Oil Prices steady: OPEC says it could offset Iranian supply losses

Oil Prices steady: OPEC says it could offset Iranian supply losses

The United States said on Tuesday that it plans to impose new sanctions against Iran after abandoning an agreement reached in late 2015 that curbed Tehran's nuclear activities in exchange for removal of USA and European sanctions.

Commercial oil inventories in the Organization for Economic Cooperation and Development-a group of industrialized, oil-consuming nations that includes the US -fell by 12.7 million barrels in March, to stand at 2.829 billion barrels, OPEC said.

The global oil demand outlook for 2018 has been increased by 150,000 barrels daily to 98.85 mln barrels per day.

Despite this, OPEC's latest report said producers were cutting more than required under the deal, while producers not party to the agreement, such as US shale companies, were starting to face constraints on future output.

Some oil analysts have said they expect Iranian crude exports to fall by as little as 200,000 barrels per day (bpd), while others put the figure closer to 1 million bpd.


Although Dhar thinks there may be more upside to come for prices, he suggests higher U.S. output should prevent oil prices from surpassing $100 a barrel in 2019.

In a report on Monday, Opec said oil inventories in developed nations in March fell to 9 million barrels above the five-year average.

WTI oil prices rose 0.3 percent on Thursday to close at $71.4 per barrel as investors weighed the potential disruption to oil flows from major exporter Iran in the face of US sanctions.

Crude oil futures were flat Monday moring as OPEC raised its forecast for non-OPEC production due to the U.S. shale oil boom. Tight and shale formations are expected to average 5.76 million barrels a day, accounting for 94% of total US petroleum supply in 2018, according to OPEC.

"Soaring U.S. shale output will continue to put a cap on prices", said Hussein Sayed, chief market strategist at futures brokerage FXTM.

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