BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Trump talks oil supply, Iran sanctions with Abu Dhabi crown prince: White House

Oil | Crude Oil | Refined Products | Gasoline | Petrochemicals

Tankers, sanctions and tensions: How much oil is Iran still exporting?

Natural Gas | Oil

Platts Scenario Planning Service

Commodities | Natural Gas | Oil | Refined Products

Brazil Oil and Gas Conference

Natural Gas | Natural Gas (North American) | Oil | Crude Oil

Más de la mitad de la producción de gas y petróleo del golfo de EE. UU. sigue cerrada tras el huracán Barry: BSEE

Trump talks oil supply, Iran sanctions with Abu Dhabi crown prince: White House

Washington — US President Donald Trump spoke Thursday with Abu Dhabi's crown prince about the UAE's "contributions to the global energy markets as a reliable supplier of oil," the White House said in a readout of the call.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Trump and Crown Prince Mohammed bin Zayed al-Nahyan also spoke about the impact of "crippling" US oil sanctions against Iran, the White House added.

The Trump administration has about two weeks to decide whether to give Iran's top oil buyers fresh waivers, allowing them to continue to buy oil from Tehran.

The US granted six-month waivers in November to China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey. Three of the eight countries have zeroed out their Iranian oil imports, the State Department has said. Analysts expect most of the major buyers to receive new waivers, but at lower volumes.

The early May waiver deadline has been one factor elevating crude oil futures.

ICE June Brent settled 35 cents/b higher at $71.97/b Thursday, a five-month high, on tighter global supply outlooks and rising geopolitical risk. Front-month Brent was last higher on November 7 at $72.07/b, just after the US reimposed sanctions on Iran's oil buyers. NYMEX May WTI was up 24 cents/b at $64/b at Thursday's close.

Iranian crude and condensate exports surged 12% month on month to 1.7 million b/d in March, the highest since October, as key buyers scrambled to pick up more volumes before the US sanctions waivers expire.

S&P Global Platts Analytics expects Iran's shipments to fall to 950,000 b/d by the third quarter of 2019, and to 800,000 b/d by the next US waivers deadline in November.

The UAE is OPEC's No. 3 producer with output of 3.05 million b/d in March, according to the Platts OPEC survey, steady from February.

Trump has tweeted about oil prices 12 times since becoming president, but the latest on March 28 may have shown the now-expected messages to OPEC are having a diminishing impact.

"Very important that OPEC increase the flow of oil," Trump said at the time. "World markets are fragile, price of oil getting too high. Thank you!"

-- Meghan Gordon, meghan.gordon@spglobal.com

-- Edited by Shashwat Pradhan, shashwat.pradhan@spglobal.com