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Opec chief says cartel must stick together amid sanctions on Iran

22 September, 2018, 10:15 | Author: Melinda Barton
  • Russia's Energy Minister Alexander Novak

They pointed out that there is concern about the oil demand due to the slowing economies of some developing countries and trade wars caused by President Donald Trump, but the impact of these factors on the oil market will not appear before next year. Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November.

Ministers from the Organization of the Petroleum Exporting Countries and non-OPEC producers meet on Sunday to discuss compliance with output policies.

U.S. President Donald Trump announced on Monday that Washington would slap 10% tariffs on another $200 billion Chinese imports, except smart watches from Apple (NASDAQ:AAPL) and Fitbit and other consumer products including bicycle helmets and baby vehicle seats.

Brent crude futures had dropped 22 cents, or 0.28%, to US$78.81 (RM326) per barrel by 0042 GMT, chipping away at Tuesday's 1.26% gain.

"The growing trade dispute has hurt trading sentiment".

Technical analysis from Reuters market analyst Wang Tao showed that US oil prices have repeatedly failed to overcome a resistance level of $69.85 per barrel, signalling a dissipation of positive outlook.

He did not specify how crude producers would compensate for declining exports from Iran, with new U.S. sanctions due to hit the Islamic republic´s oil industry on November 4.

Bloomberg's report explained that Iranian oil exports reached less than 2 million barrels per day in August, which could push prices to more than $ 80 per barrel.

Oil prices were steady on Wednesday as concerns that producers will not be able to respond to a shortfall in supply once US sanctions on Iran are enacted outweighed a gain in stockpiles in the United States, the world's biggest oil user.

Meanwhile, oil output from seven major U.S. shale formations is expected to rise by 79,000 barrels per day to 7.6 million bpd in October, the U.S. Energy Information Administration said Monday.

Energy ministers of Saudi Arabia, a United States ally, and Russian Federation said in May they were prepared to ease output cuts to calm consumer worries about supply.

Iran is a "very important producer and exporter" of oil, the group's Secretary-General Mohammad Barkindo said at an event in the United Arab Emirates city of Fujairah.

Also weighing on oil prices, US drillers added two oil rigs in the week to December 1, bringing the total count up to 749, the highest since September, Baker Hughes energy services firm said on Friday.



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