Oil eases, but Iran sanctions keep Brent above $80 a barrel

Iran to continue exporting crude despite fresh US sanctions – official

Iran to continue exporting crude despite fresh US sanctions – official

The coalition of roughly two dozen exporters has been limiting its output since January 2017 in order to end a punishing oil price downturn that bankrupted hundreds of American oil companies and heaped financial pressure on crude-producing nations.

The WTI Crude Oil market rallied during trading on Tuesday, but it seems to be struggling with the idea of $73 a barrel. "It's good for peace and it's good for the shape of the global price of oil".

According to the Goldman analysts, led by Damien Courvalin and Jeffrey Currie, production from other OPEC producers and Russian Federation will offset losses out of Iran.

It could cause Washington to take extraordinary steps, including the use of the Strategic Petroleum Reserve, to cool down the crude oil and other fuel prices ahead of the US mid-term elections.

USA officials say they are ramping up pressure on allies and adversaries alike with a goal of shutting down all Iranian oil and gas exports by November 4, following Mr. Trump's decision to pull out of the global nuclear accord with Tehran in May.

Mr. Rouhani also did not rule out talks, but a change in USA policy will be needed first.

The so-called "OPEC+" group, which includes non-OPEC members such as Russian Federation, met over the weekend but did not decide to boost output.

This could result in the price of oil rising to $100 per barrel. The pending loss of Iranian supply has been a major factor in the recent surge in crude prices.




"If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil".

"We're on the verge of some significant volatility in Q4 2018 because depending on the severity and duration of the Iranian sanctions, the market simply does not have an adequate supply response for a 2 million barrel a day disappearance of oil from the markets", Jaeggi said.

"After the weekend's meeting, the voices of those who foresee 100 dollars a barrel and compare the current backdrop to the 2007/2008 bull run are getting louder", said PVM Oil Associates strategist Tamas Varga.

"We are not going to put up with it, these awful prices, much longer".

Most of the potential supply shortfall has already been priced into the contract, Again Capital's Kilduff said.

"As a result, we expect Brent prices to stabilize back in their $70-80/bbl range into year-end", wrote the analysts.

Release of U.S. crude data will be watched closely by oil investors going forward. "Trump blames OPEC for what he has created and caused: the rise of the price of oil and disturbance in the market", Zanganeh said.

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