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giftedviz.com November 21, 2018


Oil prices down 20 percent in a month as fundamentals weaken

09 November 2018, 02:24 | Darnell Patrick

Secretary Jeremy Hunt

Secretary Jeremy Hunt

In China, about 9 million barrels of Iranian oil are docked outside Dalian port as the country sought to offload as much wares as possible before looming U.S. sanctions. For major buyers like China, which imported about 650,000 bpd of Iranian crude in the first 10 months of the year, the waivers allow it to maintain diversity of supply, as well as keeping prices lower.

Iranian officials have said the waivers provide proof that the United States can not achieve its goal of cutting off all of Iran's oil exports. In October, Iran's crude exports were estimated at 1.82 million bpd by data intelligence company Kpler and 1.5 million bpd by another firm that traces Iranian shipments.

On Tuesday, Iran indicated it had so far been able to sell as much oil as it needs despite United States pressure, but it urged European countries opposed to U.S. sanctions to do more to shield Iran, as Russian Federation and Turkey also voiced their objections.

On November 5, the United States imposed what the Trump administration has touted as the "toughest ever" sanctions on Iran.

The sanctions exception granted to the Chabahar project aims to further USA ties with Afghanistan and India "as we execute a policy of maximum pressure to change the Iranian regime's destabilizing policies in the region and beyond", the State Department spokesman said. "I could get the Iran oil down to zero immediately but it would cause a shock to the market".

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According to Refinitiv Eikon data, Iranian crude exports have fallen to 1 million barrels per day (bpd) so far in November, down from nearly 2 million bpd in October and around 3 million bpd in mid-2018.

"Crude prices are rising".

China National Petroleum Corp (CNPC) said on Friday it was continuing to take oil from Iranian oilfields in which it has ownership stakes. This is happening due to the rise in global oil prices and the depreciation in the value of the rupee. We have so many countries that are on our side.

The report also quoted a Fitch solutions analyst as saying that the new sanctions would not lead to the collapse of the Iranian economy, as the country would be able to keep exporting a significant volume of its crude oil. The first round of USA sanctions were re-imposed in August and the second on Monday. To defy the United States sanctions and preserve its strategic autonomy would require a break from this strategic alliance - something which the Modi regime can not even contemplate.

The other major difference to the sanctions under the Trump administration versus the ones enacted by President Obama are the curbs on sale of condensates, a commodity critical to Iran. Still, Iran demonstrated considerable resilience and ingenuity in coping with earlier worldwide sanctions, and there is little to suggest Tehran could not do this again.



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