Oil Prices Rise as Iranian Crude Exports Fall

Oil Prices Rise as Iranian Crude Exports Fall

Trump said Wednesday he talked to Saudi authorities "at the highest level" about Khashoggi, whom Turkish officials say may have been killed in a visit to the Saudi consulate in Istanbul last week.

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed.

Iran's economy is expected to shrink by 1.5 percent in 2018 and by another 3.6 percent in 2019, the International Monetary Fund (IMF) said in the October update of its World Economic Outlook, heavily downgrading the Islamic Republic's growth prospects with the return of the US sanctions. "Iran's oil can not be replaced by Saudi Arabia", the minister added.

Oil prices, which account for about 80 percent of Saudi public income, have increased by more than 70 percent since June previous year to over $80 a barrel. Of course, the notion of sufficient supply will be tested soon, as will both Saudi Arabia's and OPEC's spare production capacity will be called on to maintain this supply.

In an attempt to compel Iran to agree to a new accord, Trump reinstated sanctions that targeted the Iranian government's purchase of U.S. dollars, Iran's trade in gold and other precious metals, and its automotive sector.

Both Iran and Russian Federation have condemned the Trump administration for withdrawing from the deal, a move that will reimpose USA sanctions suspended under the accord to choke off the Iranian economy.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. Some sanctions took effect from August 6 while those affecting the oil and banking sectors will start from November 4.




White House spokeswoman Sarah Sanders said National Security Advisor John Bolton, Secretary of State Mike Pompeo and Trump's aide and son-in-law Jared Kushner had all spoken to Prince Mohammed over the past two days over the case.

The International Energy Agency made a direct appeal to Opec and other major oil producers to boost output, warning that prices are inflicting damage on the global economy.

"We're demanding everything", Mr Trump said when asked if he was demanding information from the Saudis.

U.S. sanctions against Iran will kick in from November 4, which will block payment routes. Investors remain concerned the Organization of Petroleum Exporting Countries and its allies aren't raising output quickly enough and that they may not have the capacity to fully cover disappearing volumes. One of the officials said China may cut back by more than expected, while India remains a wild card.

"Obviously, all countries in the Persian Gulf region want to sell their oil, and the world is in need of this region's oil and other energy resources", the top Iranian diplomat said.

"We make our policies very clear to those countries. This is an obvious fact".

Oil prices saw declines of more than 1% on Monday as U.S. officials report potential sanction waivers to the nations which show efforts to reduce their imports of Iranian oil.

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