February 19, 2019

Saudi Arabia, Russia Boost Oil Supply by 250000 Barrels in September

14 October 2018, 09:43 | Joann Bryant

OPEC cuts forecast for global oil demand growth in 2019

Oil price extend losses as other markets fall, stockpiles climb

Bob Dudley, CEO at BP, said, "I think it's going to be 45 days of extreme volatility, it could spike up, it could also go the other way", the latter scenario occurring "if waivers [from the U.S.] were granted to others, to big oil consuming countries" that would allow them to import Iranian crude.

On 4 November, a second batch of potentially more damaging sanctions will be re-imposed on Iran's oil and shipping sectors as well as its central bank. S&P Global Platts reports that Michael's extended path passes by part of the coast that's home to at least five refineries with a combined production capacity of more than a million barrels of oil daily. An industry source who also tracks exports said October shipments were so far below 1 million bpd. The cuts represent 718,877 barrels per day of oil production. This survey signified that the OPEC (Organization of the Petroleum Exporting Countries) producers increased crude outcome in last month that eased global supply concerns.

On the oil front, United States crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrel increase.

China is Iran's biggest oil customer and is opposed to any unilateral sanctions on the country. The world will need nearly 900,000 fewer barrels from the group each day in 2019 - equivalent to Libya's average output this year. Bijan Zanganeh-Iran's Oil Minister-reported that the oil market will not tolerate Saudi Arabia's claim that it has been compromising for the loss of Iran's oil exports. "I can't see anything that will affect oil prices dramatically to the downside". In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it. In the following year, the Iranian supplies jumped to 27.2 MT to catapult it to the third spot, Pradhan further said. Some market experts say India is willing to keep buying oil from Iran because Tehran offers some discounts and incentives. OPEC has been under the hit list from the US for declining the increased outcome to answer rising oil prices. In the short term, severe weather events can have a significant impact on crude oil prices. "As a result, Indian refiners will increase dependence on the remaining Middle Eastern crude oil suppliers (mainly Saudi Arabia and Iraq), aside from Iran", Moody's has said recently.

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