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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Mixed news keeps Brent in the upper seventies

By A/S Global Risk Management.



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


Updated on 21 Sep 2018 07:39 GMT

Oil prices fell slightly yesterday on the U.S. President's tweet and news of record Iraqi exports. However, Iran's oil production heading for two-year low supports prices.

An airfield at a large oil field in Libya, Wafa, reopened after a period of blockades. The airfield transports workers and equipment to the oil field which produces around 40,000 barrels of oil per day.

The U.S. President yesterday commented on current oil price levels and in a tweet urged OPEC to lower oil prices. OPEC and a row of non-OPEC oil producers will meet in Algeria on Sunday to discuss - among other things - how to offset the soon-to-come missing barrels when U.S. sanctions against Iran kick in, taking around 1 mio. barrels per day off the market. Iranian exports of oil have already dropped from 79.8 mio. barrels in July to 67.7 mio. in August as some buyers are looking elsewhere in an attempt to comply with the U.S. request to avoid trading with Iran. Iran's oil minister, however, stated that the country, an OPEC member, will "block any OPEC decision that poses the slightest threat to Iran".

Iraqi oil exports have reportedly increased this month to an average of 3.6 mio. barrels per day - up from 3.58 mio. barrels per day in August, which was a record high.

Turning to economic data, today sees Euro Zone, German and U.S. Manufacturing PMI, Bank of England Quarterly Bulletin. Next week, the U.S. central bank will release its interest rate decision as well as a statement and Economic Projections. The release could cause some financial market jitters, which could spill over to the oil market.



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.






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