• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 2 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 8 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 2 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 9 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 13 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours An Indian Opinion on What is Going on in China
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 14 hours Can Technology Keep Coal Plants Alive and Well?
  • 2 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 3 days Perfect Energy Storm in Europe: turning our back on fossil fuels is easier said than done!
  • 7 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 12 hours Storage of gas cylinders
  • 4 days Nord Stream - US/German consultations
Delta Airlines Warns Of Quickly Rising Fuel Costs

Delta Airlines Warns Of Quickly Rising Fuel Costs

Delta Air Lines Inc. delivered…

U.S. Oil And Gas Dealmaking Slows Down In Q3

U.S. Oil And Gas Dealmaking Slows Down In Q3

Mergers and acquisitions in the…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

The U.S. Will Ensure A “Well Supplied Oil Market”

“We will ensure prior to the reimposition of our sanctions that we have a well supplied oil market,” the special U.S. envoy for Iran, Brian Hook told the United Nations General Assembly yesterday. Hook, however, did not go into any detail as to how exactly this will happen. Even so, oil prices briefly subsided, helped by what some called a “surprising” build in U.S. oil inventories as estimated by the American Petroleum Institute.

Earlier this week, prices spiked, with Brent hitting US$81 a barrel for the first time since 2014 on the back of clear signals from Saudi Arabia and Russia that they have no immediate intention of increasing production further.

“Given the numbers we saw today, that (an output increase in 2019) is highly unlikely unless we have surprises on the supply and demand,” Saudi Energy Minister Khalid Al-Falih said last weekend during the OPEC+ meeting in Algeria.

“Oil demand will be declining in the fourth quarter of this year and the first quarter of next year. So far, we have decided to stick to our June agreements,” Russia’s Energy Minister Alexander Novak added. Related: How The EU Is Helping Iran Skirt Sanctions

The United States last month said it will release 11 million barrels from the Strategic Petroleum Reserve, to be sold in November and December, but this amount is more than modest in the context of global demand. India’s daily import rate last year alone stood at 4.4 million barrels, and it has grown since then. It could, however, curb the rise in domestic gas prices at a very sensitive time for the government: midterm elections.

Besides raising its own exports—at a cost—and convincing OPEC to pump more, there isn’t much Washington could do to ensure ample oil supply to replace lost Iranian barrels. In the meantime, the EU is setting up a mechanism to continue buying Iranian crude and keep the nuclear deal in place, and has invited outside partners to join it in these efforts. How much weight would Hook’s assurance have with European leaders as a way of swaying them away from continuing to do business with Iran is highly uncertain.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News