US Sanctions Drive Iran's Economy Into Recession

10 Octubre, 2018, 08:53 | Author: Arnold Perez
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Worldwide benchmark Brent crude traded at around $83.38 on Monday, down almost 1 percent, while U.S. West Texas Intermediate (WTI) stood at around $73.81, around 0.7 percent lower.

West Texas Intermediate (WTI) crude CLc1 was down by 16 cents, or 0.2 percent, at $74.8 a barrel, after rising almost 1 percent in the previous session.

Oil also dropped as investors focused on rising output from other producers, such as top exporter Saudi Arabia, to compensate for lower Iranian supplies.

US sanctions will target Iran's crude oil exports from November 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.

In August, Trump reimposed economic sanctions against Tehran and said that anyone doing business with Iran would not be doing business with the US.

Hedge funds cut their bullish wagers on USA crude in the latest week to the lowest level in almost a year, data showed on Friday.

Besides, New Delhi sought to get around the restrictions by supplying goods including wheat, soybean meal and consumer products to Iran in exchange for oil.

The Indian Oil Corporation and Mangalore Refinery and Petrochemicals have ordered a total 1.25 million tonnes of crude.

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Importantly for the market, the United States appears to be softening its tough stance against buyers of Iranian oil and the possibility of some exemptions or in some cases, extension of time limit is real. "Iran's oil can not be replaced by Saudi Arabia", the minister added.

In the previous round of USA sanctions on Iran from 2012 to 2015, India continued to purchase Iran's oil although it was forced to dramatically reduce its purchases to protect its wider exposure to the us financial system.

The EIA reported crude supplies rose by 8 million barrels for the week ended September 28 - the largest weekly climb year to date.

Strangely, the market has ignored the fact that total OPEC output last month was at its highest level this year; and also the fact that Russian Federation and Saudi Arabia had agreed informally to raise output in the coming months.

The discrepancy of 300,000 bpd in the statistics attests to an underlying campaign to create the sense that Iran's exports are dropping fast, with some market analysts even claiming the losses were faster than they expected.

In the United States, almost 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael.

Several models call for the Hurricane to miss major producing assets in the Gulf, but any change of track could widen the impact.

Trade tensions and rising import tariffs were taking a toll on commerce, while emerging markets struggle with tighter financial conditions and capital outflows, the International Monetary Fund said.

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