Economy

Oil Prices Rise More Than 2%

Oil Prices Rise More Than 2%

4 date for imposing sanctions draws nearer, the premium has increased.

When Iran faced its toughest global sanctions between 2012 and 2015, analysts say it found a number of creative solutions, from repainting and renaming ships to switching off their tracking devices. An Indian media outlet reports that U.S. has not taken any decision on sanctioning India for importing oil from Iran and investing in the Chabahar port, or buying the S-400 air defence missile system from Russian Federation.

"We spot them through satellites".

Momentum had been building earlier in the week and was then given a further boost in midweek from a significant reduction in weekly USA crude inventories as reported by the Energy Information Administration (EIA). This "energy transition" is a major discussion at oil-industry conferences. The hurricane is poised to be the strongest to slam North Carolina in 64 years, according to the U.S. Hurricane Center.

Crude prices were also pushed up by Hurricane Florence offshore the United States amid surging demand for gasoline and diesel.

Eurasia Group said wider geopolitics are at play: India is looking to deepen strategic ties with the USA, while China may wish to avoid a fresh spat when it is already embroiled in a bitter trade dispute with Washington.

Still, fears over a supply crunch persisted, with Iran's output slumping by 150,000 barrels last month, according to Opec's monthly market report.

Ship tracking data in Thomson Reuters Eikon showed that oil exports from the United States to South Korea in September will rise to a record average of at least 230,000 barrels per day (bpd).

That would mean a loss of some $2-2.5 billion a month, at current prices. However, this will limit the available market for Iranian oil.

Opec and its allies will meet in Algiers this month to assess global oil markets after having agreed to increase output at their last meeting in June.

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The OPEC said the price of its basket went up by $0.82 on Tuesday, compared with the closing price at the previous session, Efe news reported.

"Buyers can pay in kind, trade in other currencies, or extend credit - even keep the money in an escrow account in Switzerland and wait until these sanctions are over". This will hurt the Iranian economy but it shouldn't have a huge effect on the oil market because it won't derail production or exports. It's now only a matter of time before Iranian oil is cut off from markets.

Meanwhile, the Brent benchmark is supported by several supply disruptions including the Iranian sanctions, tumbling exports from Venezuela, and lingering concerns about Libyan production amid clashes between internal groups.

Demand for oil grew more slowly in the second quarter but will continue to rise this year and in 2019, the group said.

President Trump has declared that he intends to negotiate a new nuclear deal with Iran.

"The US officials were clear that we were still in process of reviewing the implementation of sanctions and that we were taking this under advisement".

Shipping, banking and insurance firms have already backed out of Iran and oil purchases are down by 35 per cent.

HSBC has warned a lack of spare oil capacity could push Brent crude to $100/b as the bank raised its price forecasts for the benchmark through to 2020.

Amrita Sen, chief oil analyst at Energy Aspects, expects Iran's exports to drop by between 1.5 million to 1.7 million bpd from the 2017 average. When that happens, oil prices will readjust higher and could hit $100. Livemint reports that Wells said that the dialogue was aimed at laying the foundation of the US-India relationship for the next decade.


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