Oil prices moderate after initial Iranian response

Buyers seek US waivers to buy Iranian oil amid new sanctions

Brent reached $78 a barrel on Thursday, its highest since November 2014, two days after President Donald Trump said the U.S. was abandoning an global nuclear deal with Iran and would impose new sanctions.

During the last round of sanctions, Iran's oil supplies fell by around one million bpd, but the country re-emerged as a major oil exporter after sanctions were lifted by producing 3.81 million bpd in March 2018.

The bank's analysts wrote Thursday that collapsing oil production in Venezuela and potential export disruptions in Iran could push the price of Brent crude as high as $100 per barrel in 2019. In New York last night the contract was at $77.01, or 3.1 per cent higher over the week, a fifth successive weekly gain.

As that view hinges on Opec reviving output and a limited impact on Iran from U.S. sanctions, prices could go even higher, it said, becoming the first Wall Street bank to suggest a return to $100. Indeed, Saudi energy diplomacy - namely its ability to credibly convince Iranian crude buyers that acquiescence with US policy will not come at economic loss - will be a key determinant of the success or failure of the Trump administration's new course.

United States to help N Korea's economy if it abandons nuclear weapons
Kang says there must be "airtight" coordination between South Korea and the US ahead of President Donald Trump's upcoming meeting with Kim.

And gas prices are projected to rise even more going into the summer in the aftermath of President Donald Trump's decision to withdraw from the Iran nuclear deal. Sharp declines in its Iranian crude imports are likely over the coming months.

India, the second largest importer of Iranian oil, is unlikely to be immediately affected by USA sanctions. Analysis from commodity pricing group S&P Global Platts found there may be some "wiggle room" given the nature of the USA decision.

"We believe the previous 1 million bpd limit for exports (imposed during previous sanctions) will be reimposed".

Although the oil market is unlikely to be immediately disrupted by this long-expected move, a number of dynamic reconfigurations to oil flows - and indeed, to the balance of relations and power in the market - may follow over coming months and years.

Eurovision terminates broadcast contract after China LGBT censorship
And now that we've found out the running order for Saturday night, we're officially nearly at the Eurovision finals. Such censorship is perhaps unsurprising from a country which has a history of media censorship.

Trade data already show a reduction of Iranian oil supplies to Japan and South Korea, and refinery sources confirmed they had started shifting purchases in preparation for renewed sanctions. Yet analysts say Saudi Arabia would like to keep prices rising ahead of the IPO of its state-owned oil giant Saudi Aramco. The deal, which called for the curbing of Iran's nuclear programme, paved the way for the lifting of global sanctions against the country.

The threat of new sanctions come amid an oil market that has already been tightening due to strong demand, especially in Asia, and as top exporter Saudi Arabia and top producer Russian Federation have led efforts since 2017 to withhold oil supplies to prop up prices.

During the last round of sanctions, India enjoyed waivers allowing limited Iranian oil imports paid for in rupees instead of USA dollars. Prices gained $2.08 to close at $71.14 on Wednesday, the highest settlement since November 2014.

Trying to ease market concerns, Saudi Arabia said on Wednesday that it would work with other producers to diminish the impact of any shortage in oil supplies.

Pens: Muller spectacular time to complete the investigation
When the time comes that Trump is sent packing, Mike Pence should be where he's been all along, right beside him. I think it's time to wrap it up.

Related News:

  • Huddersfield safe as Spurs seal Champions League spot

    Huddersfield safe as Spurs seal Champions League spot

    Tottenham were a bit anxious and we had enough chances to score. "We did really well, 14 attempts against Tottenham at home, means that something we did was right", he said.
    DD vs SRH: Sunrisers Hyderabad crush Delhi Daredevils to seal play-off berth

    DD vs SRH: Sunrisers Hyderabad crush Delhi Daredevils to seal play-off berth

    Pant not only took the team out of trouble nearly single-handedly, but also displayed incredible courage in his shot selections. The Daredevils had won the toss and elected to bat first with the Sunrisers reputation for defending scores preceding them.

    Republicans pledge to show OH is still 'a Trump state'

    Blankenship was the chief executive of Massey Energy when the company's Upper Big Branch mine exploded in 2010, killing 29 miners. Joe Manchin, D, W.Va., in the November 6 general election, invoking Manchin's name close to a dozen times as "liberal Joe".
  • Google Maps now gets Google Assistant

    Google Maps now gets Google Assistant

    The other product that's getting a touch of AI and ML is Google News , which has been completely redesigned from scratch. There's a new wind-down mode that fades the display to grayscale when someone uses his or her phone late at night.
    Pence demands that Venezuela suspend 'so-called' elections

    Pence demands that Venezuela suspend 'so-called' elections

    The U.S. also has imposed economic sanctions on Venezuela at a time when it's seeking to refinance a huge global debt. This story has not been edited by Firstpost staff and is generated by auto-feed.
    Florida mom and her 2 toddlers die after hitting alligator on highway

    Florida mom and her 2 toddlers die after hitting alligator on highway

    Amber Stanley along with also her children were killed Monday when their auto hit an alligator. Katherine Lam is a breaking and trending information digital producer for Fox Information.
  • After cleaning out half the Avengers, Thanos arrives to take over Fortnite

    After cleaning out half the Avengers, Thanos arrives to take over Fortnite

    It's rather ironically happening because of the aforementioned Thanos crossover event with Marvel and the Avengers . The Fortnite Sign In Failed Error essentially stops you from being able to log into the game.
    Consumer prices rebound 0.2% in April on jump in petrol

