Iran Suffers Longest Gap In Oil Shipments To China Since 2015

Oil prices eased on Wednesday, having neared its highest level this year after a drop in USA crude inventories and the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.

"Things are tightening up", the agency said in its monthly report, but added: "As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the USA dollar raising the cost of imported energy".

Oil markets were also watching Hurricane Florence offshore the United States amid surging demand for gasoline and diesel, although crude output will not be affected on the storm's current route.

US crude stocks fell 5.3 million barrels in the week to September 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the US Energy Information Administration (EIA) said on Wednesday.

As investors grow concerned that Iranian sanctions may leave the market short of crude oil, November Brent crude futures now trade at a premium of $0.47 over the December contract, highest since May.

Crude oil prices gained traction on Tuesday and finally staged a decisive recovery with the barrel of West Texas Intermediate breaking above the $69 mark.

Since spring when the Trump Administration said it would impose sanctions on Iran, crude traders have priced in a risk premium reflecting the supply shortages that may occur when exports from the third-largest OPEC member are cut.

Former PM Mulroney urges Ottawa to make a deal on NAFTA
When asked about Kudlow's comments, Foreign Affairs Minister Chrystia Freeland said bluntly: "He's not at the negotiating table". The governing Liberal Party is holding its caucus retreat in Saskatoon on Wednesday and Thursday and it's not known whether Ms.

Jon Hamm Would Be Interested in Playing Batman: ‘Why Not?’
He does clarify, however, that he's just riffing, as he's never "had a conversation with anyone about it, literally". So, if the opportunity presented itself to tackle the role of the Dark Knight, he would consider it.

Mac Miller Fans Held a Beautiful Hometown Vigil In Blue Slide Park
The exact cause of death is not expected to be known until a full toxicology report has been finalized in four to six weeks. In multiple interviews Miller said he had started using drugs including cocaine and opiates when he was just 15 years old.

With Middle East crude markets also tightening because of the USA sanctions against Iran, many Asian refiners are seeking alternative supplies, with South Korean and Japanese imports of US crude hitting a record in September.

"Market participants are now evaluating this development in conjunction with potential for further declines in oil output from Iran and Venezuela, which portrays a significantly bullish picture on prices", said Abhishek Kumar, senior energy analyst at Interfax Energy in London. "This is a huge uncertainty on the market - how countries, which buy nearly 2 million barrels per day of Iranian oil, will act".

That price range could be "tested" as the oil market enters "a very crucial period", the Paris-based agency said in its monthly report.

Combined output by these three producers has risen by 3.8 million bpd since September 2014, more than the peak 3 million bpd Iran has managed during the last three years.

With Middle East crude markets also tightening, many Asian refiners are seeking alternative supplies, with South Korean and Japanese imports of US crude hitting a record in September.

But it said rising demand could also be checked.

Chinese media Xinhua said the U.S. Energy Information Administration (EIA) forecast on Tuesday that U.S. crude oil production will average 10.7 million bpd in 2018, up from 9.4 million barrels bpd in 2017, and will average 11.5 million barrels bpd in 2019.

Related News:

  • Spotify now lets you download up to 10,000 tracks per device

    Spotify now lets you download up to 10,000 tracks per device

    Spotify has quietly lifted its 3,333 song download limit with its latest software update, according to Rolling Stone . Spotify apparently only allows you to download 3333 songs to a device at a time.
    Brown signs bill requiring 100% clean electricity, updating RPS

    Brown signs bill requiring 100% clean electricity, updating RPS

    About 26.9% of the state's generation now comes from hydro, with 26.9% from renewables and 43.3% from natural gas. Assemblywoman Lorena Gonzalez Fletcher, D-San Diego, left, who carried the bill in the Assembly, reacts.
    New Apple Watch To Detect Abnormal Heartbeats

    New Apple Watch To Detect Abnormal Heartbeats

    The front camera is the same as the iPhone XS with a 7MP f/2.2 TrueDepth camera that also supports Portrait Mode and Animoji. Apple's event last night saw the arrival of three new iPhones and an upgraded version of the Apple Watch .
  • 'Sabrina' Teaser Offers a Creepy Look at Life as a Teenage Witch

    'Sabrina' Teaser Offers a Creepy Look at Life as a Teenage Witch

    A satanic panic (or is that just her teacher's name?) is just one thing Sabrina has to worry about as she blows out her candles. Chilling Adventures of Sabrina hits Netflix just in time for Halloween, on October 26 .

    IPhone XS, XS Max: First Impression | ETPanache

    Throughout 2018, Apple has been offering out-of-warranty battery replacements at a discount for some iPhone models. Chinese users however, will be able to actually use two physical SIMs with the new phones.
    See Hurricane Florence for yourself with these webcams

    See Hurricane Florence for yourself with these webcams

    The photos in Gerst's post capture Florence mid-churn, winds up to 130 miles per hour whipping around the storm's eye. Boarding up his home in Myrtle Beach, S.C., Chris Pennington watched the forecasts and tried to decide when to leave.
  • Tennis umpires reportedly mulling boycotting Serena Williams matches after US Open flap

    Tennis umpires reportedly mulling boycotting Serena Williams matches after US Open flap

    The WTA validated Williams' complaint that the penalties were sexist and would not have been initiated if Williams were a man. Will rules change in Serena's matches? She said on Tuesday both sides shared the blame for the incident.
    Tesla Wireless Phone Charger will return with a price cut

