In East Africa, a further increase in crude prices would worsen consumers' plight as they pay more at the pump.
Crude oil futures slipped by 1.44 percent to Rs 5,466 per barrel Monday, as traders cut exposure at the existing levels amid a weak trend in the Asian trade.
In May, Trump pulled the United States out of the Iran nuclear deal despite objection from the other signatories, the UK, Russia, Germany, China, and France, re-imposing sanctions lifted under the deal. Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore, said there was also "chatter that Saudi Arabia has replaced all of Iran's lost oil". "Donald, if you want to find the culprit for the rise in prices, you need to look in the mirror". It had planned to import 9 million tons of Iranian oil in the 2018-19 fiscal (April 2018 to March 2019) or 0.75 million tons a month.
But Innes warned that limited spare production to deal with further supply disruptions meant "the capacity is quickly declining due to Asia's insatiable demand". The court issued an interim ruling earlier in the day ordering Washington to lift some of the economic restrictions, prompting Pompeo to formally end the little-known, long-defunct diplomatic initiative in a move he called "39 years overdue".
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Since January 2016, when the crude oil price hit an all-time low of $28.06 per barrel, the Kenyan economy has been cushioned from external shocks through a smaller petroleum products import bill, which stood at $560 million mid a year ago.
In its submission to the court, Iran argued that the U.S. had violated both the terms of a 1955 bilateral friendship treaty, the Treaty of Amity, and a core provision of worldwide law which protected the 2015 Iran nuclear agreement.
Fundamentals indicate a price in the high $70s for Brent, but the reality is seen above that, he said. "I anticipate that November will be slightly higher", he said, potentially breaking the production record set in November 2016.
"Cooperation with OPEC is not only an agreement to increase prices, it is an agreement to stabilize prices".
The Saudi prince claimed in the Bloomberg interview that the kingdom could push its capacity beyond 12 million barrels a day with additional investment, and that extra supplies are also available from its allies in the Persian Gulf region.