EghtesadOnline: The United States is likely to renew waivers to sanctions for most countries buying Iranian crude, including the biggest buyers China and India, in exchange for pledges to cut combined imports to below 1 million barrels per day.
EghtesadOnline: Buckle up: commodities are gyrating as equity market turmoil sends ripples through everything from crude to copper. So far on Monday we’re in the green, but there’s much to look out for. Earnings season is going full tilt, and it’ll be dominated this week by gold miners including Barrick Gold Corp. just as bullion’s role as a haven comes in for scrutiny. There’s also a report from Bunge Ltd., the trading giant coveted by Archer-Daniels-Midland Co.
EghtesadOnline: T he price of Iran’s light crude oil settled up $1.69 a barrel at $69.23 in the week to Jan. 12, in line with a rally that has pushed global prices to their highest levels in three years.
EghtesadOnline: Saudi Arabia told OPEC it pumped 10.07 million barrels a day in June, a person with knowledge of the data said, exceeding its production limit for the first time since brokering a deal to curb global crude supply to counter a glut.
EghtesadOnline: Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year.