    Tesla Wireless Phone Charger will return with a price cut

    However, the highlight of the charger is its design which is similar to that of Apple's . When it was initially listed, the Tesla wireless charger was listed for $65.
    Mobile, Ericsson sign $3.5 billion 5G agreement

    Mobile, Ericsson sign $3.5 billion 5G agreement

    All four major United States operators have advanced 5G roadmaps with the first services due to go live later this year. Both European vendors have undoubtedly benefited from the USA clampdown on Chinese rivals Huawei Technologies Co.
  • Hurricane Florence could 'kill a lot of people'

    Hurricane Florence could 'kill a lot of people'

    This morning, the radar loop out of Morehead North Carolina is beginning to show those fans of heavy rain closing in on the coast. With the storm expected to "stick" on the high-pressure ridge, moving north, west, or northwest seems to be safest.
    Kofi Annan's life celebrated at state funeral

    Kofi Annan's life celebrated at state funeral

    She described how her husband was always excited to return home, and thanked Ghana for giving the world such an extraordinary man. Annan was re-elected for a second term in 2001 and was succeeded by South Korea's Ban Ki-moon on January 01, 2007.
    Japan's Bid to End Whaling Ban is Top Issue at Conference

    Japan's Bid to End Whaling Ban is Top Issue at Conference

    Japan says that it uses both lethal and non-lethal methods, but that some information can only be gleaned after killing. The commission banned commercial whaling in the 1980s, but Japan is proposing to reinstitute it with catch limits.


Most liked

Mark Carney will lead Bank of England through Brexit
The announcement of Carney's appointment in 2012 came as a surprise, as Mr Carney had previously denied interest in the role. Sir Jon Cunliffe, the deputy governor with responsibility for financial stability, has also been re-appointed, it added.

Bucks great Ray Allen inducted into Basketball HOF
Scott followed Driesell and Hill and said if the Duke guys were going to go over their time limit, the Carolina guy can, too. Grant Hill thinks his Hall of Fame classmate Ray Allen is being undersold if he's only remembered as a 3-point shooter.

Bezos to launch network of preschools: 'The child will be the customer'
Mr Bezos' net worth has risen by $64.7 billion this year alone as Amazon's shares have surged. Its vision statement comes from Mary's Place, an emergency shelter in Seattle.

Dont play games with it: Florence takes aim at Carolinas
Florence's center will approach the North and SC coast late Thursday and Friday but it's unclear where it will make landfall. Henry McMaster's message is pretty blunt: If you live in an evacuation zone, hit the road soon.

Liverpool winger Shaqiri: Klopp always demanding more
Meanwhile, Liverpool FC will return to Premier League action on Saturday lunchtime when they travel to Tottenham Hotspur . Sadly they didn't win a title but now we try to make a step forward and try to win titles.

East Coast Gasoline Prices Are Surging Ahead Of Hurricane Florence
ET, Florence was 530 miles southeast of Cape Fear, N.C., moving west-northwest at 17 mph, the National Hurricane Center says . But it's such a large storm that the rain will keep coming down in the region no matter where it wanders.

Assassin's Creed Odyssey Trailer Goes All-In on Player Choice
CHOOSE YOUR OWN PATH Your decisions shape the world around you with over 30 hours of choice dialogue and multiple game endings. Find uncharted locations, uncover hidden treasures, or fight your way through entire fleets in naval battles.

Monkeypox mayhem as second case found
Monkeypox is a rare yet typically non-dangerous infection caused by a virus native to Central and West Africa. The lesions progress to become small, fluid-filled blisters before scabbing over and falling off.

We could have handled Rohingya crisis better, admits Aung San Suu Kyi
Myanmar has denied allegations of atrocities, saying its military carried out justifiable actions against militants. Many Rohingya are fearful of returning to Myanmar if their safety and rights can not be guaranteed.

Check out the official iPhone XS, XS Max and XR promo videos
It has the same upgraded technology as the iPhone XS phones, and you can take Bokeh portrait shots with the help of software. Apple on Wednesday announced that they had stopped selling the iPhone 6 series and Android users won't let iPhone lovers be.

Overmars: Barcelona can try but De Jong not leaving in January
However, Overmars is adamant de Jong will not be leaving the club, even if Barca were to make an improvement on Tottenham's offer. De Jong is under contract at Ajax until 2022, so any bid would have to be astronomical to be accepted.

USA bishops to work with Vatican on abuse
Pope Francis will meet with USA cardinals and bishops Thursday to discuss the sex abuse scandal , according to the Vatican. In a letter to priests on Tuesday, he said he would be returning to Rome soon to discuss his resignation.

Turkish lira surges against United States dollar
Erdogan's son-in-law Berat Albayrak, who already serves as treasury and finance minister, will become the acting chairman of the fund.

Erdogan appoints himself chairman of Turkey's sovereign wealth fund
Rental and sale agreements in Turkey are often offered in euros and dollars to foreigners living in the country. Turkey's lira jumped sharply following news of the rate increase.

Author of 'How To Kill your Husband' charged with hubby's murder
Brophy's murder". "Divorce is expensive, and do you really want to split your possessions?", she wrote. She is scheduled for her first court appearance on Thursday afternoon.