Iran's Oil Production, Exports Not Impacted By Protests

Iran's Oil Production, Exports Not Impacted By Protests

Iran's Oil Production, Exports Not Impacted By Protests

Oil prices rebounded in mid-morning trade on Thursday, having earlier sunk after the International Energy Agency increased its forecast for US oil output growth in 2018, raising the prospect of excess supply. But prices have rallied almost 50 percent since the middle of the year on robust demand and strong compliance with the production limits. Brent crude sold for $66.70 a barrel and WTI cost $60.39 a barrel at 10:10 a.m.in NY trading.

Brent crude prices were up 0.22 per cent at $67.02 per barrel this morning after hitting $67.27 earlier in the day, a high not seen since May 2015. Brent crude futures were last up 45 cents at $66.62 a barrel at 1932 GMT.

In a research note published late Monday, Goldman lifted its Brent price forecast for next year to $62 a barrel and its WTI projection to $57.50 a barrel.

Analysts expect U.S. production to top 10-M BPD in the next few weeks and to keep growing, limiting efforts by other producers to cap global supplies.

For the whole of 2017, Russia's average annual oil production increased for a ninth year in a row.

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“The U.S. shale impact is now encroaching on uncharted territory, ” analysts at RBC Capital Markets wrote this month, saying it had “redrawn the global crude flow map.”.

A possible rise in United States oil production may pose a threat to higher oil prices. Inventories are down by nearly 20 percent from historic highs last March, and well below this time previous year or in 2015.

Even without the unrest in Iran, which is a major oil exporter, market sentiment was bullish.

Oil prices have lost ground in the days following last week.

"Independent E&P firms will be particularly attractive to larger independents and integrated oil companies", Moody's said in its 2018 credit trends report.

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