Oil prices steady on falling U.S. crude stocks, Iran sanctions

Crude oil posted its worst monthly loss in two years in July

Just when you thought the renewed sanctions on Iran were already priced into the crude oil market, there are signs today that this may not be the case.

President Trump tweeted Tuesday that the sanctions were "the most biting sanctions ever imposed".

According to Bloomberg, Beijing has declined a request by US envoys to stop importing crude oil from Iran. India is the second-largest buyer of Iranian oil after China. Nayara Energy took about half of the total Iranian inflows, while the rest was absorbed by state-owned oil companies.

On Friday, the Houston-based Baker Hughes reported that the number of active drilling rigs in the United States decreased by four to 1,048. However, despite EU's move, German vehicle and truck maker Daimler said it has dropped its plan to expand its operations in Iran.

The Guards commander, Mohammad Ali Jafari, was quoted by the semi-official Tasnim news agency as saying: "We will make the enemy understand that either everyone can use the Strait of Hormuz or no one". The Modi government, in fact, doubled the import duty on 328 textile goods to 20 per cent, to curb the imports from China.

While it's likely that Saudi Arabia is keen to limit Iran's influence in the Middle East, it appears the kingdom could also be in for a double-whammy benefit of increasing its exports to fill the gap left by Iran and selling at higher prices, assuming the market tightens on the loss of Iranian barrels. This represents around a third of global oil demand. As a result, more USA crude oil would be shipped to Asian market.

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Venezuela is tumbling toward an economic collapse.

The company will receive one very large crude carrier (VLCC) of U.S. oil every month in November, December and January. U.S.net imports increased by 1.35 million barrels per day during that week.

The company would buy 2 million barrels of Mars oil in November, a combination cargo containing 1 million barrels each of Eagle Ford and Mars in December and 2 million barrels of Louisiana Light Sweet in January, he said.

Similarly, Libya is in the midst of a bitter civil war. The average North Sea Brent mix at the Intercontinental Exchange (ICE) in London reached US$74.95 per barrel, down by US$0.99 only compared with previous month's trading. This was recently restored but another bout of violence could easily send Libyan exports crashing again. Saudi Arabia had temporarily halted shipment through the lane after two oil tankers were attacked. Some 19 million and 4.8 million barrels per day of oil pass through the Straits of Hormuz and Bab el-Mandeb, respectively.

This is not about bombarding the market with oil and pushing the price into the $50s, it is about preparing the market and easing the transition, he said.

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