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Iran draws sting from oil prices

Iran draws sting from oil prices”

The increasingly well supplied market has turned sentiment, which until early October was largely bullish, pushing Brent to four-year highs of more than $86 per barrel ahead of the Iran sanctions.

The extra supply has caused a drop in crude prices, hurting income for other oil producers while helping Iran's foe Trump in the USA midterm elections, Kazempour said.

Meanwhile, WTI crude oil futures were 0.9% lower to $61.7 per barrel and Brent crude was down 0.1% to $72.1 per barrel. WTI settled at US$76.41 a barrel on October 3.

Most ships arrived in the last 30 days, shipping data showed, as Iran tried to get as much crude as possible into markets before the sanctions took effect.

Instead of the widespread predictions of $100 oil that dominated analytical thought up until a few weeks ago, $40 is now regarded as a more reasonable outlook in the wake of yet another drop in prices on Thursday for a ninth consecutive session. Condensate is a light oil that is produced with gas and fetches a higher price than crude because it is easier to refine into high-quality products.

The sanctions exception granted to the Chabahar project aims to further USA ties with Afghanistan and India "as we execute a policy of maximum pressure to change the Iranian regime's destabilizing policies in the region and beyond", the State Department spokesman said. "If we sell our oil for $1 less than market price, it will have tens of buyers".

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Prices rallied back above 73 dollars on Wednesday, supported by the TASS report.

Analysts continue to believe that oil's slide is a case of bad timing.

Oil prices slipped yesterday as concerns mounts that an economic slowdown may curb fuel demand growth overshadowed the reintroduction of sanctions on Iran. Washington has granted 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

Asserting that the US' "desperation" was highlighted in their move to include closed companies in the sanctions, Zarif said that the anti-Iran move was mostly criticised and opposed by the global community and that only a handful of nations like Israel and others supported the move. The waivers, he notes, are temporary and growth in demand is "likely underestimated". At first glance, this would seem improbable, given the way the government is trying to project the temporary waiver from sanctions given to India and seven other countries. At the same time, spare capacity is at significantly low levels, tightening the oil market. Gold edged higher, but oil dipped as fears continue to grow that too much oil is emerging as Russian Federation, the Saudis and the U.S. boost production.

The American Petroleum Institute, an industry group, said on Tuesday U.S. crude stocks rose by 7.8 million barrels last week, more than analysts had forecast.



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