Iran will export crude oil despite US pressure

Iran will export crude oil despite US pressure

From a broader perspective, the barrel of WTI remains underpinned by the supply disruption threats from Venezuelan falling output and additional United States sanctions on Iran.

But since then, Washington has said it would consider waivers on Iranian sanctions and worries about a trade war between Washington and Beijing have threatened to hit future demand for oil, the sources said.

However, according to energy expert John Kilduff, the Iranian sanctions could actually push up the price of crude oil on the West Texas Intermediate by as much as 30% by this winter.

Crude oil "prices could reach $80 and higher in the short term", the bank said, although it added that despite these developments global supply may exceed demand next year. A stronger U.S. dollar makes the USD-denominated oil more expensive for the foreign buyers.

USA oil prices edged up on Tuesday, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. However, in the third week of August, prices bounced back to $70 per barrel.

"Despite this, OANDA's Innes said it was too early to say whether an economic slowdown would put a serious dent on oil prices". OPEC and Russian Federation, the world's largest producers, promised to boost supply a few days afterwards.

Other voices, however, cautioned on the risks to oil demand if turmoil in emerging markets starts hitting economic growth.

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Iranian President Hassan Rouhani said Tuesday his country will continue exporting crude oil despite USA efforts to stop it through sanctions. Increased tariffs on Chinese imports will also increase the prices American consumers pay for a wide array of once cheap goods.

"There is increasing concern about the impact of the sanctions on Iran", said John Kilduff, a partner at New York-based hedge fund Again Capital LLC.

People often focus on the supply side. but what happens if China reduces its consumption? "So we are looking at both sides of this discussion", Mohammed bin Hamad Al Rumhy told CNBC's Hadley Gamble Monday. The storm, however, never became a hurricane and by Wednesday energy companies and port operators along the U.S. Gulf Coast took steps to resume operations.

"And I think, and many people agree with me, that the demand will be impacted - so that's not good for us".

Elsewhere, crude exports via Russia's key export ports in August rose nearly 10% month on month, according to preliminary data from Transneft, the operator of national trunk oil pipelines and port terminals, as producers ramped up output on the back of the OPEC/non-OPEC coalition's decision.

This came as India allowed state refiners to import Iranian oil if Tehran arranges and insures tankers.

Iran suffered the biggest output drop across the group, of 240,000 bpd, pushing its production down to 3.5 MMbpd.

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