Intel: Why Trump is putting OPEC on notice

26 September, 2018, 15:27 | Author: Regina Silva

Brent for November traded at $82.03 a barrel, up 16c, on the ICE Futures Europe exchange at 15:59 in Tokyo, after settling Tuesday at the highest level in nearly four years.

On Tuesday, Mr. Trump's address to the world body is expected to focus heavily on Iran and the threat he says the Islamic Republic poses to Middle Eastern stability through its support for proxy forces in Syria, Lebanon and elsewhere. "We want them to stop raising prices".

With U.S. sanctions on Iran's oil exports just six weeks away, at least ten Iranian oil supertankers have gone dark, not having broadcast any signal for at least a week, tanker tracking data compiled by Bloomberg shows, suggesting that Tehran may have resurrected the old unconventional tactic to hide its crude oil shipments by switching off transponders on board. We defend many of these nations for nothing and then they take advantage of us by giving us high oil prices...

US crude inventories were forecast to have declined for a sixth straight week, according to analysts polled ahead of reports from the American Petroleum Institute (API), an industry group, on Tuesday, and from the US Department of Energy on Wednesday. Brent rose on Tuesday to its highest since November 2014 at $82.55 per barrel.

However, oil prices rising is nothing new in the face of the global market. He has demanded that member states should "contribute substantially" for military protection provided by the US.

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Iran's oil minister has said the United States will not succeed in its plans to halt Iranian crude exports even as he acknowledged that South Korea has stopped buying oil from Tehran, Iranian media reported on Monday.

The so-called "Opec+" group, which includes Russia, Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group was in no rush to do so.

"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. And they're partly a self-inflicted injury: The administration's decision to pull out of the nuclear deal with Iran and reimpose sanctions on the country's oil exports starting in November has caused Iranian oil production to tumble, with follow-on effects on market prices.

Oil prices, however, have trended higher amid concerns about supply.

Although OPEC and allies stopped short of pledging an immediate production boost earlier this month, the group's guidance still implies an incremental 500 000-barrels-a-day production increase, Goldman analysts wrote in a note Tuesday.

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