U.S. SANCTIONS FOR IRAN
PLATTS - The Trump administration will not certify the Iran nuclear deal, US Vice President Mike Pence said Thursday, increasing the likelihood of re-imposition of US sanctions on international sales of Iranian crude.
"The United States will no longer tolerate Iran's destabilizing activities across the region, and this country will no longer certify the disastrous Iran nuclear deal," Pence said during a speech at the Conservative Political Action Conference.
In January, President Donald Trump renewed waivers on nuclear-related sanctions for another 120 days but warned Congress and the US' European allies that they need to fix the nuclear deal or the US would withdraw from it. That set a new deadline of May 11 for the next sanctions waiver.
Joe McMonigle, an analyst with Hedgeye Capital, said Thursday that Pence's comments show that the Trump administration is "walking down the road to deny the oil sanctions waiver at the next deadline in May."
"I think the only chance to save the Iran deal now is if the EU can get some kind of side agreement on ballistic missiles but I think Iran is unlikely to be cooperative," McMonigle said.
Iran produced 3.83 million b/d of crude in January, according to the latest S&P Global Platts OPEC survey, up about 1 million b/d from just before the nuclear deal went into force in January 2016.
|June, 22, 13:40:00|
|June, 22, 13:35:00|
|June, 22, 13:30:00|
|June, 22, 13:25:00|
|June, 22, 13:20:00|
|June, 22, 13:15:00|
U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.
U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.
REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.