Monday, 24 September, 2018

Iranian oil minister call Trump's order to OPEC insulting

American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments
Orlando Vargas | 11 July, 2018, 15:57

Oil Prices reached the highest level on record on July 3, 2008, when crude sold at $145.29 a barrel.

"Putting an actual nominal level of geopolitical risk, supply crunch concerns as well as Opec plus compliance shirking into the current level of oil prices is challenging, but we view that at least an upside risk of Brent and WTI exceeding north of $85 and $80, respectively, in Q3 2018, depending on the magnitude of these disruptions and how they impact the overall supply-demand balance", Ehsan Khomas, head of Research and Strategist for Mena at MUFG, said.

Iranian Oil Minister Bijan Namdar Zanganeh said the country's oil production and exports have not changed significantly despite USA efforts for disrupting Iran's market, IRIB reported on Saturday.

Hossein Kazempour Ardebili, Iran's ambassador to the OPEC, said the strong rhetoric by Trump against OPEC and oil producers could soon push up crude prices to as high as $100 per barrel. In fact, it could take as long as a year to boost production by 2 million bpd.

"These days. the price is dependent on the behaviour of Trump", Zanganeh said, adding he demands other countries to increase their production.

Iran, an OPEC member, faces renewed United States sanctions over Trump's decision to quit the worldwide nuclear deal with Tehran, which has added to supply concerns on world markets.

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"We believe that, while a large volume of barrels will be returned over the coming months, likely upwards of 1 million barrels per day, the Kingdom will be reluctant to exhaust its substantial spare capacity", the analysts added.

Donald Trump has insulted OPEC member states by ordering the organization to reduce prices, the Iranian oil minister stated, responding to the U.S. leader's recent criticism of OPEC for keeping oil prices artificially high. At the time, Saudi Arabia's Khalid al-Falih said the number was "nominal" since not all OPEC members had the spare capacity to boost production.

More recent history shows Saudi Arabia has never produced more than 10.6 million bpd on average over a single month.

Domestic crude stocks have already fallen by 95 million barrels since their peak in October 2015, according to government data submitted to the JODI.

Most of the remaining inventories are required for operational reasons, including as feedstock for the country's growing refinery capacity, as well as ensuring smooth flow of oil from the fields onto tankers.

OPEC agreed in June on a modest increase in oil production starting in July after its leader, Saudi Arabia, persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.

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