Oil steadies near 4-year high as supply fears counter stockpiles

07 October, 2018, 12:26 | Author: Brooke Harris
  • Brace yourselves Oil may soon skyrocket to $100 per barrel says analyst image

Following the spike, which is attributed to US sanctions on Iran's exports and the Organization of Petroleum Exporting Countries' reluctance to raise oil production last week, energy experts have predicted a surge beyond the $90 mark.

Oil prices fell on Thursday on the prospect of a production increase from Saudi Arabia and Russian Federation and on profit-taking after futures hit four-year highs in the previous session, supported by the imminent loss of Iranian supply through US sanctions.

More fundamentally, oil markets have been pushed up by looming USA sanctions against Iran's oil industry, which at its most recent peak this year supplied nearly 3 percent of the world's nearly 100 million barrels of daily consumption.

This will no doubt send Indian officials into a panic as they were reportedly hoping for a temporary waiver from the United States in lieu of slowly reducing their supplies from Iran. Mr. Trump asked the cheering crowd.

"I might say, also, that we're not going to stop with the resumption of the sanctions that existed pre-2015". You might not be there for two weeks without us.

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Trump didn't elaborate on when he made the comments to Saud Arabia's 82-year-old monarch. The United States seeks to block Iran's global oil sales with the move.

Saudi Arabia sends its oil to the Asian market dominated by China, while Iraq sends its oil more to European and American markets. Riyadh has worked to cultivate warm relations with the U.S. President after having rocky moments with former President Barack Obama.

But oil prices seem to be getting in the way, especially as benchmark Brent crude oil is near $85 a barrel — a four-year high. The startup could lead to an additional 500,000 barrels a day in production.

There is a risk that oil prices could hit $100 a barrel soon because a lot of uncertainties now exist in a very nervous and emotional market, Russia's Energy Minister Alexander Novak told Russian radio station Business FM in an interview on Thursday. Its record is 10.72 million barrels a day. In addition, transportation bottlenecks are constraining USA output. It costs us $2 billion a year of operating expenses to staff and maintain these facilities.

"They're taking a pause after yesterday's sell-off", said Andrew Lipow, president of Lipow Oil Associates. "We want them to start lowering prices and they must contribute substantially to military protection from now on".



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