Published: Thu, September 27, 2018
Markets | By Otis Pena

United States 'dream' of halting Iran's oil exports won't come true: minister

United States 'dream' of halting Iran's oil exports won't come true: minister

Trump, who spoke at the United Nations General Assembly in NY yesterday, lashed out at OPEC and its allies for keeping oil price high, saying that high oil prices negatively affect the economies of the world.

"If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil".

The US is looking to ease market tensions about global crude supplies, which largely lie at the US administration's feet to begin with.

"We're on the verge of some significant volatility in Q4 2018 because depending on the severity and duration of the Iranian sanctions, the market simply does not have an adequate supply response for a 2 million barrel a day disappearance of oil from the markets", Jaeggi said.

"It would be good for the price of oil for Iran to be able to sell it", the French leader said.

The American Petroleum Institute (API) yesterday reported a build of 2.903 million barrels in U.S. crude oil inventories for the week ending September 21, compared to analysts' expectations of a draw of 1.279 million barrels.

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The U.S. President spoke against the backdrop of rising oil price, which rose Monday to a four year-high at $81 per barrel and to $82 per barrel yesterday.

"It's hard to believe that the Saudis won't answer the call at some point, especially if prices tick much higher", said John Kilduff, a partner at Again Capital in NY. US light was $1.25 higher at $72.03.

US officials say they are ramping up pressure on allies and adversaries alike with a goal of shutting down all Iranian oil and gas exports by November 4, following Mr. Trump's decision to pull out of the global nuclear accord with Tehran in May.

OPEC and non-OPEC including Russia, Oman and Kazakhstan, met at the weekend to discuss a possible increase in crude output. "We believe the combination of tight supply, healthy demand, falling global inventories - down from already under-stored levels - and anemic spare capacity helps support an oil price that could end the year above 90 dollars", he said.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $72.41 a barrel, up 84 cents, or 1.2 percent from their last settlement.

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