profishingrods.com
profishingrods.com April 25, 2019


India cuts Nigerian oil imports, turns to US

16 September 2018, 10:58 | Joann Bryant

Equinor's oil platform in Johan Sverdrup oilfield in the North Sea Thomson Reuters

Equinor's oil platform in Johan Sverdrup oilfield in the North Sea Norway

Iranian oil exports have already fallen ahead of USA sanctions which come into force in November while production in Venezuela continues to decline.

This comes after the ICE launched its first set of derivatives linked to the West African crude oil market, aimed at an industry that has called for a strengthening of the dated Brent benchmark.

Still, fears over a supply crunch persisted, with Iran's output slumping by 150,000 barrels last month, according to Opec's monthly market report.

The latest forecast by IEA is that production by non-OPEC members will grow by over 2 million barrels daily during 2018 and by 1.8 million bpd during 2019, due to the non-stop growth in record output by the U.S.

According to the Organization for Economic Cooperation and Development (OECD), weaker demand in Europe, Asia, as well as higher gas prices in the US, put some downward pressure on the pace of demand growth, while shakiness in emerging markets over trade disputes and weakened currencies pose a risk to demand outlook for 2019.

The rise reflects concern about the impact of United States sanctions against Iran that will target oil exports.

Oil prices rose on Tuesday as the U.S. Energy Information Administration (EIA) lifted oil-price forecasts and lowered U.S. crude output expectations.




Further oil price increases could trigger a slowdown in domestic or global economic growth, which could further complicate the U.S.' Iran policy and Trump's domestic political situation.

"We think oil market fundamentals are increasingly supportive of crude prices, at least at current levels", said Gordon Gray, HSBC's global head of oil and gas equity research.

Brent crude futures traded at $79.20 a barrel while USA crude futures rose 61 cents to $69.86 a barrel. This news was being supported by the unknown, or the compliance with the USA sanctions on Iran.

Gasoline stocks rose 1.3 million barrels, slightly below analysts' expectations. "The situation in Venezuela could deteriorate even faster, strife could return to Libya and the 53 days to Nov 4 will reveal more decisions taken by countries and companies with respect to Iranian oil purchases", the IEA said, referring to the day United States sanctions on Iran take effect.

While some sanctions were implemented from August 6, those affecting Iran's petroleum sector take effect only from November 4.

The storm is expected to make landfall on the U.S. East Coast on Friday, and has caused fuel shortages as millions of households and businesses have evacuated.

The previous sanctions cut 1.22 million bpd of Iranian crude oil exports which averaged 1.1 million bpd between 2012 and 2015, the Oxford Institute for Energy Studies data shows.



Other News

Trending Now

Ex-Trump campaign chairman Paul Manafort pleads guilty in Mueller probe
Trump had saluted that stance, publicly praising him and suggesting Manafort had been treated worse than gangster Al Capone. Note: This article has been updated with news that Manafort's plea deal is a cooperation agreement .

As Florence Turns Deadly, Trump Tweets Geraldo On Puerto Rico Toll
That study - conducted by the Milken Institute School of Public Health at George Washington University - estimated 2,975 deaths. Trump's comments came as Hurricane Florence , a potentially catastrophic storm, headed for the Carolina coast. "Mr.

Apple teased by Xiaomi for over-the-top pricing of iPhones
Of course, it's a quick breakdown of the top features from the iPhone Xs and iPhone Xs Max . Super Retina in two sizes - including the largest display ever on an iPhone.

Five dead from Hurricane Florence, including mother and baby, say officials
Farther up the coast, in New Bern, about 150 people waited to be rescued from flooding on the Neuse River, WXII-TV reported . The hurricane had the brothers slightly anxious of storm surge, but they didn't believe there would be horrific damage.

Australia Warns Consumer to Cut Strawberries After Needles Found Inside Some Samples
Prices for strawberries dropped to unbelievable lows in the lead-up to the decision by Coles and Aldi. Reports out of three Aussie states have strawberry lovers checking their fresh fruit carefully.

Three neighbourhoods burst into flames after horror gas line explosion
Earl Gonzales says that patient requires additional surgery. "It's definitely a scary situation at the moment", he said. Massachusetts Governor Charlie Baker said he urged Columbia Gas to develop a "comprehensive safety inspection plan".

Florence begins slow assault on Carolinas
The Miami-based center says the center of Florence will approach the coasts of North and SC later today. Forecasters say 40 inches (one meter) of rain are possible along the coast of North Carolina .

Paul Merson reveals his prediction for Tottenham v Liverpool FC
Fabinho moved to the Reds from Ligue 1 outfit Monaco at the start of July, but has failed to make the matchday squad for the last three Premier League games.

'Catastrophic' Hurricane Florence buffets U.S. east coast
The police chief of Wrightsville Beach suggested that those who chose to stay give him their next-of-kin contact information. ET, Florence was centred about 135 kilometres east-southeast of Wilmington , its forward movement slowed to seven km/h.

IPhone XR in 2 minutes: All you need to know
A breakthrough 12MP camera system with Portrait mode, Portrait Lighting, enhanced bokeh, and all-new Depth Control. Apple is calling it a Liquid Retina HD display and they say it's the most advanced LCD in the industry.