Run oil firms could turn to United States crude after sanctions on Iran

Institutional Positioning Data per CFTC Commitment of Traders Favors Crude Bulls

The final Opec communique may have deliberately, at the behest of Falih, left out any mention of the exact amount of the planned output rise to silence Iran and its allies struggling with meeting their assigned quotas.

A veteran of OPEC diplomacy for more than two decades, the prince, a son of King Salman, was instrumental in getting the initial production pact together in 2016.

The State Department official, who spoke on condition of anonymity, said the USA will be talking in a week or so "with our Middle Eastern partners to ensure that the global supply of oil is not adversely affected by these sanctions".

Stocks were also propelled upward by shares of consumer discretionary companies and by General Electric Co, whose shares rose 7.8 percent after the company said it would spin off its healthcare business and divest its stake in oil-services company Baker Hughes. That's below the 5-year average level of around 425 million barrels.

Iran had struck the JCPoA (Joint Comprehensive Plan of Action) deal with the USA, the UK, Russia, China, France and Germany after years of negotiations. He further accused the U.S. of waging an economic war against Iran after it withdrew from the Iran Nuclear Deal.

Tech stocks rebounded from a sharp sell-off on Monday, after USA government officials said plans were in the works to block firms with at least 25 percent Chinese ownership from buying US companies with "industrially significant technology".

Following the development, Bloomberg reported that Russian Federation and Saudi Arabia were seeking a new super-OPEC oil alliance, offering the OPEC members a permanent body with its own constitution and secretariat. The latest news were that Libyan National Army had passed control of the country's oil ports to a non-officially recognized National Oil Corporation affiliated with the eastern government of the country based in Benghazi. In a special address on Thursday afternoon, Haley said, "The world is united against Iran having nuclear weapons because we all have good reason to worry about what Iran would do with those weapons".

Saudi Arabia will exercise more market power than at any time since the Iranian revolution and Iraq's invasion caused Iranian output to plummet in 1980/81.

Removing Iranian oil from the global market by November as called for by the United States is impossible, an Iranian oil official told the semi-official Tasnim news agency on Wednesday.

He said that such speculations have been put to rest by statements issued by the US State Department. "I regret to say they are both ridiculing our organisation", Iran's OPEC governor Hossein Kazempour Ardebili told Reuters on Thursday. "This is not about oil companies", said another oil company executive.

"Other countries, including those in Europe, are moving to obtain oil from different countries and areas".

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