since said it could consider exemptions for countries that have already shown efforts to reduce their imports of Iranian oil.

The growth is being "driven by a pickup in non-oil economic activity and a projected increase in crude oil production in line" agreed by the Organization of the Petroleum Exporting Countries and independent producers, the International Monetary Fund said.

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Also, coral reefs would decline by 70-90 per cent with global warming of 1.5 degrees, while a two-degree increase would wipe them all out.

Hurricane Michael on Wednesday cut 42 percent of U.S. Gulf of Mexico daily crude oil production and almost a third of natural gas output, the largest reductions in a year, after companies evacuated staff and shut-in platforms as a precaution.

In an interview with Russia's Sputnik news agency, Iran's Deputy Foreign Minister Abbas Araqchi warned of the "serious effects" of the upcoming United States sanctions against Iran on oil prices and the entire Middle East.

While Washington has said it wants to cut Iran's oil exports to zero, Iran and Saudi Arabia say that is unlikely. Investors remain concerned the Organization of Petroleum Exporting Countries and its allies aren't raising output quickly enough and that they may not have the capacity to fully cover disappearing volumes.

Sources said Iran is open to accepting rupee payment for oil and may use the money to pay for equipment and food items it buys from India.

Iran has questioned whether the market needs more oil and says its output is holding steady at about 3.8 million bpd. The Islamic Republic has pledged to support any supply increase by OPEC.

A survey of analysts, industry officials and shipping data released Friday by S&P Global Platts showed that OPEC and its 10 non-OPEC partners led by Russian Federation boosted crude output by 180,000 b/d from August to 33.07 million b/d in September.

"Such exaggerations might please Mr. Trump, but the market will never believe them", said Bijan Namdar Zanganeh said, according to the oil ministry's SHANA news site.

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