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London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England


Westminster Group Share Chat (WSG)



Share Price: 7.25Bid: 7.00Ask: 7.50Change: 0.60 (+9.02%)Riser - Westminster
Spread: 0.50Spread as %: 7.14%Open: 6.65High: 7.75Low: 6.65Yesterday’s Close: 6.65


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Docit
Posts: 1,113
Opinion:No Opinion
Price:9.15
More to do with oil than JCPOA
15 Mar '19
But the effort noticeably stops short of cutting Iran’s exports to “zero,” as top U.S. officials repeatedly discussed last year. “Zeroing out could prove difficult” one source with knowledge of the deliberations told Reuters. The source added that a Brent price of $65 was “the high end of Trump’s crude price comfort zone.” Brent topped $68 per barrel during midday trading on Thursday.

President Trump hates high gasoline prices more than he hates the Iranian regime. The U.S. backtracked on its bellicose position last year when Brent surged above $80 per barrel just ahead of the implementation of sanctions. It’s doubtful that this time would be any different. Cutting Iran’s oil exports to 1 mb/d is a much more attainable goal than zero.

Importantly, the U.S. won’t have the help of Saudi Arabia this time around. Riyadh ramped up oil production to 11 mb/d last year, adding more than 1 mb/d in new supply in the months leading up to sanctions. When the U.S. backtracked, prices crashed because the market was suddenly not as tight as everyone had expected.

Having been burned by Trump, the Saudis are unlikely to be as amenable to his demands for more production. “The way that the Saudis were misled by the U.S. president concerning Iran sanctions is something that they can still taste,” Ed Morse, head of commodities research at Citigroup, told Bloomberg. The difference the tone coming out of Riyadh between 2018 and 2019 is stark. Last year, the Saudis tried to soothe the market, repeatedly reassuring everyone on adequate supply. They, along with their partners, abandoned their production cuts to avoid price spikes




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