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Oil prices diverge and Iran threatens to veto OPEC

2018-09-20 09:33 am | Resource: News | No Views : 238

 Oil prices were mixed on Thursday, while US crude rose for a third consecutive session, helped by weak double-digit inventories, which announced heavy price hikes.

Iran threatens to oppose OPEC's quota system change

Bijan Namdar Zankana, Iran's oil minister, told the press that $ 80 per barrel of Brent crude was "appropriate" and estimated that the price would not rise. He added that the United States and "some" members of the Organization of the Petroleum Exporting Countries (OPEC) will prevent further pumping more oil. The minister, who will not attend the cartel meeting and producer representatives headed by Russia in Algiers, said his government would veto any decision that ran counter to its interests.

Iran is facing an obstruction of its crude oil exports when full US sanctions enter into force on Nov. 4. The so-called OPEC Plus initially agreed to compensate for the gaps in production quotas, with Venezuela particularly reducing shipments, but the government in Tehran insists on not covering part of the gap. Some producers violated the terms of the global deal, Zankan claimed and denied the oil bloc had the right to decide on the targets at the summit on September 23.

Oil and other energy contracts
  • The WTI rose delivery in November by 0.59% at 10:31 CET, trading at $ 71.19 a barrel.
  • While Brent crude for delivery in the month was 0.25% in the green zone for today, at $ 79.6 per barrel.
  • New York's New York Mercantile Exchange futures contract rose 26 cents, or 0.37 percent, to $ 71.03 a barrel by 9:06 GMT.
  • Gasoline futures rose 0.26% to $ 2.0283 a gallon at 9:13 GMT
  • , While heating oil rose 0.39% to $ 2.2554 per gallon.
  • Finally, natural gas futures traded 0.24% to $ 2.901 per million British thermal units.

Other analysis

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