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Oil tumbles as much as 2% as Oklahoma crude piles up

15 August, 2018, 23:49 | Author: Sara Gill
  • Saudi Arabia reins in oil production as demand forecasts waver

Meanwhile, investors were watching the impact of USA sanctions on Tehran, which analysts say could remove as much as 1 million bpd of Iranian crude from the market by next year. "Lower demand from China, the world's biggest importer, comes at a critical time when demand growth from Asia in general is being called into question".

Crude oil prices are now slightly lower.

Oil prices were steady on Monday as trade tensions and troubled emerging markets dented the outlook for fuel demand, although US sanctions against Iran pointed towards tighter supply ahead.

Five Caspian Sea states reached a breakthrough agreement on sovereign rights to the sea, paving the way for new oil and gas extraction - and pipelines - after more than two decades of disputes.

Concerns about the stability of oil supply have cooled down, but the upcoming US sanctions against Iran in November are poised to bring back the heat, the International Energy Agency (IEA) said Friday. Meanwhile, U.S. output, which had surged to a record last month, has slowed in recent weeks. Iran has also started to offer cargo insurance to India, after another company named Hindustan Petroleum allegedly cancelled a crude oil shipment after the insurance for the cargo was denied by the insurer. "But the impact on investment mood is starting to show", Brown said.

Weaker currencies in Asia and tariff-suppressed trade slows economic growth, reduces purchasing power, and eventually hits fuel demand.

U.S. and Brent crude are under pressure early Thursday as investors continue to react to the bearish API data, talk of lower demand and the strengthening U.S. Dollar.


"The high crude prices appear to have been taking a toll on demand", said Sukrit Vijayakar, Director of Indian oil consultancy Trifecta.

The reduction will depend on whether buyers of Iranian oil receive waivers that would allow some imports.

Australia, another rich economy in the region, has also seen strong demand, importing some 370,000 bpd in July, up from an average of 333,000 bpd in the first half of the year.

Thus, in Libya, production fell by 57,000 to 0.66 million barrels per day, in Saudi Arabia - by 53,000, to 10.39 million barrels, in Venezuela - by 48,000, to 1.28 million barrels per day.

Russia's production too climbed significantly in July by 150,000 bpd from a month earlier, a figure quite higher than was mutually agreed upon during a meeting of global oil producers in June.

More specifically, analysts are converging on a range of between 700,000 bpd to 1 mb/d of disrupted Iranian supply, give or take.

"Adding to the weakening price backdrop are signs that a deepening trade spat between the United States and China is undermining oil demand".

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