Oil prices down on Friday, China strives to abandon imports from Iran

Posted 26 October, 2018

On Friday, oil quotes have gone down which is partly related to the Beijing's order to local national oil companies.

According to the news reports, Beijing has lately ordered two national oil companies in China –  China National Petroleum Corp and Sinopec – stop importing Iranian oil. However, it is unknown whether these measures are permanent, so there are expectations in the market that they may be short-lived.

In this context, December WTI futures decreased on NYMEX to $66.69/bbl; Brent futures were recorded at $76.28/bbl.

For reference, the new US restrictions against Iran are about to come into force beginning from early November. Notably, there were reports that the US final target might be completed suspension of from Iran as a way to isolate the country.

Earlier, some support came from the statement of the OPEC representatives, saying that they might have to impose production restrictions again on rising global oil reserves. Such a move can affect the relations between OPEC and Donald Trump.

Adeeb Al-Aama, Saudi OPEC governor, told Reuters that the oil market can face excessive supply driven by the Q4 reserves hikes and slower demand.

The governor believes Saudi Arabia should revise the policy following the message of Saudi energy minister Khalid al-Falih. Specifically, he expressed the kingdom's readiness to cover any shortage that could result from Iran's sanctions.

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26 October, 2018 12:46

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