Libya force majeure on oil exports make prices skyrocket

Iran's OPEC governor Hossein Kazempour Ardebili

The Trump administration's initial announcement that the United States expects all Iranian oil imports to stop within just four months roiled markets across the world and set even American allies on edge.

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help".

Brent crude futures were at $77.82 per barrel, up 6 cents from their last close.

Brent crude futures lost 85 USA cents to settle at US$77.39 a barrel.

Bijan Zanganeh condemned the U.S. president for trying to politicize the decisions of the Organization of the Petroleum Exporting Countries (OPEC).

"With contentious midterm USA elections looming, the President continues to strong-arm Saudi Arabia to increase oil supplies which, at least for now, is containing price action below WTI $75 per barrel", said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.

The Obama administration had made a similar exception for countries such as India and China, the two largest buyers of Iranian crude, but the new regime under President Donald Trump is expected to be more heavy-handed with the implementation of sanctions when they kick in, largely because of its desire to increase pressure on Tehran for a regime change. "Looming U.S. sanctions on Iran, however, are causing serious concerns amongst market players".

Saudi Arabia's objective, revealed at the OPEC meeting in June, has been to stabilise production and prices around current levels.

And Trump's lack of understanding of the dynamics of OPEC and the global oil markets come through particularly clearly with every tweet he sends and FOX interview he gives. Last month, members of OPEC agreed to pump an additional 1 million barrels of crude daily, a move that should help contain prices.

USA tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday and Beijing has vowed to respond immediately in kind, setting the two world's biggest economies on a path towards a full-blown trade conflict.

The potential trade war between the United States and China comes amid a tight oil market.

Prices have risen as a result of Washington's plans to reimpose sanctions against Iran, Opec's No. 3 producer, analysts said.

Related News:



Most liked

Eight coffees a day? Don’t worry, looks like you’ll still live longer
The authors noted inverse associations for coffee drinking with cancer and cardiovascular diseases of all kinds. New research shows it may boost chances for a longer life, even for those who down at least eight cups daily.

England overcome penalty shootout hoodoo to beat Colombia
The Three Lions were moments away from a 1-0 win after 90 minutes, but Yerry Mina's header ensured the game went to extra time . Furthermore, this was England's maiden success in a World Cup penalty shoot-out. "It is good to get that one off our back".

Pro-abortion rights activists sending coat hangers to GOP senator
If Collins and Murkowski vote "no" and Democrats all vote "no", the nomination would be blocked. Wade and their writings and their work show that they are very fair".

Kaley Cuoco Marries Karl Cook In Stunning Ceremony
I had to go through a lot of things, but it brought me to Karl ". "I finally found my soulmate, so we're ready to do it". "I honestly thought I wouldn't get married again", Cuoco said in last month's issue of Cosmopolitan .

LeBron James' agent Rich Paul meeting with 76ers today in Los Angeles
The Sixers are also an elite defensive team, something that is often overlooked in the LeBron discussion. Sources suggested to cleveland .com that his interest in joining the iconic Los Angeles Lakers is strong.

Uruguay knockout Portugal from World Cup
Today, Gimenez is set to rejoin Godin in central defence after missing the 3-0 victory over Russian Federation due to injury. That is the message from Portugal coach Fernando Santos to his team ahead of Saturday's World Cup last-16 clash in Sochi .

World Cup LIVE Brazil need a point Germany out; Mexico Sweden through
Granqvist stepped up to slam home the penalty kick and put Sweden on the brink of reaching the lat 16. Sweden opened the scoring five minutes after the break thanks to Augustinsson's first worldwide goal.

Lionel Messi wins hearts with kind gesture
But when the game was tied at 1-1 the Argentina manager was mulling over changes he could make to win the game in Saint Petersburg .

Bali volcano eruption halts some flights
Airlines are now scrambling to clear the backlog of thousands of passengers disrupted by the eruption of Mount Agung on Bali. Volcanic ash can damage aircraft engines, clog fuel and cooling systems, and affect visibility.

Pekerman wary of confident Three Lions in last 16
A low-quality game was largely devoid of incident, although Japan goalkeeper pulled off a superb save from Kamil Grosicki. The events in Volgograd added to an unorthodox few weeks in the history of Japanese football.

Uruguay rolls Russian Federation to top Group A
But perhaps the biggest plus was the late goal from Cavani, who had been frustrated during the group stage. The host team achieved its minimum objective and already qualified from Group A along with their opponent.

Late night hosts unite to clapback at Trump's insults
Trump didn't take very kindly to Fallon's latest interview and tweeted on Saturday, telling the show's host to " be a man ". But we had yet to hear from Colbert, who Trump wouldn't actually refer to by name in his speech.

Ayton arrives as symbol that Suns are on the rise
ESPN should not only highlight these newcomers but should provide insightful basketball analysis, instead of reality-TV content. Instead, the well-known highlights of each player were reiterated with little acknowledgement of where the players were headed.

EU's Juncker says backing of Irish Brexit position will not change
He said: "Working together is exactly what people all across the United Kingdom want to see their respective governments doing". But he added: "The reality is that there is no arrangement outside the European Union that is as good as membership".

Both Koreas meet to arrange reunions of families split by war
Park was unwilling to provide a clear answer when asked whether North Korea had raised the issue during the meeting. Almost 20,000 Koreans had participated in 20 rounds of face-to-face reunions held between the countries since 2000.