Published: Thu, September 06, 2018
Markets | By Erika Turner

Iran Oil Industry Has Experienced Record Drop In Its Export In August

Iran Oil Industry Has Experienced Record Drop In Its Export In August

Oil prices fell on Monday amid rising supply from OPEC and the United States, outweighing concerns that falling Iranian output will tighten markets once US sanctions bite from November.

Meanwhile, trade disputes between the U.

The market will look to other producers such as Russian Federation to fill the void, even as Nigeria's oil minister remains confident of OPEC's ability to pump more, said the Singapore-based analyst.

Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA, said many crude futures traders were "caught long and wrong over the past 24 hours due to tropical storm buying frenzy", adding that "prices pulled back considerably as the magnitude of the storm suggests production losses will be limited". Oil prices were also under pressure as global shippers stopped loading Iranian oil in preparation for USA sanctions against Iran.

The sharp increase was linked to mounting concerns that falling Iranian output could tighten markets once USA sanctions bite from November. OPEC and Russian Federation, the world's largest producers, promised to boost supply a few days afterwards.

Conversely, an ongoing trade war will not only hurt global and domestic economic growth, but continue to impact key supporters of the president, particularity farmers. With the USA increasingly exporting oil, weather disturbances can also cause price increases.

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Iran has repeatedly said it will resume high-level uranium enrichment if the 2015 agreement - which stringently limits its nuclear programme in return for sanctions relief - falls apart.

"There is a danger that the demand will be impacted as well".

"And I think, and many people agree with me, that the demand will be impacted - so that's not good for us". US crude was unchanged at $69.80/Bbl, Kallanish Energy reports. Japan's Fuji Oil Co. has effectively stopped buying crude from the Persian Gulf state because it's becoming hard to secure a ship to transport oil, according to a company spokesman.

The overall volume of the crude oil and condensate that is an ultra-light produced from the field of natural gas is estimated for 64M barrels (2.06M barrels/day), in against to the peak of 92.8M barrels (3.09Mbarrels/day).

The high rig count has helped lift USA crude oil production by more than 30 percent since mid-2016, to 11 million bpd.

Among countries with lower output, the biggest drop of 150,000 bpd was in Iran. "This week, the latter appear to be coming back center stage, with Wednesday's deadline for the USA to decide on a third - and the largest - tranche of tariffs against China", said Vandana Hari, founder Vanda Insights.

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