Iran oil minister holds Trump responsible for rising oil prices

Iran oil minister holds Trump responsible for rising oil prices

This week, oil prices rose above $82 per barrel for the first time since 2014 as Iran is losing its crude exports ahead of Trump's sanctions against it oil sector coming into force early November.

Case in point: Russian Federation, whose deputy energy minister, Pavel Sorokin, said on Monday that production of hard-to-recover oil is expected to rise by 10 percent to 860,000 bpd this year, and that "Many of our companies have advanced in this direction".

Brent LCOc1 fell 18 cents to settle at $84.80 per barrel, a day after hitting a four-year high of $85.45.

Futures rose as much as 0.4 percent in NY after closing Monday at the highest since November 2014.

The 15-member Organisation of the Petroleum Exporting Countries pumped a 2018 high of 32.85 million barrels per day in September, according to the Reuters monthly survey, up by 90,000 bpd from August's revised level.

U.S. President Donald Trump spoke to Saudi King Salman on Saturday on ways to maintain sufficient supply.

The sanction comes into effect on November 4, 2018, and it is created to cut crude exports from the third-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC).

More news: Yale classmate accuses Kavanaugh of ‘blatant mischaracterization’ of his college drinking

Many analysts say OPEC will struggle to cover a decline in exports from Iran. Meanwhile, the new U.S. -Mexico-Canada Agreement, which superseded the 24-year-old North American Free Trade Agreement, eased some concerns about global commerce. However, China's Sinopec 600028.SS is halving loadings of crude oil from Iran this month, in a sign that pressure from Washington is having an effect.

The Iranian oil minister further advised the United States to suspend sanctions against Iran to calm the market, adding that in the current situation, there is no shortage in the market, but the United States' provocations are increasing the prices.

Saudi Arabia, the world's biggest oil exporter and OPEC's de-facto leader, is expected to raise output to the market to offset cuts in Iranian production.

With about 1.5 million barrels per day of Iranian oil expected to go offline on November 4, prices could "rocket higher with the flashy $100 per barrel price tag indeed a reasonable-sounding target" if investors doubted the Saudis' ability to respond with enough extra output, he said.

Analysts cautioned that economic expansion might be weakening due to soaring crude prices and several currencies in emerging markets, including India's rupee and Indonesia's rupiah falling.

Britain's Barclays bank, however, said on Tuesday that "OPEC has ample spare capacity".

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