Iran's oil minister says USA sanctions can not stop crude exports

23 October, 2018, 19:09 | Author: Regina Silva
  • An oil tanker is seen off the port of Bandar Abbas southern Iran

Despite this, Sukrit Vijayakar, director of energy consultancy Trifecta, said "markets are. tired of the impact of US sanctions on Iran's oil sector", estimating the sanctions "could impact up to 1.5 million barrels per day of supply".

Futures fell as much as 2.1 percent in NY.

He added there is NO guarantee that oil prices would not go higher once anti-Iran sanctions come into force next month. Stock markets also declined as investors flocked to haven assets.

While Saudi Arabia is intent on making up for lost barrels, the outlook for demand next year is deteriorating.

"We will decide if there are any disruptions from supply, especially with the Iran sanctions looming", Falih said.

Riyadh, long the world's biggest oil producer, hiked prices sharply during the 1973 Yom Kippur War, setting off a wave of inflation that plunged developed economies into years of crisis. "We likely will have more equity volatility going forward with higher rates". Total volume traded was about 10 percent above the 100-day average.

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At 0729 GMT, December WTI crude oil is trading $68.97, down $0.39 or -0.56% and January Brent crude oil is at $78.91, down $0.53 or -0.67%.

Trying to dismiss such worries, Saudi Energy Minister Khalid al-Falih said on Monday that "there is no intention" for such action, and that Saudi Arabia would play a "constructive and responsible role" in world energy markets.

Harsh, but with the deal maker in the White House, if the United States has a reason to squeeze Saudi Arabia to bump up production and keep a lid/lower crude oil prices, this is the time.

According to the "secret" Israeli document, carried by Hadashot TV and later reported by The Times of Israel, at an Iran-Russia-Turkey summit in Tehran in September-hosted by Iranian President Hassan Rouhani and attended by Russia's President Vladimir Putin-Iran and Russia cut a deal, under which Iran would export crude oil to Russia via the Caspian Sea, Russia would refine the oil in its refineries, and then export the products worldwide. Inventories have risen by more than 22 million barrels over the past four weeks after drillers raised output, while refineries halted some operations for seasonal maintenance.

Oil prices dipped on Tuesday after Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to USA sanctions against Iran's crude exports that start next month.

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