Oil eases, but Iran sanctions keep Brent above $80 a barrel

Iran to continue exporting crude despite fresh US sanctions – official

The oil market is bracing for a hit to global supplies from USA sanctions affecting Iran's petroleum sector, due to come into force in November.

Brent crude prices rose to a almost four-year high above above $82 a barrel on Tuesday after OPEC and its allies said they would stick to the plan they agreed to in June.

According to the Goldman analysts, led by Damien Courvalin and Jeffrey Currie, production from other OPEC producers and Russian Federation will offset losses out of Iran.

He said: "OPEC and OPEC nations are as usual, ripping off the rest of the world, and I don't like it, nobody should like it".

A Nigerian oil industry official said the Organization of the Petroleum Exporting Countries will act to balance the market after oil prices hit a four-year high, but its options may be limited by available spare capacity.

And then they take advantage of us by giving us high oil prices. USA light was $1.25 higher at $72.03.

"Generally speaking, the EIA inventories were bearish with gasoline inventories rising and a significant increase in gasoline imports", said Andrew Lipow, president of Lipow Oil Associates in Houston.

The website of Iran's oil ministry, Shana.ir, quotes the minister, Bijan Zanganeh, as saying the "U.S. dream of getting Iran's oil exports (effectively) to zero won't come true".

Commerzbank said in a note that "the latest rise in oil prices is due primarily to Trump himself. he has focused the market's attention on the Iran sanctions again, even though the market is adequately supplied at present thanks to the increase in OPEC and Russian production".

Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

The price of oil has been steadily going up since the early months of 2017.

However, he did say that Seoul hasn't bought any Iranian crude "for three continuous months". "Given the current oil market scenario, we believe prices of crude oil are to rise around $78/bbl -$80/bbl unless the number of rigs deployed by the by the United States are increased", said credit ratings agency CARE Ratings.

At the same time, the demand worldwide is reaching 100 million barrels per day for the first time in history.

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