Iran Exports Fall Causing Oil Prices To Rise – 15 October, 2018

Iranian oil exports fell and in September and oil prices rose this week ahead of U.S. sanctions set to start in November against Tehran. Brent crude’s December delivery is up 27 cents and 0.33 percent to $81.05 per barrel, while West Texas Intermediate crude’s November delivery is up 12 cents to $71.90 per barrel. In April, Iran was exporting roughly 2.5 million bpd before President Trump withdrew from a nuclear deal with Iran. In September, exports were down to 1.6 million bpd, and during the first two weeks of October, Iran’s exports dropped to roughly 1.33 million bpd. Oil prices are also on the rise due to tensions over disappeared Saudi journalist Jamal Khashoggi in Turkey and President Trump’s threat of “severe punishment” for the kingdom if the allegations are true.