Published: Tue, May 08, 2018
Technology | By Russell Knight

Saturday Deadline Looms For Iran Nuclear Deal

"Our oil industry's development will continue even if new sanctions are imposed on Iran", Gholamreza Manouchehri, deputy head of the National Iranian Oil Company, told SHANA. It will likely rise further this year as its energy firms keep drilling for more. This was much higher than the average 1 per cent annual growth rate during the past decade. Most of the growth came from only one of the three major US shale basins, the Permian in Texas. Not surprisingly, this resulted in a rebound in USA gasoline demand and a material improvement in once-high inventory levels.

The European oil and gas share index was up 0.5 per cent. But the price was as low as $2.53 at many stations across the area. According to an analysis by USA oil security monitor SAFE, Chinese consumers purchased 10 million SUVs in 2016, a 25 per cent increase over 2015 levels.

Venezuela's output has halved since the early 2000s to 1.5 million barrels per day, as the South American country has failed to invest enough in its oil industry.

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Since sanctions were eased in January 2016, Iran's crude production has almost doubled, while exports last month soared to record levels.

This latest round of increases is caused by global tension, the kind of oil-moving tensions the US hasn't seen for six or seven years.

U.S. President Donald Trump has until Saturday to decide whether or not to issue a sanctions waiver to Iran.

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"Looks like OPEC is at it again, ' Trump tweeted on April 20". The breakout $70 a barrel is not a fluke, but has been building as global demand exceeded exceptions and the false mantra of lower for longer oil prices turned out to be a fantasy. "No good and will not be accepted!"

It is a level that has not been seen since November 2014. Not surprisingly, some have even joined the Saudi's pre-IPO marketing campaign, with one prominent hedge fund manager publicly calling for the possibility of US$300 per barrel oil. The calculation that is made in market of raw materials is as follows: Iran now produces 3.8 million of barrels daily, and, if Washington opted for hard hand, it will stop exporting equivalent to between half a million and one million barrels per day. According to a Reuters report, the current backwardation in Brent is the most extreme it has been in more than 25 years, putting it in the 91st percentile of all trading days since 1992. From re, price of crude oil fell to close to 40 dollars a year later.

The oil price has rallied in part because traders expect sanctions to return.

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USA crude oil prices rose more than 70 U.S. cents, or 1.1 per cent, pushing above US$70 a barrel for the first time since November 2014 as the crisis in OPEC member state Venezuela threatened to further crimp its production and exports. "People thought USA shale growth would flood the global market and close the supply-demand gap, but that hasn't happened".

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