Monday, 10 December, 2018

Oil dips as IMF lowers global growth outlook; eyes on US hurricane

The Kiira EV Smack was built by students of Makerere University. FILE Ugandan-made Kiira EV Smack. Tehran has been keen to fund Kampala’s Kiira Electronic Vehicle Project
Orlando Vargas | 10 October, 2018, 08:56

While Brent prices softened on Monday from $86 per barrel and was trading at $83.53 per barrel, traders worldwide are betting on crude oil prices to cross $100 yet again.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 54 cents, or 0.7 percent, at $73.80 a barrel.

DUBAI - Iran's Oil Minister Bijan Zanganeh has dismissed claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market as "nonsense".

US Secretary of State Mike Pompeo last month said that on November 4th the sanctions against Iran will be enforced and that the US will consider waivers for countries that bring their Iranian oil purchases down to zero.

In May, Trump pulled the USA out of the Iran nuclear deal despite objection from the other signatories, the UK, Russia, Germany, China, and France, re-imposing sanctions lifted under the deal.

The Trump administration's push for the Middle East-dominated cartel to start pumping more oil comes as the White House prepares to impose sanctions against Iran in around four weeks' time. This report renewed concerns over OPEC's ability to cover a widely expected shortfall in supply. Of the 220.4 million metric tonnes (million MT) of crude oil imported by India in 2017-18, about 9.4% was from Iran. In September, Iran exported 1.6 million bpd. "It appears that consumer countries are to be given more time, after all, to replace their oil shipments from Iran so long as they at least reduce them".

Nigeria's growth not enough to create jobs, says International Monetary Fund
Instead, the Chinese maintain, they have boosted the country's economic growth and provided 70,000 jobs. The IMF said: "The possible failure of Brexit negotiations poses another risk".


Here’s Our First Look at Ruby Rose as Batwoman
Pulling herself out of a destructive cycle, she chooses to become Batwoman and fight crime. This first look at Batwoman comes as the crossover begins shooting in Vancouver BC.


Watch Google's Pixel 3 Event Live Stream Right Here
Lastly, we may also see the Pixel Buds 2, the improved version of truly wireless headsets, and an alternative of Apple AirPods. Although it's not been confirmed by Google it's nearly certain that two devices will be shown to the world during the keynote.


The U.S.'s sanctions on Iranian oil come into effect on November 4, but at least one country says it won't be playing ball.

The Indian orders have reportedly been placed by Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL). "We continue to discuss our Iran policy with our counterparts around the world and the implications of our re-imposition of sanctions previously lifted or waived under the JCPOA". "Notwithstanding the present demand momentum, we have downgraded our 2019 USA growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation".

Oil prices have extended a rally on expectations the sanctions will test the Organization of the Petroleum Exporting Countries and other producers.

Another production headwind helping to boost prices, Hurricane Michael, is expected to hit the Gulf of Mexico region Tuesday, threatening almost 300 miles of the Gulf coast.

If forecasts prove accurate, the hurricane would largely miss major oil-producing assets in the Gulf, analysts said, but a change of track could widen the impact. Early Tuesday, the International Monetary Fund cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and rising import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. Late in the session, traders will get the opportunity to react to the latest data from the American Petroleum Institute.

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