    Consumer prices rebound 0.2% in April on jump in petrol

    Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. That means holders of Treasury Inflation-Protected Securities will see their principal balances climb 0.4% in June.
    Here Are All the New Android TV Features Announced at Google I/O

    Here Are All the New Android TV Features Announced at Google I/O

    Those apps are recommended to use foreground services, while Google is still optimizing this feature based on developer feedback. This will result in features like Adaptive brightness and Adaptive battery that will learn from your individual usage pattern.
  • Trump hails capture of five Daesh commanders

    Trump hails capture of five Daesh commanders

    The leaders were taken in Iraq after months of strategic planning by the US , including the CIA, Turkey and Iraqi forces. The Iraqi air force has carried out several airstrikes since previous year against ISIS positions in Syrian territory.
    Rahane to lead India in Afghanistan's inaugural Test

    Rahane to lead India in Afghanistan's inaugural Test

    Afghanistan will play their inaugural test match from June 14 in Bengaluru's M Chinnaswamy Stadium. In the process, Kohli will be skipping India's one-off Test against debutants Afghanistan .
    Donald Trump says 'everyone' thinks he should get Nobel Peace prize

    Donald Trump says 'everyone' thinks he should get Nobel Peace prize

    Ahead of his trip Mr Johnson said: 'On so numerous world's foreign policy challenges the United Kingdom and U.S. are in lockstep. He added: "Let me just remind you, if they do get a nuclear weapon you're going to get an arms race in the Middle East".


Most liked

Raptors fire coach Casey after National Basketball Association playoff ouster
Under Casey, the Raptors won four Atlantic Division titles and advanced to the playoffs in five consecutive seasons. Ujiri said a few times on Friday that he hoped Casey would be celebrated for all that he has done here.

GDPR may make some users more likely to share their data
You can read the newly-formatted Google privacy policy here , and you can read Google's statement on the refresh at its blog here. As we evolve our products over time, we'll continue to improve our Privacy Program and the protections we offer to users.

Ekiti 2018: How Fayose's deputy governor, Olusola emerged PDP's candidate
The Peoples Democratic Party has expressed optimism of winning July 14 governorship election in Ekiti, with the emergence of Prof. Prof Kolapo Olusola has been declared victor of the Ekiti State PDP Primaries held at Eagle Hall, Ado Ekiti on Tuesday.

At least 21 killed after dam burst in western Kenya
At least 100 people have died and almost 260,000 have been displaced this month by flooding in Kenya, the Kenya Red Cross said. Then came massive waves of water, which crashed through farmland, swept away hundreds of houses and killed at least 32 people.

Canada to issue commemorative coin for royal wedding of Harry and Meghan
George's Chapel , lasting about an hour, with Kensington Palace announcing more details in the days leading up to the wedding . Members of the congregation will also file out of the church onto the grass to wave Harry and Meghan off on their Procession.

Watches to gift your Mother, this Mother's Day!
New moms may also want to visit the Nursing Mom's Nest presented by Riley Children's Hospital at Indiana University Health. Or the parent likely getting the kids dressed and ready for that family outing? The special day is this coming Sunday.

Wapello County ready for absentee primary voters
Sam Wellnitz, Jennifer Dean and Rhonda Schleuning are all vying for the office, which is now being filled on an interim basis. In other competitive districts, the major parties will determine who will fight for a House seat later this year.

German Diplomat Vows To Preserve Iranian Deal
Russian President Vladimir Putin (L) meets with his Iranian counterpart Hassan Rouhani in Tehran, Iran November 1, 2017. Russian diplomats did not see reason for rupture.

Melaye's Arrest Wasn't The Reason We summoned the IGP, Says Senate
Igbodo, who hinted that the police was going to challenge the position of the Senate in court, said, "That declaration, we are going to challenge it".

IDF ordered to open bomb shelters on the Golan heights
Lebanon's National News Agency reported Israeli jets circling over Lebanese territory early on Thursday before exiting. They are trying to transfer forces and deadly weapons there with the explicit goal of attacking the State of Israel .

John McCain Calls on Senate to Reject CIA Director Nominee Haspel
McCain has been home in Arizona battling brain cancer since the end of previous year , and is not expected to return for the vote. Secretary of State Mike Pompeo tweeted favorably of Haspel, "I had the chance to watch Acting CIA Director Gina Haspel testify".

Microsoft reveals incredible new Dockable Tool Control at BUILD 2018
Typing Win+V will bring up the new Clipboard history experience, where you can actually pin frequently-pasted items. MICROSOFT AND Google appear to have quietly sorted out the mess that was created by the Windows 10 April Update .

VP Pence's Brother Wins Indiana US House Primary
Donnelly, who is facing his first re-election bid, talked with reporters Wednesday morning, hours after the results were called. Braun says he voted in Democratic primaries in the past because in his southern in home Democrats held all the local offices.

Manhunt in Maryland after 'domestic' shooting with multiple fatalities
The police then tracked the suspect, surrounding Snyder's home on all sides, as the latter refused to surrender. She told police she escaped to a neighbor's home for help around 3:45 p.m.

Instagram continue their venture into the music market with 'music stickers'
It could also pose a threat to rival platforms and apps, but that of course depends on how well it takes off with Instagram users. Tapping on it further presents the "Search Music" option along with different tabs like Trending, Moods and Genres.