Planned Iran sanctions, tight supply send oil to new multi-year high

Oil steady near multi-year highs as US drilling rises

Oil steady near multi-year highs as US drilling rises

However, imports have fallen this year, partly reflecting a cut in supplies to South Korea by the National Iranian Oil Co due to lower production and the start of a new splitter, sources have said.

US light crude was 26 cents lower at $70.69 a barrel, also not far off its highest since November 2014. On Friday, prices dropped 66 cents to $70.70.

Oil climbed to a three-year high above $79 a barrel in London on heightened political risks in parts of the Middle East following unrest in Gaza and the return of sanctions against Iran.

OPEC and Saudi Arabia made similar statements past year at the beginning of their initiative to curb oil production, and some pundits took this to be a way to avoid any predictions that could prove wrong of higher oil prices resulting from their cutbacks.

Explosions in Jalalabad leave 9 dead, 36 injured
He said security forces killed six of the attackers after two of them carried out suicide attacks near the building's entrance. The attack targeted the tax and revenue office of Nangarhar Province in the city center of Jalalabad on May 13.

Total volume traded Monday was about 15 percent below the 100-day average.

Consequently, the price of Brent and WTI rose from $76.80 to $77.99 and $70.50 to $70.91 respectively in the global market.

Futures for September delivery rose 1.6% to 472.8 yuan a barrel on the Shanghai International Energy Exchange.

Total shale spending is expected to rise 20% year on year in 2018 and 16% in 2019, with the bulk of investment expected to flow into the U.S., compared 3.5% for total non-OPEC spending this year and 8.1% the next as producers start to increase their capital expenditure. Opec has an adequate "buffer" of potential production to offset barrels lost from a re-imposition of Iranian sanctions, he said in an interview with Bloomberg Television.

Donald Trump is teaming up with China
As a presidential candidate, Donald Trump said in 2015: "China, taking our jobs, taking our money". President Trump has intervened in the ZTE drama.

In Beijing, Iranian Foreign Minister Javad Zarif met with his Chinese counterpart Wang Yi at the Asian nation's invitation, marking his first stop on a diplomatic tour after the United States withdrew from the nuclear deal. Mr Zarif is scheduled to meet the British, French and German foreign ministers this week. March inventories were only 9m barrels above 5 year averages.

"However, even though unilateral USA export sanctions may not impose as significant an impact on the market for Iranian crude as previously, even a moderate impact will likely require cuts to existing production".

Oil price is now trending towards $80 per barrel following bullish trading that heightened yesterday in the global market which saw the price leap to $78 yesterday, up from $67 April average. Prices at the pump jumped 6 cents nationwide last week.

North Korea to destroy nuclear site ahead of U.S. summit: KCNA
It should be noted, however, that it is not yet clear if North Korea will also allow disarmament experts to come monitor the work. Located in mountainous terrain in the northeast of the country, Punggye-ri is less than 100 miles (160 kilometers) from China.

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