Oil prices slip on rising supply, trade tensions

02 November, 2018, 19:10 | Author: Corey Lynch
  • FileOPEC-Non-OPEC States Ready to Boost Oil Output- Saudi Minister

Jahangiri said that Iran has no concerns over the potential impacts of returning United States sanctions on its oil exports given that it is already selling its crude oil higher than the price tag it has set in its annual budget plan.

Moreover, Saudi Arabia's Energy Minister Khalid al-Falih said on Tuesday that the Organization of the Petroleum Exporting Countries (OPEC) and its partners are in "produce as much as you can" mode.

Only 280,000 barrels were sold out of one million offered, and went for $74.85 per barrel, more than $4 below the initial asking price.

Oil held losses near $67 a barrel on speculation that an escalating trade dispute between the US and China will dampen global growth at a time when American crude inventories are growing.

All of the other parties to the 2015 Joint Comprehensive Plan of Action had urged Washington not to unilaterally withdraw from the pact, and close allies in Europe have moved to create an alternative payment system to circumvent sanctions after Trump refused to heed their calls.

The sanctions have triggered a black-market fueled by Iranian tankers - or "ghost ships" - that dismantle their vessel tracking systems, according to regional observers, making it extremely hard to estimate how much Iranian oil is on the market at any given moment.




Brent oil prices dipped on Tuesday, weighed down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran's crude exports.

The US State Department has set November 4 as the deadline for global oil buyers to stop all their oil purchases from Iran. WTI picked up 0.26 dollar to settle at 67.59 dollars a barrel.

The world's biggest miner BHP Billiton, which also has oil and gas assets, has trimmed its expectations of global growth for next year and 2020 by about a half to three quarters of a percentage point, Chief Commercial Officer Arnoud Balhuizen said on Tuesday, citing a "lose-lose" result from the U.S. Still, U.S. crude oil futures prices lost 2.2 percent for the week, marking the third straight weekly loss.

Prices were pressured as US inventories were expected to rise for a sixth straight week as other top producers Saudi Arabia and Russian Federation signaled potential output increases. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.

In case a planned meeting between presidents Donald Trump and Xi Jinping yields no progress on the sidelines of a Group 20 summit in Buenos Aires next month, US officials are preparing a new list which would apply to the Chinese products that aren't already covered by previous rounds of tariffs. US supply data also showed a sixth straight weekly rise in domestic crude inventories. USA crude was on course to fall about 8.5 percent.

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