Arab Today, arab today market coping with iran exit
Last Updated : GMT 11:21:26
Arab Today, arab today
Arab Today, arab today

Market coping with Iran exit

Arab Today, arab today

Arab Today, arab today Market coping with Iran exit

London - Arabstoday

The global oil market is well supplied and can cope with the loss of Iranian crude to Western sanctions, oil officials and executives, including the heads of Total and Royal Dutch Shell, said this week. An increase in global crude supplies and falling crude prices have helped cushion the impact of sanctions targeting Iran’s controversial nuclear programme. “The market is well supplied. There is no shortage,” the head of French oil firm Total said at a conference in Malaysia when asked if he was concerned about the loss of Iranian supply on the oil market. Total’s chief executive Christophe de Margerie added that Brent crude prices had seen “a very important decrease.” Troubles in the eurozone have overshadowed the tensions between the West and Iran, Opec’s second-largest oil producer, after Brent prices hit a record high of $128 a barrel in March. Speaking at the same conference, Royal Dutch Shell CEO Peter Voser said oil prices will weaken further in the second half of this year as demand reacts to a slowing global economy, while international political tensions were fading. “Global demand is softening, we have got recessionary elements in Europe, a small slowdown in Asia Pacific,” Voser told Reuters in an interview earlier this week. “At the same time, some of the geopolitical elements of price volatility over the past few months have kind of receded, and therefore we see a softening of prices which I expect to go well into the second half of this year.” Ahead of a meeting of the Organisation of Oil Exporting Countries (Opec) next week, Algerian Oil Minister Youcef Yousfi also said the market could cope with a drop in Iranian supply. “Yes, there is enough oil in the market,” the minister said when asked whether there is sufficient crude to offset the impact of Western sanctions on Iranian exports. An increase in global crude supplies and falling prices put the market in a better position, said Daniel Yergin, IHS CERA chairman and author of the pulitzer winning work “The Prize: The Epic Quest for Oil, Money, & Power”. “This is a very powerful flotilla of sanctions that are heading towards Iran, it’s never been this powerful,” he said. “What makes a big difference is that there is alternative oil in the market. There is a very concerted effort to ensure that alternative supply that will come into the market to enable the sanctions to work.” Top oil exporter Saudi Arabia has boosted output to the highest level in decades to cool global oil prices and cover any supply disruption.from gulf times.

arabstoday
arabstoday

GMT 21:25 2017 Wednesday ,24 May

Egypt bourse rebounds at beginning of trading

GMT 03:39 2017 Wednesday ,24 May

Saudi stocks drag lower before Ramadan

GMT 05:41 2017 Tuesday ,23 May

Tadawul index stays almost flat

GMT 20:24 2017 Saturday ,20 May

US Stocks Close Higher

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today market coping with iran exit Arab Today, arab today market coping with iran exit

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today market coping with iran exit Arab Today, arab today market coping with iran exit

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show

GMT 21:25 2017 Wednesday ,24 May

Egypt bourse rebounds at beginning of trading

GMT 03:39 2017 Wednesday ,24 May

Saudi stocks drag lower before Ramadan

GMT 05:41 2017 Tuesday ,23 May

Tadawul index stays almost flat

GMT 20:24 2017 Saturday ,20 May

US Stocks Close Higher

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday