Highly placed sources expressed confidence that India was unlikely to be affected by U.S. sanctions which demand that all countries should bring oil imports from Iran to zero. EIA also forecast that total global liquid fuels inventories to decrease by 200,000 barrels per day in 2018, followed by an increase of 280,000 barrels per day in 2019.
On top of demand concerns, all eyes are on any impact from Iranian sanctions that are set to kick in on November 4, with many taking a view that Saudi Arabia and OPEC will pump enough to fill any supply shortages.
Market figures show that Iran's oil sales are still powerful only a few days before the USA wages a second wave of sanctions that would target the country's oil exports.
The U.S. sanctions on Iran have been putting Iraq in a tight spot-on the one hand, Baghdad's trade is closely linked with its neighbor Iran, but on the other hand, the United States is an ally that helps with security. A speculative long position reflects a view that prices will increase.
However, the effects of the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May, the resumption of Iran sanctions and the potential response from other countries pose significant uncertainty to the forecast.
Other analysts were verbose in explaining the relatively straightforward scenario that despite persistent doomsday prediction from their own ranks, the crude market is well supplied and every indication is that it will continue to be so, thus effectively keeping a lid on prices.
He added that all of those barrels would be bound for exports.
Petition calls for Halloween to fall on last Saturday of October
The Rosedale neighborhood has always been known as one of the best in Austin for celebrating the spookiest holiday of the year. TL;DR A petition to change Halloween to the last Saturday of the month is gaining massive popularity on the internet.
Mueller's Office Notifies FBI Of Alleged Scheme Involving Harassment Claim
Burkman could not be immediately reached for comment. "The allegations of paying a woman are false", he wrote on Twitter . Peter Carr , a spokesman for the special counsel's office, confirmed that the matter has been referred to the bureau.
Zim’s ease of doing business ranking improves
On average, it takes four days and six forms to start a business in the US , compared with only two days and one form in Georgia. China slashed electricity-connection times from close to 150 days in Beijing and Shanghai to little more than 30.
Oil prices edged lower on Monday, with futures on track for the worst monthly performance since mid-2016, after Russian Federation signaled that output will remain high and as concern over the global economy fueled worries about demand for crude.
However, U.S. equities rebounded strongly on Thursday, with the Nasdaq Composite Index jumping about 3 percent in late trading, soothing anxious investors to some extent. "However, depending on what happens with Iran later this week, oil could go both ways, so the market seems to be taking a cautious stance near $67 a barrel".
On May 8, President Donald Trump announced he was pulling the USA out of the 2015 Iran nuclear deal and promised to hit Tehran with sanctions on the country's energy oil and financial sectors despite objections from other parties to the agreement. Still, U.S. crude oil futures prices lost 2.2 percent for the week, marking the third straight weekly loss.
In case a planned meeting between presidents Donald Trump and Xi Jinping yields no progress on the sidelines of a Group 20 summit in Buenos Aires next month, USA officials are preparing a new list which would apply to the Chinese products that aren't already covered by previous rounds of tariffs.
Around 300,000 bpd of crude oil previously pumped and exported in the Kirkuk province to the Turkish port of Ceyhan have been shut in since the Iraqi federal government moved in October previous year to take control over the oil fields in Kirkuk from Kurdish forces.
Some 280,000 barrels of crude oil were traded on Sunday, the first day of offering crude oil for export on Iran Energy Exchange (IRENEX), just few days before new round of USA sanctions on petroleum sector take effect, Shana reported.
Investors awaited industry data on US crude inventories due to be released at 4:30 p.m. EDT on Tuesday. Saying that the United States won't sell crude oil from the Strategic Petroleum Reserve (SPR), Secretary Perry also noted that he was "comfortable that the world supply can absorb the sanctions that are coming".