Oil analyst says Iran sanctions 'will create market opportunities' for Saudi Arabia

Oil analyst says Iran sanctions 'will create market opportunities' for Saudi Arabia

Chile mainly relies on crude oil imports from Brazil, Ecuador, Peru and Argentina but it also occasionally buys crude oil from Middle Eastern countries such as Iraq, Saudi Arabia and Kuwait. "It's definitely not an environment to go home short over the weekend".

However, US crude settled down USD 1.67 at USD 69.06 per barrel and Brent settled down USD 1.32 at USD 74.85. On Thursday, the global benchmark hit $78, its highest since November 2014. US light crude oil was down 5 cents at $70.65.

For the week, Brent was on track for a 3.3-per cent gain and USA crude a 2.1-per cent rise.

It is unclear how hard USA sanctions will hit Iran's oil industry.

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USA drillers added 10 oil rigs in the week to May 11, bringing the total to 844, the highest level since March 2015, energy services firm Baker Hughes said on Friday.

Rainer Seele, chief executive of Austrian oil and gas company OMV, told German daily Handelsblatt that he expects prices to rise as the United States moves to reimpose sanctions. Traders were looking for a draw of 0.2 million barrels.

The U.S. will target Iran's crude oil sales, and sanctions that were lifted under the deal will be re-imposed following a 180-day wind-down period, the U.S. Treasury said.

The Organization of the Petroleum Exporting Countries is in the midst of an oil supply-cutting deal with non-OPEC producers such as Russian Federation that has helped erase a global glut and boosted oil prices above $75, the highest since 2014. Investors are now weighing signals from OPEC and its allies to see whether they will end a deal to cut production aimed at shrinking a glut, or seek an extension to further prop up prices.

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Carbone's remarks inspired CNBC co-panelist and contributor Ron Insana - who worries that oil could climb to as high as $100 per barrel this year due to geopolitical tensions - to remark that said tensions are "a risk I don't think is fully discounted by the markets yet". A second OPEC source said that while the need to pump additional supplies was under consideration, it was safe for the Organization to remain in place and monitor the situation.

The EIA on Tuesday raised its forecast for US output in its monthly report to 12 million bpd late next year.

"There are worries that Iran's oil exports could fall by about 1 million bpd from current levels", said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo. The rig count is a forward-looking indicator on production.

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