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Iran Begins Selling Oil via Stock Exchange
01 November 2018, 07:47 | Austin Hogan
FileOPEC-Non-OPEC States Ready to Boost Oil Output- Saudi Minister
Phil Streible, senior market strategist at RJO Futures, told Bloomberg television that, "One would expect with the Dow Jones up over 200 points we would expect oil prices to rebound; the fact they haven't really tells you two different things are going on, one there's been a sector rotation out of the oil market and oil looks to continue its path lower".
Brent crude futures fell $1.43 to settle at $75.91 a barrel, a 1.85 percent decline.
The Baker Hughes report on Friday said USA energy firms added oil rigs for a third week in a row, keeping the rig count at its highest in over three years.
Hedge fund managers continued to liquidate former bullish positions in oil last week, with signs of short-selling appearing for the first time in over a year.
Even Saudi Arabia is bracing for a possible return of oil supply overhang, a recent nightmarish situation for Riyadh as recently as 2015 and 2016 when it was forced to turn to Russian Federation and form the so-called OPEC+ to trim oil production and return OECD oil inventories to five-year average while giving support to beleaguered prices that had dipped below $30 at the start of 2016.
Brent crude prices reached their highest level in four years in the week that NIOC released the announcement for offering crude oil in the Energy Exchange, which were followed by a downtrend.
In North America, however, there is no oil shortage as USA crude oil production C-OUT-T-EIA has increased by nearly a third since mid-2016 to around 11 million barrels per day.
Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market. A stronger dollar also increases the price for oil import dependent countries, with India, the Philippines, Indonesia and others particularly vulnerable.
Consultancy JBC Energy said the oil price weakness was "probably driven by the wider negative market sentiment amid speculation about additional USA tariffs on Chinese imports, should upcoming talks fail to produce the desired results". Now, the country needs a new narrative.
Hoping to keep some exports up, Iran has started selling crude to private companies via a domestic exchange for the first time, he oil ministry's news website SHANA reported on Sunday. Iran's economy was already sputtering before Trump's announcement in May that he meant to pull out of the 2015 nuclear accord, but since then the situation has intensified.
"We are determined to implement our policy of maximum pressure on Iran".
An exchange shop displays rates for various currencies, in downtown Tehran, October 2, 2018.
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