Rhetoric over U.S. exit from Iran deal rises amid threat of sanctions
Rhetoric over U.S. exit from Iran deal rises amid threat of sanctions
Gas prices at the pump Getty Images iStock
15 May, 2018, 14:09
It follows a decision by US PresidentDonald Trump to dump a nuclear agreement with Iran and reinstate "the highest level of economic sanctions" on Iranian oil, potentially pulling nearly 1 million barrels of oil a day from the global market.
The analysts said their target price for Brent, the global benchmark, was $90 for the second quarter of next year.
"There is a good chance the current OPEC deal will end by end-2018, if not before", said Ed Morse, head of commodities research at Citigroup Inc.in NY.
Investors are anxious that renewed sanctions on Iran, a major oil producer, could lead to supply disruptions.
Three OPEC-connected sourcestoldReuters that the Organization of the Petroleum Exporting Countries member states are in no rush to lay out the decision addressing the need to pump additional oil to compensate for the expected decline in Iranian exports following the USA re-imposition of harsh economic sanctions.
The Organisation of Petroleum Exporting Countries, as well as Russian Federation, have already slashed their oil production over the past 12 months to revive the commodity's futures after Brent crude prices slumped to about $US45 a barrel in June a year ago.
West Texas Intermediate crude rose 26 cents to settle at $70.96.
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"OPEC, as always, stands ready to support oil market stability, together with non-OPEC oil producing nations participating in the Declaration of Cooperation", OPEC said, using its name for the pact on supply curbs. They were still at $76.62 per barrel at 0653 GMT, up $1.77, or 2.4 percent, from their last close. In addition, there are downside risks to Iranian crude oil exports.
The rally was driven by looming US sanctions against major oil producer and OPEC-member Iran which threaten to drive prices even higher over the near-term as traders prepare for an even tighter supply situation.
The main goal of the supply deal was to reduce excess oil stocks to the five-year average.
The US plans to reintroduce sanctions against Iran, which produces about 4% of world oil supplies after abandoning the agreement reached in 2015. This would essentially end the OPEC-led deal to trim production.
USA light crude CLc1 was down 66 cents at $70.70, off a 3-1/2 year high of $71.89 it hit on Thursday.
After sanctions were eased as part of the nuclear agreement, Iran ramped up production to about 3.8 million barrels a day.
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ICRA's principal economist Aditi Nayar said WPI inflation is expected to continue to rise over the remainder of this quarter. Petrol prices increased by 9.45% over April previous year , while liquefied petroleum gas became cheaper by 11.73%.
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