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Trump, Saudi king discuss oil prices in telephone call

03 October, 2018, 18:10 | Author: Lawrence Cooper
  • How Much Oil Can Saudis Really Pump? We're Set to Find Out

The ability of the oil price to remain elevated at around four-year highs, comes amid a variety of developments, led by the upcoming U.S. sanctions against Iran, which come into full force on November 4.

By midday, the price of Brent crude was little changed at $84.49 per barrel. Some market players are predicting the new US-Canada-Mexico free-trade deal will spur more demand.

ANZ bank said on Monday that "the market is eyeing oil prices at 100 dollars per barrel".

Gasoline pump prices are on the rise in the USA, squeezing consumers weeks before critical mid-term elections. The world will need additional supplies as USA sanctions dissuade major importers including India and South Korea from purchasing Iranian crude.

The surge in oil price is a good news for the Nigerian economy as the government is now struggling to fund its N9.1 trillion 2018 budget which was based on a $51 benchmark.

He underlined that China, Japan and European countries will be the main losers of US' political tensions in the market, as these countries are the major oil importers. "If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil", Tehran's oil minister, Bijan Zanganeh, said this week.

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Iran's exports have dropped to 2 1/2 year lows.

Despite the market's bullish sentiment in recent days, JBC noted that oil inventories aren't drawing down the way they were at this time previous year, and said there are some signs of slackening demand for oil. We can not guarantee that it is suitable for the visually or hearing impaired.

On Wednesday, oil investors will watch for a weekly report on USA oil inventories from the government's Energy Information Administration.

Its corporate ratings director for Asia-Pacific Bertrand Jabouley said while supply concerns have pushed Brent crude oil price above US$80 a barrel, price of the commodity is unlikely to hold firm at that level.

Trade data in Refinitiv Eikon showed Iran's seaborne exports in September were just 1.6 million barrels per day, the lowest level since mid-2016. Diesel futures ended flat at $2.4076 a gallon.

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