Economy

India's government has not told refiners to halt Iranian oil imports

India's government has not told refiners to halt Iranian oil imports

USA sanctions against Tehran are pushing up oil prices, according to Iran's oil minister.

The US is looking to ease market tensions about global crude supplies, which largely lie at the US administration's feet to begin with.

A Nigerian oil industry official said OPEC will act to balance the market after oil prices hit a four-year high, but its options may be limited by available spare capacity.

Iran is the third biggest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC).

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The U.S. has been holding negotiations with Canada after reaching a trade agreement with Mexico in August. MacNaughton was the first to say publicly that a deal would not be effective without such protection.

2018's multi-year high remains strung up at 75.25, and the current run-up on a rising trendline sees the current ceiling capped at 72.72, the current week's high, with support resting at the last swing low of 68.00.

"The impending sanction of Iranian output not only removes around 1 million barrels per day (bpd), but the potential supply response of a further 2 million bpd", he said.

He said: "OPEC and OPEC nations are as usual, ripping off the rest of the world, and I don't like it, nobody should like it".

The so-called 'OPEC+' group, which includes other oil producers, including the world's biggest Russian Federation, as well as Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group did not see the need to add new output as the market is well-supplied now.

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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 USA mid-term elections.

The IIF said Iranian shippers were also providing generous payment terms and, in some cases, accepting euros and Chinese yuan instead of US dollars.

Several European diplomats said the SPV idea was to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.

The WTI Crude Oil market rallied during trading on Tuesday, but it seems to be struggling with the idea of $73 a barrel. 'The US seeks to reduce Iranian oil exports to zero even for a month, but that dream would not come to reality, ' Bijan Zangeneh said on Monday. However, the upshot of the gathering was that the group was in no rush to do so.

Trump attacks Iranian leadership, boasts of accomplishments
Trump spent the first few minutes of his speech talking up the U.S. economy and sinking unemployment figures. Iran's leaders plunder the nation's resources to spread mayhem across the Middle East and far beyond".

Trump, not the Organisation of the Petroleum Exporting Countries (Opec), is behind the recent rise in prices, Zanganeh said.


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