Oil prices rise on supply losses, US push to isolate Iran

30 Juin, 2018, 19:57 | Auteur: Auguste Feret
  • Kirill Dmitriev Chief Executive Officer of the Russian Direct Investment Fund speaks during a session of the St. Petersburg International Economic Forum in Russia on Monday

Saudi Arabia is planning to pump a record amount of crude in July, embarking on one of its biggest-ever export surges to cool down oil prices, Bloomberg reported citing people briefed on the country's output policy.

The output losses follow a move by OPEC and other oil producers last week to increase supply by around 1 million barrels per day (bpd).

The joint agreement by OPEC and other oil-producing allies to raise output demonstrates the strength of the Saudi-Russian energy alliance, which will help stabilize the market for many years to come, the head of Russia's sovereign wealth fund said on Monday.

I still think that most of the price action is being driven by short-covering because given the volatility in the news, it's not in the best interest of the hedge funds to chase this market higher.

Also supporting crude prices on Tuesday was the American Petroleum Institute reporting that US crude inventories fell a surprising 9.2 million barrels, instead of the 2.6 million barrel decline that had been expected.

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Analysts polled by S&P Global forecast a 2.3 million-barrel decline in crude stockpiles while analysts polled by Reuters expect a 2.6 million-barrel drop.

"The OPEC+ agreement to elevate output still leaves production restraints in place, limiting the market's ability to rebuild inventories while decreasing spare production capacity", said French bank BNP Paribas. That means when the United States is interacting with foreign oil producers politically-such as sanctioning Venezuela, Russia, or Iran-it still must be cognizant of how those actions will affect domestic oil prices. At a State Department briefing, an administration official told Bloomberg that it is pressing its allies to cease importing Iranian oil by November 4 of this year, or else face a variety of US sanctions.

The fleeting reassurance that came from Saudi Arabia's pledge last week to lead a substantial production increase was swept away on Tuesday as tougher U.S. sanctions on Iran shifted focus back to the world's dwindling buffer of emergency crude supply.

"Looks like OPEC is at it again", Trump tweeted in mid-April. The aim of the organisation is to stabilise oil markets and steady the supply of oil for the public.

Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries said last week it would increase output. Some reports have suggested the United States requested an extra 1 million b/d of supply, which is the amount of Iranian production some analysts say sanctions could shut in. [Trump] wants to say that he is against high price, but he wants to say high fuel price is not his fault.

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