Sunday, 22 July, 2018

Oil: Iran sanctions could send to $120 a barrel

An aerial view of an Iranian floating oil export terminal in the Persian Gulf An aerial view of an Iranian floating oil export terminal in the Persian Gulf
Priscilla Morrison | 11 July, 2018, 15:41

Two other sources also said South Korea cancelled July loadings of crude and condensate cargoes from Iran as it was uncertain whether they can receive an exemption from USA sanctions on Iran trade. In fact, it could take as long as a year to boost production by 2 million bpd.

"Oil is now a game of chicken", the analysts wrote in a note on Friday.

Saudi Arabia accounted for nearly two-thirds of the reported OPEC spare capacity (2.02 million bpd), with smaller volumes held by Iraq (330,000 bpd), United Arab Emirates (330,000 bpd) and Kuwait (220,000 bpd).

Libya's national oil production fell to 527,000 barrels per day from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation said in a statement on Monday.

The market has grown concerned that if the Saudis offset the losses from Iran, that will use up global spare capacity and leave markets more vulnerable to further or unexpected production declines.

Iran plans to reduce its global trade relations only to countries that buy its crude oil, an Iranian MP told Iranian media. So much can change in oil markets in the course of a few weeks.

Bijan Zanganeh condemned the U.S. president for trying to politicize the decisions of the Organization of the Petroleum Exporting Countries (OPEC). At the time, Saudi Arabia's Khalid al-Falih said the number was "nominal" since not all OPEC members had the spare capacity to boost production.

More news: Giant Diaper-Clad ‘Trump Baby’ Blimp Now Set for a World Tour

The current all-time USA annual output peak was in 1970 at 9.6 million bpd, according to federal energy data.

In the report, BMI said Saudi Arabia has sufficient capacity to keep the market "comfortably supplied", but said the benefits of this are outweighed by the costs.

And it is not clear whether the pipelines, processing plants and export terminals have enough capacity to handle 12 million bpd because such high flow rates have never been tested.

Domestic crude stocks have already fallen by 95 million barrels since their peak in October 2015, according to government data submitted to the JODI.

The Iranian minister also criticized Trump's pressure on Saudi Arabia to increase its supplies and said such efforts would destabilize oil market.

"Sanctions on Iran are having a chilling effect on their ability to sell oil on the world market", says Murphy.

Recommended

  • Facebook to be fined £500,000 over data breaches

    Facebook to be fined £500,000 over data breaches

    The UK's data protection watchdog said the social media giant has failed to ensure Cambridge Analytica had deleted users' data. In Facebook's case this would amount to around US$1.6 billion (€1.4 billion).

    Facebook BROKE LAW in personal data controversy, says watchdog

    Facebook also received a minor fine of $164,000 from French regulators for failing to meet the country's data protection rules. The agency said Tuesday that the social media giant "contravened the law by failing to safeguard people's information".
    Raheem Sterling thanks England fans after reaching 'dream' World Cup semi-final

    Raheem Sterling thanks England fans after reaching 'dream' World Cup semi-final

    Meanwhile, ignoring all the abuses and taunts, Sterling has applauded the support of English fans in Russian Federation . Beckham and Sir Geoff Hurst, though, defended Sterling's displays after the quarter-final win against Sweden.
  • Feeding Babies Solid Food Earlier May Help Them Sleep Better

    Feeding Babies Solid Food Earlier May Help Them Sleep Better

    If there is any doubt about what's best for your baby, please seek advice from your doctor or health professional'. And the better babies sleep, the better their parents' quality of life and mental health.

    Actor George Clooney injured in scooter crash in Italy

    Clooney did not sustain life-threatening injuries and was discharged from the hospital the same day, leaving with wife Amal . They all came together at the up-market Il Marino di Puntaldia restaurants after George had finished filming .
    Justin Bieber and Hailey Baldwin spotted kissing in NY  park

    Justin Bieber and Hailey Baldwin spotted kissing in NY park

    However, and to the general surprise, the duo was caught kissing passionately in the streets of NY as you can see HERE. A friend of the couple's, Jennifer Stephan, posted a pic to Instagram of the two hugging, which has since been deleted.
  • Trump arrives in Brussels ahead of potentially contentious North Atlantic Treaty Organisation  summit

    Trump arrives in Brussels ahead of potentially contentious North Atlantic Treaty Organisation summit

    Trump (@ realDonaldTrump ) July 10, 2018NATO countries must pay MORE, the United States must pay LESS. And he said: "Dear America, appreciate your allies - after all you don't have that many ".
    Pakistan vs Australia T20I Tri-series final Match 6

    Pakistan vs Australia T20I Tri-series final Match 6

    No wonder he moved up 44 spots on the table to reach No 2 with 842 points, also the best in his short worldwide career so far. Although he only managed 6 and 19 in the next two games, he moved up nine spots to occupy third place.
    Drake breaks Beatles historic record

    Drake breaks Beatles historic record

    That beat a record of five simultaneous songs by The Beatles in 1964 when the British band was at the height of its fame. All of this comes on the heels of Drake also notching a streaming record.
  • Didier Deschamps credits France's effort in defence for win over Belgium

    Didier Deschamps credits France's effort in defence for win over Belgium

    That evenness is why France is the team to beat in the mind of Jeffrey Marcus, publisher of the World Cup newsletter "The Banter". His son, Mark, tells of what his father said after the match.
    ‘This is really happening’: Serena reaches Wimbledon semis

    ‘This is really happening’: Serena reaches Wimbledon semis

    Williams, a 23-time major victor , is hoping to join a select group of women who have won Grand Slams after becoming mothers. She probably should have done her homework on Williams, who crushed the upset-minded Italian after dropping the first set.
    Google Pay: what you can do now

    Google Pay: what you can do now

    The point is obviously to then use your phone as your ticket (or boarding pass), no printing required. It's a simple feature but one that should make splitting a bill between multiple people much easier.

