Thursday, 24 May, 2018

Rosneft first-quarter oil output down 1.2 percent because of OPEC deal

Oil slips as Opec seen able to offset impact from Iran sanctions Oil near Nov. 2014 highs firm as markets tighten amid OPEC cuts, Iran sanctions
Jodi Jackson | 15 May, 2018, 22:42

Still, crude prices were near more than three-year-highs reached last week as markets expect Iran's oil exports to fall significantly once US sanctions bite later this year. The immediate aftermath has seen tensions between Israel and Iran rise in Syria, already leading to one military clash.

Prices for oil traded in London jumped to multi-year highs above $78 a barrel on Monday after U.S. President Donald Trump announced last week that Washington would reimpose the sanctions on Iran.

However, Iran's overall exports of oil and condensate are no lower than the average of 6 million barrels per day (m/bpd), with 60 percent of exports designated for Asia and another 40 to Europe, said Pirooz Mousavi, who heads the National Iranian Oil Terminals Company (NIOTC), as cited by PressTV news outlet.

"In 2012 the reduction in Iranian crude production and exports was around 1 million bpd", Wittner said.

The oil market jumped last week following Trump's decision to withdraw from the Iran nuclear deal and reimpose economic sanctions. While those nations have vowed to stand by the agreement, there is little likeliness that United States allies would side with Iran in this issue. The mere talk of forcing Iran to reduce the amount of oil they bring to the table, pushed oil prices above $70 per barrel for the first time since 2014.

Oil prices rose on Monday (May 14) as Opec reported that the global oil glut has been virtually eliminated, while USA crude's discount to global benchmark Brent widened to more than US$7, its deepest in five months. March inventories were only 9m barrels above 5 year averages.

Thanks to strong demand in 2017 and OPEC supply cuts, the crude oil market is looking a lot more balanced. In addition, there are downside risks to Iranian crude oil exports.

The tightening market has all but eliminated a global supply overhang which depressed crude prices between late 2014 and early 2017.

Changes in oil supply and demand are expected to weigh on prices in the future.

In a television interview, U.A.E. Energy Minister Suhail Al Mazrouei said "don't worry about supply", because OPEC has an adequate "buffer" of potential production to offset barrels lost through renewed sanctions.

"The expectation that there's going to be a drawdown in crude stocks this week is keeping the market very tight", said Phil Flynn, analyst at Price Futures Group.

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