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#China, alongside #India, are the top two buyers of Iranian #crude #oil. The Chinese Foreign Ministry signaled last Wednesday (May 2) that it wasn't in support of the #US quitting the deal, but stopped short of criticizing any specific country.
The market will find ways to circumvent any sanctions, such as transferring supplies between floating storage, using barter trade, or not using U.S. banks. For instance, Iranian traders have the option of trading in Chinese yuan-denominated crude oil futures on the Shanghai International Energy Exchange - circumventing any restrictions on dollar-denominated trade and U.S. banks. What seems to be certain is that the market will look for ways to trade Iran oil even amid sanctions, particularly as Iranian oil prices are likely to fall and be discounted.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
No matter what #Trump says on #Iran, China will probably ignore him
https://www.cnbc.com/2018/05/08/china-a-major-iran-oil-importer-would-resist-any-us-sanctions.html
The market will find ways to circumvent any sanctions, such as transferring supplies between floating storage, using barter trade, or not using U.S. banks. For instance, Iranian traders have the option of trading in Chinese yuan-denominated crude oil futures on the Shanghai International Energy Exchange - circumventing any restrictions on dollar-denominated trade and U.S. banks. What seems to be certain is that the market will look for ways to trade Iran oil even amid sanctions, particularly as Iranian oil prices are likely to fall and be discounted.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
No matter what #Trump says on #Iran, China will probably ignore him
https://www.cnbc.com/2018/05/08/china-a-major-iran-oil-importer-would-resist-any-us-sanctions.html
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#Crude #oil prices ended down about 2% on Tuesday (May 8), but off the lows for the day, after President Donald #Trump confirmed the #US will withdraw from the deal with #Iran to curb its nuclear program. Iran produces about 3.8 million barrels per day (bpd) and the country is the third-biggest producer among the #OPEC, behind Saudi Arabia and Iraq. Its production accounts for about 4% of the world’s oil supplies.
A majority of Iran’s exports currently go to #Asia, with #Europe receiving about 600,000 bpd. #Brent crude futures settled 1.7% lower at $74.85 a barrel while U.S.# WestTexasIntermediate (WTI) #crudefutures ended the session 2.4% lower at $69.06 per barrel. Trading volumes in both contracts rose, with about 1.2 million front-month WTI contracts changing hands, its busiest trading day since the OPEC agreement to cut output was struck on Nov. 30, 2016. More than 507,000 lots of front-month Brent crude futures changed hands, the highest since early February.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
Oil recoups some losses after Trump pulls U.S. out of Iran nuclear deal
https://www.reuters.com/article/us-global-oil/oil-recoups-some-losses-after-trump-pulls-u-s-out-of-iran-nuclear-deal-idUSKBN1I902D
A majority of Iran’s exports currently go to #Asia, with #Europe receiving about 600,000 bpd. #Brent crude futures settled 1.7% lower at $74.85 a barrel while U.S.# WestTexasIntermediate (WTI) #crudefutures ended the session 2.4% lower at $69.06 per barrel. Trading volumes in both contracts rose, with about 1.2 million front-month WTI contracts changing hands, its busiest trading day since the OPEC agreement to cut output was struck on Nov. 30, 2016. More than 507,000 lots of front-month Brent crude futures changed hands, the highest since early February.
#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #JCPOA
Oil recoups some losses after Trump pulls U.S. out of Iran nuclear deal
https://www.reuters.com/article/us-global-oil/oil-recoups-some-losses-after-trump-pulls-u-s-out-of-iran-nuclear-deal-idUSKBN1I902D
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Why Lithium Is About To Replace Oil | Seeking Alpha
seekingalpha.com
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#PTT eyeing buy of US$1bn #oil or #gas asset; http://www.eog-asia.com/ptt-eyeing-buy-of-us1bn-oil-or-gas-asset/
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#Oil is back - priced above $USD 70 for the first time since 2014! http://ow.ly/QAze30jTSBA #Gasoline #OPEC #Russia #Venezuela #Iran #Trump #Economy #Jobs #Commodities #Canada #Keystone #GasPrice #Gold #Silver #Bullion #PreciousMetals #Hedge #Invest
Oil tops $70 for first time in four years on growing supply worries | Financial Post
business.financialpost.com
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U.S. #oil prices vaulted above $70 a barrel in early trading Monday, reaching that level for the first time since November 2014. #OilAndGas #oilprice
Oil prices surge above $70 a barrel
chron.com
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