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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil rises to more than 2% after US withdrawal from Iran's nuclear deal

    Rocky
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    • Post n°1

    Oil rises to more than 2% after US withdrawal from Iran's nuclear deal Empty Oil rises to more than 2% after US withdrawal from Iran's nuclear deal

    Post by Rocky Wed 09 May 2018, 1:33 am

    [ltr]Oil rises to more than 2% after US withdrawal from Iran's nuclear deal[/ltr]
    [ltr]Economie[/ltr]
     From 2018-05-09 at 08:59 (Baghdad time)
    [ltr]Oil rises to more than 2% after US withdrawal from Iran's nuclear deal 25[/ltr]
    [ltr]Follow up of Mawazine News[/ltr]
    [ltr]Oil prices rose more than 2 percent to a three-and-a-half-year high on Wednesday after US President Donald Trump pulled out of an international nuclear deal with Iran, a move likely to limit Opec's crude exports to a struggling market. Already scarcity of supply.[/ltr]
    [ltr]Trump announced on Tuesday evening that the United States would withdraw from the 2015 agreement, increasing the risk of conflict in the Middle East and raising uncertainty about global oil supplies.[/ltr]
    [ltr]World benchmark crude rose to $ 75.76 a barrel to its highest level since Wednesday's session, its best performance since November 2014. It was $ 76.66 a barrel at 0137 GMT, up $ 1.81, or 2.4 percent, from its last close.[/ltr]
    [ltr]US West Texas Intermediate crude futures rose 1.51 dollars, or 2.2 percent, to 70.61 dollars per barrel, also nearing their highest level since late 2014.[/ltr]
    [ltr]"The biggest event tonight is President Trump's cancellation of the nuclear deal with Iran in 2015. It is therefore likely that sanctions will be imposed again on Iran, which will definitely affect its oil exports," said William Olaflin, an investment analyst at Rifkin Securities.[/ltr]
    [ltr]If Trump reinstates major US sanctions, he will have to wait at least 180 days under US law to do so unless another agreement is reached before the end of that period.[/ltr]
    [ltr]Analysts at RBC Capital Markets said Iran's exports could fall by 200,000 to 300,000 barrels as a result.But Iranian officials said their country's oil industry would continue to develop even if Washington withdrew from the nuclear deal.[/ltr]
    [ltr]The sanctions imposed by the United States and the European Union on Tehran in early 2012 because of its nuclear program led to a drop in Iranian oil exports from a peak of 2.5 million barrels per day before sanctions to just over one million barrels per day.[/ltr]
    [ltr]But Iran emerged as a major crude exporter in January 2016, when international sanctions were suspended in exchange for restrictions on its nuclear program, with exports in April reaching 2.6 million bpd.[/ltr]
    [ltr]That makes Iran the third largest source of crude within OPEC behind Saudi Arabia and Iraq.[/ltr]
    [ltr]Iran says it is seeking to increase its oil production capacity to 4.7 million bpd over the next four years.[/ltr]
    [ltr]Opec, Russia and other producers have begun cutting oil supplies from January 2017 in an effort to get rid of oversupply and raise prices. Participants in the reduction extended this agreement until December 2018 and will meet in June to review their policy.[/ltr]
    [ltr]In the meantime, Saudi Arabia, Iran's regional rival, has expressed a desire to continue to narrow the gap between supply and demand in crude markets.[/ltr]
    [ltr]The kingdom, the world's largest exporter of crude, has opposed the nuclear deal for fear it would boost Iran's economic power and allow it to increase the funding of proxy conflicts in Lebanon, Syria, Iraq and Yemen.[/ltr]


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