Currently, the crude oil that Iraq is sending to Iran is done in payment for electricity from Iran that Iraq has received, instead of on a crude-oil-swap basis, Iraq's al-Luiebi said on the sidelines of the OPEC meeting in Vienna today.
Oil prices rose sharply after OPEC agreed to only a modest increase in output, well below some of the figures that had been discussed ahead of the meeting.
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The contentious meeting took place under the shadow of vituperation from U.S. President Donald Trump, who anxious that high oil and gasoline prices would be politically painful ahead of midterm elections later this year.
Emirati Energy Minister Suhail al-Mazrouei said the decision was to fully comply with OPEC's self-imposed production limit, and the difference between that and current levels is "a little bit less than 1 million barrels".
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Prices had rallied in 5 waves and after that the correction which we saw can be termed as wave a and now prices could have a pullback in wave b towards 38.2 retracements at 67.10, 50 percent is at 68.2 and 61.8 percent is at 69.3 and after that we could see correction in prices in wave c which can go below 61.80. Some analysts note that while Trump has blamed OPEC, his policies have also helped increase the cost of oil by, for example, limiting exports from Iran. The measure had helped rebalance the market in the past 18 months and lifted oil to around $75 per barrel from as low as $27 in 2016.
"It will be enough for now but not enough for the fourth quarter to address a decline in Iranian and Venezuelan exports", said Gary Ross, head of global oil analytics at S&P Global. The figure has been inflated by a plunge in supplies from almost bankrupt Venezuela. That means the country has little to gain from a deal to raise OPEC output, unlike top oil exporter Saudi Arabia.
Although higher prices are better for the oil industry, Wright says there must be a balance to prevent a dramatic spike in oil prices.
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