Bolton: US could sanction European companies over Iran

WTI Crude Oil Dips to $70 – 38.2% Fibo Completed, What's Next?

The global oil market is balanced, with top exporter Saudi Arabia and No.1 producer Russian Federation having led efforts to curb oil supply to prop up prices.

They would have to wind up investments by November or face USA sanctions. "They are very strong sanctions", Mnuchin said. Fleet movement data analysis showed that roughly half the fleet had spent the time under sanctions storing crude oil and the rest trading with China and India under long-term barter agreements. The UAE's exports to Iran are worth about 5 per cent of its gross domestic product. Using that figure, we expect 572 tb/d to come offline in the months immediately ahead, and 953 tb/d to come offline in a year.

Second, OPEC countries have plenty of spare capacity to offset reductions in supply from Iran. The bank lowered its forecast for Iranian output by 150,000 bpd in 2019, a volume that would be offset by higher shipments from Saudi Arabia.

According to analysts at the Bank of America, the collapse of Venezuelan oil production and a potential breach of Iranian exports could push the price of Brent crude oil to 100 United States dollars per barrel in 2019.

Oil ministers from OPEC and its partners meet on June 22-23 in Vienna to review the existing agreement.

Furthermore, OPEC will, given special situations, exempt countries from participating in deals like this.

Renewing sanctions would make it much harder for Iran to sell its oil overseas or use the worldwide banking system.

That presents an important good-old-boy question.

It is yet to be clear what Iran is thinking right now.

USA light crude was down 16 cents at $71.20, having touched a 3-1/2 year high of $71.89 on Thursday.

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In the years that the agreement was in place, American companies like Boeing were able to do business in Iran.

That opens a new can of worms.

Saudi Minister of Energy and Industry Khalid Al-Falih said he'll connect with other producers and consumers over the next few days to ensure market stability. Why shouldn't they be able to increase production too if Saudi Arabia is willing to?

Especially given Kim Jong-un's successful pressuring of the USA into talks after establishing nukes, he added.

In December 2016, Airbus signed a deal with Iran's national carrier, IranAir, to sell it 100 airplanes for around US$19 billion at list prices. "The United States no longer makes empty threats".

President Hassan Rouhani said during the parade that Iran does not intend any aggression against its neighbours but will continue to produce all the weapons it needs for its defence.

Thanks to OPEC's efforts to normalize the crude oil market in the wake of the 2014 price war, crude oil prices have almost tripled from their early 2016 low and are up 22 percent just since February.

Ultimately, President Trump may have prevented the biggest IPO in history from having the best price possible.

Accelerating prices are causing pundits on Wall street to invest more funds into energy stocks, particularly for shale oil and and gas.

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