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2018-11-07 11:25:00

IRAN SANCTIONS EXEMPTION

IRAN SANCTIONS EXEMPTION

REUTERS - Oil prices fell on Tuesday, with U.S. crude futures hitting an eight-month low, a day after Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it has so far been able to sell as much oil as it needs to.

Brent crude LCOc1 futures fell $1.04 to settle at $72.13 a barrel, down 1.42 percent. The global benchmark hit a session low of $71.18 a barrel, the lowest price since Aug. 16.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 89 cents, or 1.41 percent, to settle at $62.21 a barrel. The session low was $61.31 a barrel, the weakest price since March 16.

Iran said it has so far been able to sell as much oil as it needs and urged European countries opposed to U.S. sanctions to do more to shield Iran.

The United States on Monday restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action. Treasury Secretary Steven Mnuchin said Washington aimed to bring Iranian oil exports to zero, but 180-day exemptions were granted to eight importers: China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

This group takes as much as three-quarters of Iran's seaborne oil exports, trade data shows, meaning the Islamic Republic will still be allowed to export some oil for now.

Industry estimates suggest Iran's oil exports have fallen 40 to 60 percent since Trump said in May he would reimpose sanctions. However, exemptions could allow exports to rise again after November.

Turkish President Tayyip Erdogan said the country, a top importer of Iranian oil, would not abide by the sanctions, which he said were aimed at "unbalancing the world."

Jim Ritterbusch, president of Ritterbusch & Associates said that the sanctions alone will not drive up oil prices.

"While the Iranian sanctions should still be viewed as a latent bullish consideration capable of limiting much additional price slippage, it would appear that the Iranian factor alone will not be capable of spurring higher prices without major assistance from a renewed strengthening in the equities, sustainable weakening in the U.S. dollar or a significant cut back in OPEC production," Ritterbusch said in a note.

Concerns about oil demand weighed on prices. The trade dispute between the United States and China threatens growth in the world's two biggest economies, and currency weakness is pressuring economies in Asia.

On the supply side, U.S. crude oil production is expected to average 12.06 million barrels per day (bpd) in 2019, passing the 12 million bpd milestone sooner than expected on surging domestic shale output, the U.S. Energy Information Administration said on Tuesday.

U.S. crude stocks rose by 7.8 million barrels in the week ending Nov. 2 to 432 million, data from industry group the American Petroleum Institute showed on Tuesday. Analysts had expected an increase of 2.4 million barrels.

Output is rising from the world's top three producers. Russia, the United States and Saudi Arabia combined produced more than 33 million bpd for the first time in October, enough to meet more than a third of the world's consumption of almost 100 million bpd.

Top crude exporter Saudi Arabia has cut the December price for its Arab Light grade for Asian customers.

Hedge fund managers were net sellers of petroleum-linked futures and options last week.

Morgan Stanley on Tuesday lowered its price forecast for Brent, saying the global benchmark will stay at $77.5 per barrel to mid-2019.

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Earlier:

 C.Asia
2018, November, 5, 12:10:00

RUSSIA'S HELP TO IRAN

FT - Russia has vowed to help Iran counter US attempts to throttle its oil sales when sanctions come into effect next week, saying it will continue trading Tehran’s crude in defiance of Washington.

 

 C.Asia
2018, October, 31, 13:10:00

IRAN - CHINA SPECIAL CONDITIONS

PLATTS - China's Sinopec is in discussions with government authorities and suppliers regarding its Iranian crude imports and is trying to make special arrangements on the flow in the coming weeks, an executive said during the company's third quarter results briefing call

 

 C.Asia
2018, October, 24, 11:25:00

IRAN'S OIL DOWN

EIA - Iran's crude oil exports and production have declined since the May 2018 announcement by the United States that it would withdraw from the Joint Comprehensive Plan of Action (JCPOA) and reinstate sanctions against Iran.

 

 

 C.Asia
2018, October, 22, 12:00:00

IRAN'S OIL SELLING

SHANA - First Vice President Eshaq Jahangiri said the country had plans for ensuring continuation of its oil sales under fresh US sanctions.

 

 C.Asia
2018, October, 15, 12:10:00

IRAN SANCTIONS DOWN

PLATTS - Iran played down the impact of looming US sanctions on its economy with a senior official saying on Sunday that the current high oil prices should make up for any fall in oil sales, according to state-owned news agency IRNA.

 

 C.Asia
2018, October, 8, 10:35:00

INDIA WILL BUY IRANIAN OIL

REUTERS - India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world’s third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4.

 

 C.Asia
2018, October, 4, 14:45:00

ЦЕНА НЕФТИ: $65 - $75

МИНЭНЕРГО РОССИИ - «Сейчас рынок пытается достичь баланса цен, который будет отвечать как интересам производителей, так и потребителей. И этот уровень, вероятно, чуть ниже, чем тот, что мы видим сейчас. На основной панели Российской энергетической недели президент Владимир Путин говорил о диапазоне $65-75 за баррель, который, с одной стороны, приемлем для производителей и потребителей, с другой - время позволяет возвращать деньги в отрасль для ее стабильного дальнейшего развития», - пояснил Александр Новак.

 

 

 

Tags: IRAN, SANCTIONS

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