Guangdong Sheng, China – August 28, 2018 – Despite the recent sanctions on Iran, oil prices jumped by 2 percent on Friday, thus overturning the recent declines due to fears of decline in global supplies. A major factor was the news that Unipec of China will resume its purchasing of US crude oil from October.
US crude oil rose by over 4.8 percent weekly, a positive development after declining seven times in a row. Brent also rose by 5.9 percent, breaking a three-week decline in prices.
The surge in oil prices also indicates that the fundamental outlook has turned positive. The expected shortage of Iranian oil supplies has led to the recent price depression, as well as the fallout of the trade war, which led to halting of oil purchase by Unipec for two months.
Iran is currently ranked third in the OPEC group, with shipments of 2.5 million barrels per day of crude and condensate. In terms of global consumption, it supplies 2.5 percent of oil. The fears of global crude supply are, however, still looming large due to the US sanctions that were applied this month and this has been reported to limit shipments.
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