Saturday, 22 September, 2018

Global oil supplies robust enough to cut Iran's exports -Trump memo

Oil steady near multi-year highs as US drilling rises OPEC Adds US Exit From Iran Nuclear Deal To 'Disruptive Concerns'
Andy Castillo | 15 May, 2018, 22:40

The Kremlin-controlled company also said it has concluded a two-year deal with French oil major Total to supply crude oil via the Druzhba (Friendship) pipeline to Germany, amounting to between 4.8 million tonned and 10.8 million tonnes. "Saudi Arabia appears to be focusing more on pushing up crude higher rather than restoring the balance in oil's supply and demand, and that is underpinning prices".

Worldwide markets have tightened as the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, has been withholding supplies since 2017 in order to push up oil prices. Unfortunately for motorists, that glut has been drained by a combination of strong global demand and production cuts from Venezuela and a collection of OPEC and non-OPEC oil producers.

Earlier this month, oil had rallied to the highest level in more than three years as Trump's decision to walk away from the Iranian nuclear accord fueled tensions in the energy-rich Middle East.

AT&T Chief Calls Hiring Michael Cohen as Consultant a 'Big Mistake'
The payment was the first known activity involving Essentials Consulting, a shell company incorporated in DE by Cohen. Attorney for the Southern District of NY , which is the office now exploring Cohen's business dealings.

Oil prices rose on Monday (May 14) as Opec reported that the global oil glut has been virtually eliminated, while U.S. crude's discount to global benchmark Brent widened to more than US$7, its deepest in five months. Tennessee gas prices rose 3 cents during the past week to $2.62 per gallon, the highest daily price since November 2014. Total volume traded was about 24 per cent below the 100-day average.

Descalzi added that "We have a demand that is increasing 1.6 to 1.7 million bpd yearly average, so that is going to create a disruption in terms of cost and price, and when we have this kind of situation, the landscape becomes very uncertain". The global benchmark crude traded at a US$6.34 premium to July WTI. The contract fell 1.2 per cent on Monday.

In his statement he also mentioned Kharg Island, which has recently seen a number of changes made to the oil sales strategy to reach a new oil exports capacity of 8 million barrels of oil and related products combined. The numbers provided by the kingdom indicate that it could increase production by about 190,000 barrels a day and still respect the limit agreed with fellow members if it decides to compensate for the loss of Iranian barrels. The production agreement with Russian Federation and non-OPEC members is slated to run through year-end but it could potentially end earlier, be modified or even extended beyond beyond 2018. With more than 1 200 people wounded by live fire, it was the deadliest day in Gaza since Hamas's last war with Israel in 2014.

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