抖阴短视频

SINGAPORE: Oil prices dipped on Wednesday as rising output and US sanction waivers that allow Iran鈥檚 biggest buyers to keep taking its crude reinforced the outlook for a well-supplied market.
Front-month Brent crude oil futures were at $72.04 per barrel at 0337 GMT, down 9 cents, or 0.1 percent, from their last close.
US West Texas Intermediate (WTI) crude was at $61.92, down 29 cents, or 0.5 percent, from its last settlement.
Brent and WTI have slumped by 17.4 and 19.7 percent from recent peaks touched in early October.
US bank J.P. Morgan said the 鈥渟ell-off in oil was due to excessive crude鈥� from rising production 鈥渨hilst Iranian supply was still in the market.鈥�
Washington re-imposed sanctions against Iran鈥檚 oil exports on Monday but granted waivers to its biggest customers, allowing them limited imports for the next 180 days.
Refinitiv Eikon data showed Iranian crude exports have fallen to 1 million barrels per day (bpd) so far in November, down from around 3 million bpd in mid-2018.
But Iran supply is expected to rise after November as waivers are used to start ordering more Iranian oil.
鈥淲aivers are likely to be more extensive than the market expected,鈥� energy consultancy FGE said, estimating that waivers overall would allow 1.2 to 1.7 million bpd of exports.
What鈥檚 more, a flotilla of supertankers carrying around 9 million barrels of Iranian oil worth about $650 million is sitting outside China鈥檚 Dalian port.
Most ships arrived in the last 30 days, shipping data showed, as Iran tried to get as much crude as possible into markets before the sanctions took effect.
鈥淲ith the waivers, prices can be managed in the $70-$80 per barrel range, with the upside at around $85 per barrel and the downside limited to $65 per barrel,鈥� FGE said.
Beyond Iran, US bank Morgan Stanley said 鈥渟upply continues to come in higher-than-expected, particularly from the US, Middle East OPEC, Russia and Libya.鈥�
Output from the world鈥檚 top-three producers Russia, the United States and 抖阴短视频, broke through 33 million bpd for the first time in October. These three countries now meet more than a third of global consumption.
Iraq, second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), plans to raise output to 5 million bpd in 2019, from 4.6 million bpd currently.
Eyeing the wave of new supply, Morgan Stanley lowered its year-end and first-half 2019 Brent price forecast from $85 per barrel to $77.50.
Inventories are also swelling.
US crude stocks climbed by 7.8 million barrels in the week ending Nov. 2 to 432 million, data from the American Petroleum Institute showed on Tuesday.
J.P. Morgan said 鈥済lobal floating storage has increased by 3.6 million barrels since July 鈥�18 to 33.9 million barrels.鈥�
Despite the well-supplied market, J.P. Morgan still warned 鈥渢he risk to supply remains very high鈥� due to geopolitical risk and a 鈥渓ack of spare capacity.鈥�
Part of this risk comes from Venezuela, where crude production is in 鈥渇ree-fall鈥� and could soon drop below 1 million bpd, the International Energy Agency鈥檚 Executive Director Fatih Birol said on Tuesday, down from the more than 2 million bpd it averaged last year.