Saudi Arabia crude exports fall to 7.276m bpd in July

Updated 21 September 2015
0

Saudi Arabia crude exports fall to 7.276m bpd in July

JEDDAH: Saudi Arabia’s crude oil exports in July fell to 7.276 million barrels per day from 7.365 million bpd in June, official data showed.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.
OPEC member Kuwait said recently that it would take time for the oil market to balance itself, indicating the group would continue defending market share despite production cuts to bolster prices.
Other OPEC sources said they expect oil to rise no more than $5 a barrel per year to reach $80 by 2020.
Oil prices fell on Friday, with US crude down about 3 percent, as investors and traders waited to see if the US oil rig count will drop further while OPEC members indicated they would do little to slash output.
Falling share prices on Wall Street, which have provided guidance to oil of late, also pressured crude futures, along with reduced political tensions in the Middle East from US-Russia talks on Syria.
The dollar rebounded to keep a lid on oil and other commodities, after Thursday’s decision by the Federal Reserve to keep US interest rates unchanged drove the currency to a three-week low earlier.
That left attention largely on oil services firm Baker Hughes’s weekly US oil rigs report due at 1700 GMT. US oil drillers have cut rigs over the past two weeks, a sign that renewed price declines since July may be slowing some from returning to the well pad in a bigger way.
“With US output shifts still very much under the microscope, today’s oil rig counts could be a key determinant as to how the complex finishes this week,” said Jim Ritterbusch, analyst at Ritterbusch & Associates, an oil markets advisory in North Wabash, Chicago.
“We expect another decline but one downsized from recent double digit decreases,” he added.
US crude futures were down $1.20, or 2.6 percent, at $45.70 a barrel on Friday.
Brent was off by 60 cents, or 1.2 percent, at $48.48. Despite that, Brent was still headed for its first modest weekly gain in three weeks.
Iran’s deputy oil minister Rokneddin Javadi reiterated Iran’s plans to regain its oil production share once nuclear-related sanctions are removed against Tehran, adding that new oil contracts would be unveiled in coming weeks.
Russia was the only major producer to say on Friday it was likely to cut production at below $40 a barrel.


US poised to end waivers for 5 countries importing Iranian oil

Updated 45 min 28 sec ago
0

US poised to end waivers for 5 countries importing Iranian oil

  • Japan, South Korea, Turkey, China and India were exempted from sanctions until May 2
  • Since November, Italy, Greece and Taiwan have stopped importing oil from Iran

WASHINGTON: The Trump administration is poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from US sanctions if they continue to import oil from Iran, officials said Sunday.
Secretary of State Mike Pompeo plans to announce on Monday that the administration will not renew sanctions waivers for the five countries when they expire on May 2, three US officials said. The others are China and India.
It was not immediately clear if any of the five would be given additional time to wind down their purchases or if they would be subject to US sanctions on May 3 if they do not immediately halt imports of Iranian oil.
The officials were not authorized to discuss the matter publicly and spoke on condition of anonymity ahead of Pompeo’s announcement.
The decision not to extend the waivers, which was first reported by The Washington Post, was finalized on Friday by President Donald Trump, according to the officials. They said it is intended to further ramp up pressure on Iran by strangling the revenue it gets from oil exports.
The administration granted eight oil sanctions waivers when it re-imposed sanctions on Iran after Trump pulled the US out of the landmark 2015 nuclear deal. They were granted in part to give those countries more time to find alternate energy sources but also to prevent a shock to global oil markets from the sudden removal of Iranian crude.
US officials now say they do not expect any significant reduction in the supply of oil given production increases by other countries, including the US itself and Saudi Arabia.
Since November, three of the eight — Italy, Greece and Taiwan — have stopped importing oil from Iran. The other five, however, have not, and have lobbied for their waivers to be extended.
NATO ally Turkey has made perhaps the most public case for an extension, with senior officials telling their US counterparts that Iranian oil is critical to meeting their country’s energy needs. They have also made the case that as a neighbor of Iran, Turkey cannot be expected to completely close its economy to Iranian goods.