Iran to continue exporting crude despite fresh USA sanctions

Commodity traders Trafigura and Mercuria said on Monday that Brent could rise to $90 per barrel by Christmas and pass $100 in early 2019, as markets tighten once USA sanctions against Iran are fully implemented from November.

"I do not influence prices", Saudi Energy Minister Khalid al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.

"We have the consensus that we need to offset reductions and achieve 100 per cent compliance, which means we can produce significantly more than we are producing today if there is demand", Al Falih said.

Global benchmark Brent crude for November delivery was up at 79.40 dollars a barrel.

Tehran had previously said no OPEC member was allowed to grab market share from rivals, such as Venezuela or Libya, whose production had declined due to unrest or a lack of investment.

When Trump in May announced plans to reimpose sanctions on Iran's oil exports, the market estimated a cut of about 300,000 to 700,000 barrels a day, according to Trafigura's Luckock.

"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!" he tweeted on Thursday.

But Mr Trump suggested on Twitter he will zero in on Iran, when he posted: "I will chair a United Nations Security Council meeting on Iran".

Djokovic, Federer to provide firepower for Team Europe at Laver Cup
Each match win will be worth one point tomorrow, two points on Saturday (September 22), and three points on Sunday (September 23). No doubles combination can be played a few times , unless for the doubles decider on Day 3, if points are tied at 12-all.

"The market does not have the supply response for a potential disappearance of 2 million barrels a day in the fourth quarter", Mercuria Energy Group Ltd.co-founder Daniel Jaeggi said in a speech at the S&P Global Platts Asia Pacific Petroleum Conference, knows as APPEC.

The OPEC oil cartel raised its global production forecast on Sunday based on higher-than-predicted USA output in a report outlining a long-term rise in net demand, particularly in developing countries.

The market was "increasingly concerned about dwindling (U.S.) inventories", ANZ bank said on Monday.

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.

That equates to an increase of about 1 million bpd, but the latest figures show they are some way from achieving that target.

In addition to USA sanctions cutting Iranian supply, the world is also dealing with a decline in Venezuelan oil production due to an economic crisis in the Latin American nation, according to Trafigura's Luckock.

The OPEC/non-OPEC monitoring committee next meets on November 11 in Abu Dhabi, followed by a full OPEC gathering at its Vienna headquarters on December 6-7.

Recommended News

  • CBN takes over Skye Bank, announces a new name

    CBN takes over Skye Bank, announces a new name

    On July 4, 2016, the CBN intervened in Skye Bank to salvage depositors' funds and to ensure the sustainability of the bank. He added that although the bank's performance improved afterwards, the bank needs urgent recapitalization.
    Trump's ex-lawyer Cohen cooperating in Mueller probe

    Trump's ex-lawyer Cohen cooperating in Mueller probe

    Lanny Davis , one of Cohen's attorneys, later took credit for his client's since-deleted tweet. Last month, Cohen pleaded guilty to eight felonies, including two campaign finance violations.
    Storm Bronagh brings flash floods and 76mph winds

    Storm Bronagh brings flash floods and 76mph winds

    Yellow wind warnings - meaning there is a likelihood of damage - have been put in place for much of England and parts of Wales. Flood warnings have followed after some parts of the United Kingdom had a month's worth of rain in one night.
  • Cat Nap! Volunteer Captured Snoozing Alongside Rescue Kitties at Wisconsin Pet Sanctuary

    On Wednesday, the staff snapped several photos of the affectionately nicknamed "Cat Grandpa" napping and shared them on Facebook . He had a cat brush and a love for cuddling cats. "I've always liked cats, and I didn't have cats as an adult".
    Japan landed on an asteroid two probe

    Japan landed on an asteroid two probe

    Hayabusa 2 was launched almost four years ago and made its rendezvous with Ryugu in June. M - Two robotic explorers are descending to the surface of an asteroid, BBC reports.
    US Agency Proposes Curb on Immigrants Seeking Public Assistance

    US Agency Proposes Curb on Immigrants Seeking Public Assistance

    Clubbed with their spouses and children numbering 325,819; as many as 632,219 Indians in all are waiting for their green cards. Department of Homeland Security Secretary Kirstjen Nielsen said the department is welcoming public comment on the proposal.
  • Japanese businessman to become first private moon tourist

    Japanese businessman to become first private moon tourist

    Moreover, none of them will have to pay anything for the trip as the Japanese executive has already brought all the seats on BFR. The first private passenger to travel around the moon has been named by Elon Musk's space transportation company , SpaceX .
    Coca cola considering bhang-infused drinks

    Coca cola considering bhang-infused drinks

    In the coming months, cannabis should remain highly relevant as new companies continue to see massive gains throughout the market. The company has announced that it is planning to launch cannabis-infused drinks in the future.
    UK's Labour Party ponders supporting new Brexit referendum

    UK's Labour Party ponders supporting new Brexit referendum

    Liverpool is a Labour heartland and voted overwhelming for Corbyn's part in the general election previous year . But, he said, if Labour's conference "make a decision, I will not walk away from it and I will act accordingly".
  • Outbreak of an eye infection in contact lens wearers

    Outbreak of an eye infection in contact lens wearers

    Nearly eight years after her diagnosis, Ekkeshis regularly visits Moorfields because of problems linked to her cornea transplant. The research team found a threefold increase in Acanthamoeba keratitis since 2011 in South-East England.

    Corbyn says he would support second Brexit referendum

    "I hope we will agree that the best way of resolving this is a general election", he told the Sunday Mirror . That's why I think we now need to take a stand - we the Labour Party and we the country".
    EPL: Michael Owen predicts scoreline of Man United vs Wolves

    EPL: Michael Owen predicts scoreline of Man United vs Wolves

    Mourinho gave a withering verdict on United's approach. "I think that a team without a Brazilian isn't a team", Mourinho said. Aleksandar Mitrovic scored a late equaliser as Fulham grabbed a point from a 1-1 draw with Watford at Craven Cottage.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.