Brace for an oil market price rally in November: Details here

Warning of $80 oil price as sanctions on Iran bite

Warning of $80 oil price as sanctions on Iran bite

US crude stocks fell by 8.6 million barrels in the week to September 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday.

The IEA also said that higher output from OPEC managed to more than offset seasonal declines from non-OPEC members.

"In addition, there is a risk to growth from an escalation of trade disputes", the Paris-based agency said.

OPEC says even though the global oil output had hit a high in August, prices could still rise due to instability in OPEC member nation Venezuela and lower production from sanctions-hit Iran.

Benchmark Brent crude LCOc1 futures rose 68 cents to settle at $79.74 a barrel. As a result, Sen said, oil prices jumping into the $90s is a real possibility within the next few months.

Tehran is facing the lack of most of its energy export markets because the Trump administration prepares to sanction its oil gross sales on November four after pulling out of the Iran nuclear deal in Would possibly maybe per chance also simply.

John Kemp, market analyst for Reuters, views 2019 is a radically different light: on Wednesday he stated in an opinion piece that "Slower growth in US production, when combined with strong demand, production problems in Venezuela and other countries, and the re-imposition of sanctions on Iran, is enough to tighten the global market in late 2019".

Russian Energy Minister Alexander Novak said USA trade measures against China are also contributing to the instability in the Global oil market.

Ashley Young Starts - Manchester United Team vs Watford Confirmed
Fellaini is also infuriatingly effective at his best, as Watford found out to their cost in the first half especially. De Gea will have busier days than this, of course, though his contribution at Vicarage Road was still significant.

FEMA chief under investigation over use of official cars
Long is the latest in a long line of Trump administration officials to come under fire for misusing government funds on travel. Doing something unethical is not part of my DNA and it's not a part of my track record in my whole entire career.

Sheikh Mansour's smart investment key to Manchester City success: Pep Guardiola
The Premier League match between Man City and Fulham will be broadcast live on NBC Sports . "It's a sport but it is business too. "It's important that Raheem and his people know how delighted we are with him and after that maybe it happens or maybe not".

The OPEC said the price of its basket went up by $0.82 on Tuesday, compared with the closing price at the previous session, Efe news reported.

Despite fear of disruptions to global oil supplies and curbs on production, OPEC sees global oil supplies as sufficient - it's demand people should be worrying about.

OPEC and a group of non-OPEC countries agreed on 22-23 June to return to 100 percent compliance with oil output cuts that began in January 2017, after months of underproduction by Venezuela and others pushed adherence above 160 percent. US crude rose $1.65 a barrel to $70.90 after the report was issued.

U.S. crude inventories fell by 5.3 million barrels in the last week, the U.S. Energy Information Administration said on Wednesday.

Tanker data suggest Iranian crude exports are already off by about 500,000 bpd - some of it floating in tankers in the waters of the Gulf waiting to find ports to unload.

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday reduced its forecast for 2019 global oil demand growth, pointing to economic risks.

Russian Energy Minister Alexander Novak on Wednesday warned of the impact of the US sanctions against Iran.

That month Russian Federation produced 11.247 million barrels per day, a post-Soviet Union record high.

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