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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil prices inch upwards as Iran nuclear deal takes centre stage

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 01 May 2018 08:08 GMT

Uncertainty as to the continuation of the current nuclear deal between Iran and 6 world powers continues to loom. Israel's prime minister accused Iran of lying about a its nuclear capabilities, 12 days ahead of the U.S. reviewing the nuclear deal. Allegedly, Israel has evidence of the allegations whereas Iran dismisses the accusations as "propaganda". News regarding this topic could cause a lot of oil price volatility in the coming days. Sanctions were lifted in 2015 after Iran and world powers signed a deal which limited the country's nuclear programme. Next major potential market mover could be 12 May where the U.S. is to renew the deal.

OPEC oil production in April could be around one-year low at 32.12 mio. barrels per day, which is 70,000 bpd lower than March according to a Reuters survey. Venezuela, Angola and Nigeria production declined while Saudi Arabia and Iraq increased production last month.

Turning to the financial markets, U.S. decided to delay the steel and aluminum tariffs for Mexico, Canada and the EU by another month as talks and negotiations are ongoing

Today is a holiday in many countries and hence trade volumes could be smaller than usual, potentially causing intraday price fluctuations.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






Related Links:

US production still increasing, but so is geopolitical risk
A/S Global Risk Management Ltd.

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