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Oil nears $80 a barrel as concern grows over global supply
16 September 2018, 10:54 | Kelvin Horton
Oil up over 2% on concerns over Iran, slower US output growth
USA light crude settled down $1.78, or 2.5 per cent, at $68.59 a barrel.
The IEA also said that higher output from OPEC managed to more than offset seasonal declines from non-OPEC members.
Weaker quiz in Organization for Economic Cooperation and Pattern (OECD) individuals in Europe and Asia, as effectively as higher gas prices within the US, place some downward stress on the tempo of quiz yelp, while shakiness in emerging markets over alternate disputes and weakened currencies pose a risk to quiz outlook for 2019.
OPEC in its latest monthly report believes global supplies will be just fine moving forward: it stated that oil supply this year will grow by 2.02 million barrels per day (bpd) despite making a downward revision of 64,000 bpd from its last report; next year, non-OPEC oil supply is expected to grow by 2.15 million bpd, a minor upward revision of 17,000 bpd.
Benchmark Brent crude oil LCOc1 was up 50 cents at $77.87 a barrel.
"Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.
Also supporting prices were supply concerns surrounding USA sanctions on Iran.
Oil prices rose on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.
Further oil price increases could trigger a slowdown in domestic or global economic growth, which could further complicate the U.S.' Iran policy and Trump's domestic political situation.
Futures in NY dropped as much as 0.8 per cent after two days of gains. Mexico accounts for more than half of this total and continues to be the largest single-destination concentration for any US petroleum export.
Nigerian crude oil differentials were largely unchanged yesterday, after a series of offers from Shell for October-loading cargoes drew no buyers, and even BP, which has been an active bidder this week, showed unwillingness to pay higher prices.
EIA forecast total global liquid fuels inventories to decrease by 0.4 million barrels per day in 2018 compared with 2017, followed by an increase of 0.1 million barrels per day in 2019.
USA light crude fell $1.15 to a low of $69.22 a barrel and was last at $69.50, down 87 cents.
"We are entering a very crucial period for the oil market".
Despite fear of disruptions to global oil supplies and curbs on production, OPEC sees global oil supplies as sufficient - it's demand people should be worrying about.
US production has returned to 2014 boom levels, but the energy agency said USA output will grow more slowly next year due to bottlenecks in getting oil to markets. In August, OPEC's second-largest producer saw near-record production at 4.65 million bpd.
While Iran's liquefied petroleum gas (LPG) exports in August jumped to the highest in almost two years, mostly thanks to China which imposed tariffs on U.S. LPG, Tehran lost customers in East Africa-Kenya and Tanzania have stopped importing LPG from Iran due to the sanctions, according to Platts tracking data and sources.
Hurricane Florence weakens to Category 1 storm
After landfall, the storm is expected to linger over the area for a few days, which would result in rising river levels and lakes. Days of intense rainfall could dump more than three feet of rain on the Carolinas, as the storm stalls when it reaches the coast.
NASA footage reveals the 'menacing' Hurricane Florence
North Carolina Governor Roy Cooper said the impact of the storm would be widespread, hitting the coast early Friday morning. A total of 3 storms have been spotted by the satellites as of September 13: Joyce, Isaac, and Helene.