Friday, 06 December, 2019


Oil falls on swelling USA stockpiles, Venezuela adds to market uncertainty

Oil falls on swelling USA stockpiles, Venezuela adds to market uncertainty Oil falls on swelling USA stockpiles, Venezuela adds to market uncertainty
Bennie Garza | 02 May, 2019, 04:41

The last line, Crude Oil Input to Refineries, shows a week-over-week jump of 505 thousand barrels per day, a reversal of the trend in recent weeks, but the four-week average shows a sharp drop of more than 4 percent from the year-ago period or 728 thousand barrels per day.

Saudi Arabia, the largest OPEC oil producer, said that it would decide whether and how much to boost oil production based on demand in May and June.

The market also watched for developments in Venezuela, where thousands of marchers rallied to opposition leader Juan Guaido's call for a May 1 uprising against President Nicolas Maduro.

India has to stop importing oil from Iran from tomorrow after the U.S. ended its waiver to friendly nations on dealing with Tehran, a move that is likely to push up fuel prices.

Iranian Oil Minister Bijan Namdar Zanganeh on Wednesday claimed two neighbouring countries were "exaggerating" their production capacity to reassure markets after the USA ended sanction waivers for buyers of Iranian crude.

U.S. President Donald Trump's administration re-imposed sanctions on Iran's oil exports in November - the last step in a series of measures that were imposed back on Iran after Trump had announced in May that he would be pulling the United States out from the Joint Comprehensive Plan of Action, or nuclear deal.

Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria December 6, 2018.

Reports of the strengthened Chinese-Indian cooperation in potentially forming an oil buyers' club come just as the usa sanction waivers for all Iranian oil customers expire this week.

Describing a cut in Iran's reliance on the export of oil as an opportunity, the Leader said such an opportunity will be used for further reliance on internal capabilities.

Total commercial petroleum inventories increased by 12.7 million barrels last week.

Washington is set to revoke waivers for select countries to import Iranian oil on Wednesday and says it aims to drive down Iran's crude exports to zero, but it remains unclear whether Iran's top oil customer China will comply.

Oil markets will remain tight in 2019 amid supply disruptions, BP CEO Bob Dudley said in an interview with Bloomberg Television at the Milken Institute Global Conference 2019.

The action is meant to wipe out Iran's oil exports as part of US -led efforts to compel Tehran to give up nuclear and ballistic missile programs.

Two years ago, if you asked bulls what would happen to oil prices if OPEC reduced its production to 30.0 million barrels per day in early 2019, many would have predicted a surge above $100 per barrel. But excessive use of sanctions can at a certain stage become counterproductive, especially when administered by one country alone, and "affect friend and foe alike", he said.

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