Sunday, 18 November, 2018

India appreciates US waiver on New Delhi-Tehran energy trade

A Chinese vessel approaching beleaguered Iranian tanker Sanchi to help extinguish a fire that started after it collided with a Chinese vessel off China's shores US exempts India from certain sanctions related to development of Chabahar port in Iran
Lloyd Bates | 10 November, 2018, 11:58

Crude oil prices were lower Friday morning amid widespread concern that the market may be oversupplied, with yet another session where the impact of waivers announced Monday lingered.

West Texas Intermediate for December delivery traded 6 cents lower at $60.61 a barrel on the New York Mercantile Exchange at 3:20 p.m.in Singapore.

Futures fell after the industry-funded American Petroleum Institute was said to report United States crude stockpiles expanded by 7.83 million barrels last week.

Once more, the USA granting leniency to countries wanting to import oil from Iran caused crude prices on Wednesday to tumble, this time by almost 1 percent - and with oil now at an 8 month low, nobody is more satisfied than US president Donald Trump, who insists his hawkish global stance is responsible for giving motorists a break at the pump.

"Crude oil imports rose.as uncertainty around tariffs on U.S. imports and sanctions on Iran eased", said ANZ bank following the data release.

"A slowdown in the global economy remains the key downside risk to oil", Bernstein said.

In China, a flotilla of supertankers carrying around 9 million barrels of Iranian oil worth about $650 million is sitting outside Dalian port.

U.S. abruptly postpones top-level N. Korea talks
A senior official at the Foreign Ministry in Seoul cautioned against reading too much into the decision to postpone the meeting. At a White House press conference, the president said Pompeo's meeting with Kim Yong Chol will be rescheduled.

Trump under fire for firing Sessions
As acting attorney general, Whitaker now has the power to wrest oversight away from Rosenstein, and take charge himself. Whitaker's statements in the media regarding the Mueller probe have alarmed activist groups opposed to the president.

The Spice Girls Reunion Podcast with Heart - listen and download now!
Mel B said Posh would be joining the girls for their Wembley date, to which the girls laughed. Followers were quick to suggest the lyrics are actually "HI C Ya" or even "I See You".

The decline in oil prices over the past weeks follows a rally between August and October when crude rose ahead of the re-introduction of sanctions against Iran's oil exports on November 5. To put that in context, the BP Statistical Review of World Energy 2018 puts global daily crude production at 92.6 million barrels per day for previous year, so the increase is meaningful.

Producers including Saudi Arabia and Russian Federation had opened the taps earlier this year following unprecedented political pressure from Trump.

USA government waivers will allow some of Iran's biggest customers to buy crude from Opec's No. 3 producer for another six months, damping shortage fears.

In the week ending November, the USA crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday. "We have worked with the Saudis, the Emiratis, and other producers to make sure production is up so that historic buyers of Iranian oil are not disadvantaged", he added.

Iran will not export as much crude as it has been. Pledges by other producers such as Saudi Arabia to pump more and record American supply as well as rising stockpiles also weighed on prices.

Zanganeh claimed the Trump administration may have been able to "superficially" bring fuel prices down ahead of the USA mid-term elections this week but that there's bound to be a hike in prices in the future. "OPEC and Russian Federation may use cuts to support $70 per barrel", said Ole Hansen, head of commodity strategy at Saxo Bank.

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