US Iran envoy aims to end Iran oil exports without price spike

US Iran envoy aims to end Iran oil exports without price spike

US Iran envoy aims to end Iran oil exports without price spike

But Iran supply is expected to rise after November as waivers are used to start ordering more Iranian oil. Pledges by other producers such as Saudi Arabia to pump more and record American supply as well as rising stockpiles also weighed on prices.

Oil notched its longest losing streak in four years as expanding US stockpiles overshadowed supply concerns from the Persian Gulf to Latin America.

Iranian state TV quoted the minster, Bijan Zanganeh, as saying he sees the months ahead as "painful months for oil consumers". But, fearing a price spike, it granted Iran's biggest buyers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey - sanctions waivers.

America has already overtaken Russian Federation and Saudi Arabia to become the world's largest producer and figures from the US Energy Information Administration (EIA) suggest it was averaging 11.6 million barrels per day last week. The group's average price is below Saudi Arabia's fiscal breakeven price which is just under $80/bbl this year.

Meanwhile, Opec's production in October reached the highest level since 2016, and Russian Federation hiked its output last month to a post-Soviet record of 11.4 million barrels a day. Those countries are now pumping at near record levels with figures suggesting 33 million barrels per day, or a third of the world's oil, is being produced by the trio. Tehran worries OPEC and non-OPEC countries such as Russian Federation will increase their production to fill the gap in response. The sanctions were announced in May, leading to peak prices in early October as the market was contemplating the impact about the potential diminished supplies.

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On the other side of the equation, there is an expectation that crude demand may be starting to soften, reflecting weaker prospects for the world economy.

The first round of USA sanctions, which included cars, carpets, metals trading and access to the United States dollar, entered into force in August. Demand is also slowing from emerging markets due to the strength of the dollar.

The January futures for Brent on London's ICE Futures exchange at 12:21 in Kyiv fell by $0,84 (1,19%) to $69,81 per barrel.

That may led to crude stockpiles, as has been seen in the U.S., growing further. Russia's TASS news agency reports that Russian Federation and Saudi Arabia are in bilateral talks to orchestrate another round of output cuts when producers meet next month. "I think there are windows where you could perceive it to be tight, and I think the markets got caught into that", Christyan Malek, head of EMEA oil and gas research at J.P. Morgan told CNBC on Friday. Overall exports have since fallen to 1.8 million bpd, according to energy consultancy Wood Mackenzie, which estimates volumes dropping to 1 million bpd.

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