Gas prices rise as motorists make Memorial Day plans

Oil near Nov. 2014 highs firm as markets tighten amid OPEC cuts, Iran sanctions

Elsewhere, supply concerns have been mounting over the last week after President Donald Trump the U.S. pulled out of the Iran nuclear deal - a move that reimposes sanctions on Iranian barrels. The immediate aftermath has seen tensions between Israel and Iran rise in Syria, already leading to one military clash.

Almost 90% of the projected 1.7m bbl/day crude supply growth expected this year from non-OPEC countries is likely to come from the U.S., with the country also standing as the key driver of global uncertainty in the market, club of oil-producing nations OPEC said on Monday.

South Korea imported 1.24 million tonnes of Iranian crude, or 303,025 barrels per day (bpd), in April, down from 1.41 million tonnes from past year, according to the customs data.

Much of the Iran's oil exports head to Asia now, with over than 1.5 million barrels per day sent to the likes of China, Japan, South Korea, and India.

In the end, he said, "US President Donald Trump had earlier announced that he will not renew Iran's sanctions relief". While those nations have vowed to stand by the agreement, there is little likeliness that United States allies would side with Iran in this issue. South Korea, according to The New York Times, will seek an exemption from US sanctions so that it can continue to import Iranian oil.

Brent crude oil reached $79.22 a barrel, up 99 cents and its highest since November 2014.

Iran's oil buyers continue to buy its crude, assessing the implications of the sanctions during the 180-day wind-down period.

Guardiola says City's points record may last years
City are due to celebrate their title success on Monday with an open-top bus parade through the streets of Manchester. Liverpool ended up in fourth place for the second straight season.

Shortly after Trump's pullout announcement, a number of reports by Bank of America Corp suggested that the Iran-related move coupled with a dip in Venezuela's oil production will lay a heavy burden on global crude oil markets.

Rosneft's oil and gas condensate output in the first quarter was down 1.2 percent year on year because of the global supply pact with OPEC, the company said on Monday.

The OPEC's report also put Iran's oil output, based on direct communication, in the mentioned month at 3.804 million bpd, near 2,000 bpd fall from 3.806 million bpd in the previous month.

The global oil picture has dramatically changed in the past year.

The U.S. decision to leave the Iran nuclear deal had largely been priced into the oil markets ahead o the announcement.

BofA analysts, however, expect that strong global demand and supply constraints will support higher prices for at least the next 18 months "as long as global demand does not suffer from the ongoing threats of trade wars and policy uncertainty".

Related news:

Hot News

isis-killer-beheading-video-story-top WWE Raw: Roman Reigns attacks Jinder Mahal, Ronda Rousey accepts challenge
May 15, 2018 - 22:40
Jax had approached Rousey as she was giving an interview at the NBCUniversal Upfront event in New York City. Out of those six wrestlers, only Baron Corbin has been in a Money in the Bank ladder match before.

isis-killer-beheading-video-story-top IndyCar Grand Prix Predictions 5/12/18 Who Will Win?
May 15, 2018 - 22:40
They assessed no penalties for contact between two-time race victor Simon Pagenaud and rookie Jordan King . Seven drivers led the race, tying a record set in 2014, and there were 214 total passes.

isis-killer-beheading-video-story-top Europe, Iran seek to save nuclear deal after United States pullout
May 15, 2018 - 22:38
The exacerbation of relations between Israel and Iran over Syria has sparked Moscow's concern, the Russian Foreign Ministry said. Zarif was in Moscow to meet Russian Foreign Minister Sergei Lavrov on Monday, a day after visiting leaders in Beijing.

isis-killer-beheading-video-story-top Australia probes Google over user data
May 15, 2018 - 22:38
Further, referring to My Account in the settings, it says that users have full control over their data and how it can be used. Australian telecoms companies are now asking Google about the accuracy of the allegations.

isis-killer-beheading-video-story-top Israel Heads to Eurovision Finals for Fourth Year in a Row
May 14, 2018 - 06:06
If you prefer to watch online, Eurovision 2018 will also be shown live on SBS On Demand , the broadcaster's web platform. Well, only the best, strangest, most eclectic TV song contest that has ever existed.

isis-killer-beheading-video-story-top Karnataka elections: BJP, Congress confident of win, reject possibility of hung assembly
May 14, 2018 - 06:05
Rahul Gandhi and chief minister Siddaramaiah led the Congress' bid to ensure that it defies anti-incumbency to retain power. Voters wait in a queue to cast their ballot outside a polling station during Karnataka assembly elections in Bengaluru .

isis-killer-beheading-video-story-top 35 people infected with salmonella tied to egg recall
May 14, 2018 - 06:04
People in Pennsylvania, New Jersey, West Virginia, North Carolina, South Carolina, Florida and Colorado were also affected. It is generally contracted from contaminated poultry, meat, eggs and water, and affects the intestinal tract.

isis-killer-beheading-video-story-top Seattle Mariners vs. Detroit Tigers, 5-13-2018 - Expert Prediction
May 14, 2018 - 06:02
Cano was hit on the back of the hand near the pinky finger by an inside fastball from Tigers left-handed starter Blaine Hardy . They have yet to win consecutive games or lose consecutive games over their last 10 following Saturday's doubleheader split.

isis-killer-beheading-video-story-top Amitabh Bachchan's epic reaction after watching Avengers: Infinity War
May 14, 2018 - 05:56
Universal's Breaking In , a thriller produced by Will Packer , followed at No. 3 with $16.5 million from 2,532 cinemas. Amitabh Bachchan received a lot of help from people on social media so that he could understand Infinity Wars .

isis-killer-beheading-video-story-top Pyongyang: Nuclear test site will be dismantled between May 23-25
May 13, 2018 - 01:05
Located in mountainous terrain in the northeast of the country, Punggye-ri is less than 100 miles (160 kilometers) from China. Pyongyang's pledge may open the way in which for airways to route flights by means of North Korean airspace.

isis-killer-beheading-video-story-top United States stealth fighters intercepted Russian bombers near the western coast of Alaska
May 13, 2018 - 01:05
F-22 fighters, stationed in Alaska, visibly inhibited and recognized the Russian bombers until they left the recognition zone. That incident, in which Russian aircraft came within 20 feet of the Navy surveillance plane, was criticized by a U.S.

isis-killer-beheading-video-story-top Europe Draws up Economic Plan to Confront US Sanctions
May 13, 2018 - 01:04
Even the USA needs global partners, she cautioned, saying: "No country is big enough to face this world alone". USA light crude CLc1 was down 10 cents at $71.26, having touched a 3-1/2 year high of $71.89 on Thursday.

isis-killer-beheading-video-story-top Juve-Milan 4-0, here are the player ratings
May 13, 2018 - 01:04
There was controversy over the Juve opener, with the Diavolo claiming an off the ball foul as Medhi Benatia headed in from a corner.

isis-killer-beheading-video-story-top 19-yr-old sentenced to death for murdering husband who raped her
May 13, 2018 - 01:02
Outside the court, where the case is heard Nura Hussein, gathered hundreds of its supporters. "The case of Noura is different". Forced child marriage and marital rape are not considered crimes in Sudan, and can not be used as evidence in a defence.

isis-killer-beheading-video-story-top Cohen episode humbles AT&T's vaunted Washington lobbying corps
May 13, 2018 - 00:50
Novartis said this week that it had provided information about its dealings with Cohen to the special counsel. Novartis said it had cooperated fully and considers its role in the matter closed.