News Oil 

Iran says no OPEC member can take over its share of oil exports

“Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November” reports businessinsider.com. Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq.A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf Thomson Reuters LONDON (Reuters) – Iran told OPEC on Sunday no member country should be allowed to take over another member’s share…

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Futures Markets News Oil 

Oil ticks higher as Saudi Arabia clips production

“Oil futures moved higher Tuesday after Saudi Arabia said it had cut production in July, on top of market expectations for lighter Iranian output” writes Rachel Koning Beals for marketwatch.com. Oil market observers are looking ahead Tuesday to weekly U.S. oil inventory data from the American Petroleum Institute, an industry group.Total Russian oil output, meanwhile, rose by around 20,000 barrels a day in July, to average 11.27 million barrels a day, OPEC said.Saudi Arabia told the Organization of the Petroleum Exporting Countries that it had reduced crude output by 200,000…

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News Oil 

Saudi Arabia cuts oil production in July despite agreement to hike output

“At the same time, product prices have generally followed the upward trajectory of crude oil prices.”” writes Hasan Jamali for cnbc.com. OPEC’s oil production ticked higher in July, but cuts by top exporter Saudi Arabia weighed on the 15-member group’s output just one month after it agreed to start pumping more crude.”Compared to a year earlier, there has been an overall improvement in crude oil prices in 2018,” OPEC said in its monthly report.President Donald Trump is aiming to cut Iran’s oil exports to zero by November, a policy that…

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Markets News Oil 

US sanctions on Iran could push oil prices above $90 a barrel by year-end, analyst says

“U.S. sanctions on Iranian crude could soon push oil prices above $90 a barrel, one oil analyst told CNBC Monday, amid heightened energy market fears of a looming supply shock” writes Ali Mohammadi Bloomberg for cnbc.com. Investors are seen weighing bullish factors that include potential supply disruptions to Iranian crude exports against more bearish indicators, such as a ramp-up in production by OPEC and its allied partners. The decision has helped to put a lid on a price rally, with crude futures falling more than 7 percent since climbing above…

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Markets News Oil 

Oil prices rise as concerns about oversupply ease

“He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are “without basis”” writes Nick Oxford for cnbc.com. Saudi Arabia moved on Thursday to allay fears of oversupply.Brent oil rose 22 cents, or 0.3 percent, to $72.80 by 0034 GMT, after falling 32 cents on Thursday.Prices have been dragged down by concerns about oversupply as some production returned after outages, while trade tensions stoked fears of damage to economies and commodities. Source: cnbc.com Share This:

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News Oil 

Setback for Trump: Saudi Arabia won’t export much more oil this month, official says

“Meanwhile, Saudi crude oil exports are poised to drop by 100,000 bpd in August compared with July” writes Jonathan Ernst for cnbc.com. Saudi exports were about 7.2 million bpd in June, an industry source told Reuters.The commentary from Saudi Arabia could be aimed at preventing oil prices from falling too far too fast, said John Kilduff, founding partner at energy hedge fund Again Capital.July exports from OPEC’s top producer will be roughly in line with last month’s total, the Dow Jones reported, citing Saudi OPEC governor Adeeb Al Aama.Oil prices…

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News Oil Regulators 

Higher gas prices doesn’t hurt the U.S. economy as much anymore, the Fed says

“When oil prices soared earlier in the decade, higher gas prices hurt the economy far less than expected” writes Jeffry Bartash for marketwatch.com. Higher oil and gasoline prices just don’t hurt the U.S. economy like they used to anymore.Expanding U.S. oil production has contributed to the glut and that could help keep prices from high as OPEC seeks.While higher prices at the gas pump slam consumers, the economy has benefited from all the new jobs, new businesses and tax revenues generated by a surge in domestic drilling for oil and…

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News Oil 

World oil supply risks being stretched to limit…

“The large number of disruptions reminds us of the pressure on global oil supply,” the IEA said” reports france24.com. Rising global oil supply, driven by crude giants Saudi Arabia and Russia, may come under pressure as key producers face disruptions, the International Energy Agency said Thursday. “Even so, global oil output was 1.25 million barrels per day higher than a year ago as rampant US output underpinned healthy non-OPEC growth.”.  Source: france24.com Share This:

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News Oil 

U.S. oil little changed, but Brent crude climbs as traders weigh outlook for global supplies

“Brent crude, however, inched higher, finding continued support from production disruptions in Libya and Venezuela” writes Markets Commodities Reporter for marketwatch.com. Backwardation refers to a situation where prices for oil for delivery in the near future are higher than those for later deliveries.Crude-oil benchmarks moved in different directions Monday, with U.S. prices making modest moves on the back of signs of rising supplies. Monthly oil reports are also due from OPEC Wednesday and from the International Energy Agency Thursday. Source: marketwatch.com Share This:

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News Oil 

Trump keeps lashing out about rising oil prices — but he could be partly causing them

“Trump wants lower oil prices while at the same time his administration is trying to zero out 2.5 million barrels per day of Iranian oil exports” writes Oilprice Com for businessinsider.com. If the U.S. succeeds in blocking Iran from exporting its oil, OPEC would struggle to offset the missing barrels. Source: businessinsider.com Share This:

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