Oil prices climb on tightening USA market

by Ben Pena July 5, 2018, 0:55
Oil prices climb on tightening USA market

While the comments were ambiguous, Iranian officials in the past have threatened to block the Strait of Hormuz, a major oil shipping route, in retaliation for any hostile US action.

Spare capacity, especially from OPEC countries, is an important measure by analysts to determine major oil exporters' ability to respond to rising demand.

"Continuation of exporting oil is symbol of victory against the USA sanctions and I hope we would witness this great victory through planning by the Oil Ministry", the vice president explained.

Oil prices rose on Friday on worries that USA sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

On Sunday Mr Trump accused OPEC on Fox News of manipulating the prices and warned its members to "stop it because we're protecting those countries, many of those countries".

Oil surged in the past two weeks as the US pushes allies to end imports of Iranian crude, disruptions persist in places like Libya and American crude inventories shrink. "We are also working with oil market participants, including producers and consumers, to ensure market stability".

Trump announced earlier this year that he would pull the US out of the pact, which offered Tehran sanctions relief in exchange for curbing its nuclear program.

At the time, the Trump administration gave foreign companies either 90 or 180 days to wind down their business with Iranian counterparts, depending on the type of commercial activity.

These Are The Four Charges Handed To Najib Today At Court
United States prosecutors had previously said a person described as "Malaysian Official 1" had received more than $1bn from 1MDB. The scandal is now the subject of money laundering investigations in six counties including the USA.

Monica Malik, chief economist, Abu Dhabi Commercial Bank, welcomed the UAE's decision to hike output later this year as it will bring stability in the oil market and also improve government revenues from hydrocarbon sector.

And he confirmed that USA secondary sanctions on firms dealing with Iran would "snap back" on August 6 for trade in cars and metals and on November 4 for oil and banking transactions.

The price rose above $78 a barrel after an Iranian Revolutionary Guards commander said he was ready to prevent regional crude exports if Iranian oil sales were banned by the United States.

Some 50 worldwide companies had announced their intention to leave the Iranian market, particularly in energy and financial sectors, as the United States moved to reimpose the sanctions against Iran, Hook said.

Ms Wald said Riyadh will increase production "but by how much is not clear and will be determined by how much the Saudis think they can sell".

Libya's National Oil Corporation declared "force majeure", or unforeseeable circumstances, as the country's continued struggles with internal conflicts see approximately 850,000 barrels per day after losing control of Zueitina and Hariga ports this week.

Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.

Recommended News


TOP News

'Big Bang Theory' star Kaley Cuoco marries equestrian Karl Cook
The 32-year-old actress Wednesday her hubby in "an intimate wedding at a horse stable near San Diego" according to reports . The newly married actress looked stunning in a white lace dress and matching cape during the ceremony .

Mass brawl erupts in Australia, Philippines basketball game
Following a lengthy delay to sort out the penalties, the game resumed with just three Philippino players eligible to continue. Footage of the melee even showed a chair being thrown in the area behind the baseline.

German coalition teeters as minister offers to resign over migrants
Mr Seehofer leads the Christian Social Union (CSU), the Bavarian sister party of Mrs Merkel's Christian Democrats (CDU). All new migrants would have to be screened at the centers and determined if they are eligible to seek asylum in Germany.

Lyon plan to prevent Liverpool FC from signing Nabil Fekir
Marca report that Asensio has been monitored by Liverpool for several years and the club are ready to make their move this summer. Fekir is under contract at the Groupama Stadium until June 2020 and is also understood to be of interest to Real Madrid .

Belgium beats England 1-0, moves into tougher side of draw
That is the reality, we have put ourselves in this situation, we wanted to qualify and we have done that. The leading scorer in Russian Federation with five goals watched the match from the bench.

Samsung's first Android Go phone revealed in leaked pics
The Galaxy Tab S4 is rumored to have an iris scanner to unlock your device, since there are no buttons for a fingerprint sensor. My Galaxy Video app is available on the phone to provide curated video content like Bollywood movies and TV shows to the user.

5 reasons to love the LeBron James signing
Though with James joining the team this week, the Lakers' starting lineup is going to look completely different next season. Under his new contract, he'll make more than half that amount again in just four years.

What is the European Union preparing on immigration? Euronews Answers
If that fails, he vowed to order border police to turn back migrants, which means Merkel would be forced to back him or sack him. But several countries with anti-migrant governments, including Hungary, Poland, the Czech Republic and Slovakia, did not attend.

England in easier half of World Cup knockout draw
However, Southgate acknowledges he has left himself open to stinging criticism if England crash out of the World Cup on Tuesday. If Southgate wanted second and the easier side of the draw, his message did not get through to the Leicester City striker.

First Lady Melania Trump returns to border state amid separation outcry
Anticipating a possible trip to Phoenix , protesters also gathered outside a Southwest Key facility in the city's west side. Federal officials were struggling to reunite children with their parents, some of whom were already deported.