England target World Cup final but gifted Croatia stand in the way England target World Cup final but gifted Croatia stand in the way France progressed to the finals of the 2018 World Cup in Russian Federation after defender Samuel Umtiti's powerful header went past Thibaut Courtois in the 51st minute.

Liverpool close in on Shaqiri for bargain price Liverpool close in on Shaqiri for bargain price Former Stoke boss Mark Hughes signed Shaqiri from Inter Milan in August 2015 for £12million. It's pretty normal to be aware of clubs being interested.

JetBlue flight attendants save French bulldog's life by providing oxygen mask JetBlue flight attendants save French bulldog's life by providing oxygen mask The attendants brought bags of ice to try and cool the dog down, but Darcy wouldn't stop panting and continued to struggle. After Darcy breathed through the mask for a few minutes, she became alert and returned to normal.

Myanmar court rules Reuters reporters can face full trial Myanmar court rules Reuters reporters can face full trial Adler said the news organization was " deeply disappointed " with the ruling and called the case against the reporters "baseless". Army operations in August 2017 forced more than 700,000 Rohingya, who are denied citizenship in Myanmar, to flee to Bangladesh.

Israeli company plans lunar landing next year Israeli company plans lunar landing next year The Israeli spacecraft, about the size of a dishwasher, measure about 6.6 feet in diameter and about 1.65 feet in height. The launch date is set for December; two months later, on February 13, the spacecraft is expected to land on the moon.

Hero doctor emerges from Thai cave to discover his father has died Hero doctor emerges from Thai cave to discover his father has died A team of Thai and global divers guided the boys and their coach out through a almost four kilometer long passageway. The disappearance, discovery and rescue of the Wild Boars soccer team has gripped people all over the world.

Turkey's Erdogan sworn in with new powers, appoints son-in-law as finance minister Turkey's Erdogan sworn in with new powers, appoints son-in-law as finance minister Turkish President Recep Tayyip Erdogan makes a speech during a ceremony at the Presidential Palace in Ankara , Turkey, on July 9. There are 16 ministers in Erdogan's streamlined new cabinet, which Erdogan has said will be more efficient and act faster.

Umar Sadiq joins Rangers on season-long loan from Roma Umar Sadiq joins Rangers on season-long loan from Roma Speaking exclusively to RangersTV Sadiq said: "It is very good to be here, it has been good so far and I can't wait to start". Rangers boss Steven Gerrard has suggested that his team are nearing a deal for Roma forward Sadiq Umar .

Road Signs Will Warn Drivers Who Are Using Their Phones Road Signs Will Warn Drivers Who Are Using Their Phones Although the signs are unable to log offending number plates, such a feature is being considered for development in the future. The scanner can pick up both mobile phone radio signals and Bluetooth signals, and differentiates between the two.

New Joker movie with Joaquin Phoenix coming from Warner Bros New Joker movie with Joaquin Phoenix coming from Warner Bros Todd Phillips , most well known for his comedies including Old School, Starsky & Hutch and The Hangover , is lined up to direct. Who knows? We might not get any Joker until the very end of the film if it all goes as reserved as it could be.

Minnesota PGA Tour stop scheduled for July 4 week in 2019 Minnesota PGA Tour stop scheduled for July 4 week in 2019 If they play the following week's WGC event in Memphis, golfers are looking at five tournaments in six weeks to end the season. Next year's Northern Trust will return to Liberty National in Jersey City, New Jersey, before heading to TPC Boston in 2020.

4 more boys rescued from Thai cave, bringing total to 8 4 more boys rescued from Thai cave, bringing total to 8 Each boy is being accompanied by two divers through the dark and complex cave system. Authorities have not confirmed the identities of the first four boys freed.

Duke and Duchess of Sussex arrive in Ireland on first worldwide trip Duke and Duchess of Sussex arrive in Ireland on first worldwide  trip Harry and Meghan's engagements will include official meetings with Taoiseach Leo Varadkar and President Michael D Higgins. Prince Harry and Meghan Markle have hit the ground running in Ireland on their very first overseas tour as newlyweds .

Chelsea fear hostile Real Madrid Hazard raid after Ronaldo sale Chelsea fear hostile Real Madrid Hazard raid after Ronaldo sale And it has been claimed Sarri has already told Roman Abramovich about the two players he does not want to see leave Chelsea this summer.

‘It’s been a pleasure, bicho!’ Sergio Ramos leads tributes to outgoing Ronaldo ‘It’s been a pleasure, bicho!’ Sergio Ramos leads tributes to outgoing Ronaldo I'm leaving but this shirt, this shield and the Santiago Bernabéu will continue to always feel as my own wherever I am. Social media is blowing up with the news of Cristiano Ronaldo's confirmed departure from Real Madrid for Juventus .