Monday, 21 October, 2019

Macron worried Saudi attack may hurt U.S.-Iran efforts-diplomats

Iran's supreme leader Ayatollah Ali Khamenei waves to the crowd during a ceremony attended by clerics in the capital Tehran Iran’s supreme chief Ayatollah Ali Khamenei waves to the gang throughout a ceremony attended by clerics within the capital Tehran Credit score AFP
Russell Knight | 17 September, 2019, 19:53

Hawkins says two things can determine how long this could last. Bohnen says oil prices jumped about 15 because because of the interruption.

It comes just after a 0.15 kronor hike on Monday, which in turn followed a spike in prices on the global oil market after several Saudi Arabia oil refineries were attacked by drones on Saturday.

Iran has denied carrying out the attacks, with President Hassan Rouhani saying on Monday that the attacks were a effect of the Houthis "exercising their legitimate right of defence". But the scope of the most recent incident was more severe. In this way the USA may become the main beneficiary of Saudi oil troubles. Speaking to students, he said that was the reason why Rouhani, Foreign Minister Mohammad Javad Zarif and other officials "unanimously declared we won't negotiate with U.S. bilaterally or multilaterally". "It's the difference between my stabbing you in the leg or the shoulder, versus stabbing you in the neck".

On Monday, Trump also played down the U.S. national security interest in the Gulf, pointing to the fact that the United States has become the world's biggest energy producer. Saudi Arabia provides about a fifth of China's crude imports, more than 37% of Japan's and nearly a third of South Korea's.

In my opinion, the only factors traders should be concerned about are the timetable for repairs and the USA response, if any. In this context, it is important to remember that despite today's increase, WTI crude oil futures remain 13% lower than this time a year ago.

The supreme leader reiterated this on Tuesday, saying that if the U.S.

Iran has rejected USA charges it was to blame for the attacks which damaged the world's biggest crude processing plant in Saudi Arabia and triggered the largest jump in crude prices in decades. Oil production has plateaued at an average level of 12.37 million barrels a day since recovering from the impact of Hurricane Barry at the end of July.

Though prices shouldn't go high enough to affect the economy.

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Tensions between the USA and Iran relations had, until this weekend, appeared to be lessening after months of brinkmanship and posturing. -China trade war has raised costs and uncertainty, and the slowing global economy has cut into USA exports. Oil from Iran was being received in the past at a cheaper rate, but it has stopped because of differences between Iran and USA.

The market eased from its peak after Trump announced that he would release USA emergency supplies and producers said there were enough stocks stored up worldwide to make up for the shortfall.

Historically, there is a good relationship between lower oil prices and G7 GDP growth rates.

Still, most economists forecast that the direct impact on the USA and other advanced economies will likely be small, particularly if the damage is quickly repaired. Crude oil prices were expected rise up to 20 percent.

But that hinges on some USA flexibility in applying sanctions including waivers for European allies buying Iranian oil.

Jet fuel is the biggest variable cost at airlines - accounting for about one-fifth of operating costs - and is second only to labor among all expenses.

Customers are also preparing to tap strategic reserves if needed.

"Previous Houthi drone strikes against oil facilities tended to result in quite limited damage which could be an indication that a different weapons system was used this time", said Fabian Hinz, a researcher at the James Martin Center for Nonproliferation Studies at the Middlebury Institute of International Studies in Monterey, California.

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