Oil prices drop as oversupply looms amid global market woes

Oil Drops on Stock-Market Swings

Chinese Bank Stops Iranian Oil Transactions Ahead of US Sanctions

"That is coinciding with warnings of plateauing, or even declining, production elsewhere in the world".

Oil prices are on the rise again after comments from OPEC, a group comprised of the largest oil producing countries, indicating that it plans to curb production. US efforts to isolate Iran and its crude output, as well as spiraling Venezuelan production, haven't been enough to serve as a geopolitical counterweight to the selloff.

There have been concerns about an economic slowdown worldwide partly because of trade disputes between the US and China, the world's two largest economies.

However, a global collapse in equities has roiled oil markets this week.

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The report also noted that "total volumes of crude oil and condensate coming off the market will become more apparent in the months following the full implementation of sanctions in November", and added that it will be watching the reaction from OPEC and friends "to compensate for lost supplies". Also, the report pointed that prices can remain on the higher end due to the winter months, supply side constraints in Venezuela and Libya and impending resolution between the United States and Saudi Arabia. Also this week, commodities were hit by a US stock sell-off as risk aversion spread through financial markets.

The impact of Iranian sanctions or Venezuela's falling output would have been muted a couple of years ago, when supply was plentiful.

There are so far no signs of any actual supply squeeze and some believe that without the current geopolitical uncertainties, oil prices would still be stable.

A healthy and transparent venue will be established as part of the plan to exploit the potential of the non-government sectors in oil exports, NIOC said in a statement on October 13.

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Phil Flynn's accurate and timely forecasts have come to be in great demand by industry and media worldwide.

Mohammadbagher Forough, a research associate at the Clingendael Institute and assistant professor of International Relations at Leiden University explained to Qantara.de that the US sanctions against Iran are a ideal economic and energy opportunity for China for three reasons. The International Brent Crude saw a fall of $3.33 per barrel, down by 4.2%, at $76.50 this afternoon. The American crude also slipped by about $1.05 and was trading at about $66.28.

For years, shale helped keep enough spare capacity in global markets that volatility began to feel like a relic of the past.

Oil is poised for the longest weekly losing streak since August.

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