Monday, 12 November, 2018

Oil prices slump after large build in US stockpiles

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Lloyd Bates | 18 October, 2018, 09:08

Analysts added Saudi Arabia to the list of geopolitical concerns now impacting oil prices: "In a note Monday morning, Goldman Sachs, referenced "...increased geopolitical risks, driven by elevated U.S.

Zanganeh also said the United States "has done most of the things it could do, and there is not much left to do against Iran", according to comments reported by Iran's ISNA agency.

The report also stated that at 410 million barrels, "US crude oil inventories are at the five-year average for this time of year", the EIA said.

'You cannot keep the price low with slogans and intimidation, ' considered Zanganeh.

He added that altogether, "the market is spent" and "we're going into a deficit situation where spare capacity is low"; he concluded that oil prices will "be above $90" if any sizeable outages occur in the near future.

The United States plans to impose new sanctions on Iran's oil sector from November 4 in a bid to curb Iranian involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme.

Falih said he told India's Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan that Saudi Arabia is committed to meeting its growing oil demand.

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Separately, there are fears that major oil producer, Saudi Arabia, could raise the price of its oil, if it faces any sanctions for the disappearance of the prominent journalist.

While the low prices may be enticing, buyers who decide to purchase the supply will expose themselves to the risk of being cut off from the American financial system after United States sanctions are imposed on November 4.

Crude oil futures declined sharply on Wednesday, after official data from the Energy Information Administration showed crude stockpiles to have risen larger than expected last week. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October 3.

Sanctions or not, Iran would take advantage of any slowing of Saudi production, analysts said.

India had contracted to import about 25 MT of crude oil from Iran in 2018-19, up from 22.6 MT imported in 2017-18.

I was on CNBC Asia on Sunday evening as oil prices jumped higher, discussing how the disappearance of Jamal Khashoggi was unlikely to impact energy flows between the USA and Saudi Arabia.

Reliance imported 2 million barrels of Iranian oil in September, ship tracking data obtained from sources showed. “That's easing most concerns that Saudi Arabia could use its oil exports as a weapon against potential foreign sanctions, though that risk was limited under any scenario.”.

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