Iraq Increases Oil Output as Crude-Oil Sales Surge

Alicia Cross
September 6, 2018

Iranian President Hassan Rouhani said Tuesday his country will continue exporting crude oil despite USA efforts to stop it through sanctions.

Brent crude, the global benchmark, was up 0.58% to $78.09 a barrel on London's Intercontinental Exchange.

The price of Brent went up by about 60 cents to sell at $78.24 a barrel, while USA crude went up by 15 cents to trade at $69.95.

After the correction, crude oil prices once again started moving up in the last two weeks following the latest EIA report on a surprisingly strong decline in crude oil inventories.

The US dollar was offered for as much as 129,000 rials at 5.40pm Dubai time, according to the greenback's selling price quoted by Bonbast.com, which tracks the unofficial currency market of Iran.

Innes said the price outlook for crude was still bullish, in large part because of USA sanctions targeting Iran's oil sector from November.

Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a Reuters survey showed.

Sushma Swaraj, External affairs minister had said that "India follows only United Nations sanctions and not unilateral sanctions by any country" days after President Donald Trump pulled out of the Iran deal.

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Earlier this year, the UAE launched its new Umm Lulu grade, a sweet blend of the crude oil from the two offshore fields, Umm Lulu and the Satah Al Razboot (SARB), which are grouped in one offshore concession.

"With ship-tracking data now pointing at a reduction in Iranian exports, renewed strife in Libya, and Venezuelan export availability hobbled by an accident at the key Jose terminal, the list of bullish headlines is getting longer", said Michael Dei-Michei, head of research at Vienna consultancy JBC Energy.

The U.S. marker is lagging Brent as American producers keep pumping crude at record levels near 11 million barrels a day.

Despite Trump's efforts, government officials in India, the world's third biggest oil importer and Iran's top oil client after China, have been talking about wanting to continue trade ties, especially for oil, with Iran.

"The oil market is expected to trade within the current range".

In total, crude and condensate shipments slumped by 755,000 barrels a day since April, the month before Trump announced the reimposition of sanctions.

BNP Paribas expects Brent to average $79 per barrel in 2019.

Other reports by Free-Prsite

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