OIL: Crude Extends Decline on Optimism Amid US-Iran Talks
Crude prices have extended the trend lower amid market optimism as talks continue on the sidelines of this week's UN gathering. * US special envoy Witkoff said that lengthy talks have taken place with the Iranian delegation through mediators and they are set to continue. Iran's foreign ministry official Baghaei confirmed that Qatar is mediating and that the purpose of the talks is to communicate Iran's demands. President Pezeshkian is due to speak to the UN Wednesday and has arrived in New York, according to IRNA. * Ukrainian President Zelenskyy has asked President Trump for a military package including air defence items. He said that Ukraine had destroyed 45% of Russian refining capacity. He is also due to speak before the UN today and may name China, India and Turkey for their support of Russia. The US wants Ukraine/Russia to cease targeting energy infrastructure. * Yesterday Sausi Arabia was preparing to resume crude oil exports from having restarted the East-West pipeline at a low rate, 26. Traders said there were already signs of tankers arriving at Yanbu. * Iraq exported 70mbbl of oil in A
Crude prices have extended the trend lower amid market optimism as talks continue on the sidelines of this week's UN gathering. * US special envoy Witkoff said that lengthy talks have taken place with the Iranian delegation through mediators and they are set to continue. Iran's foreign ministry official Baghaei confirmed that Qatar is mediating and that the purpose of the talks is to communicate Iran's demands. President Pezeshkian is due to speak to the UN Wednesday and has arrived in New York, according to IRNA.
* Ukrainian President Zelenskyy has asked President Trump for a military package including air defence items. He said that Ukraine had destroyed 45% of Russian refining capacity. He is also due to speak before the UN today and may name China, India and Turkey for their support of Russia. The US wants Ukraine/Russia to cease targeting energy infrastructure.
* Yesterday Sausi Arabia was preparing to resume crude oil exports from having restarted the East-West pipeline at a low rate, 26. Traders said there were already signs of tankers arriving at Yanbu. * Iraq exported 70mbbl of oil in August and is currently exporting more than 3mb/d, Oil Minister Basim Mohammed said. Exports through Turkey's Ceyhan port are expected to rise to more than 600kb/d.
96mb/d, but remained 13% below pre-conflict levels, * There are calls from US politicians to ban diesel exports with Republican Hinson the latest and Trump supporting the idea, which would exacerbate global shortages. 16mbbl. 62%pts lower, a Bloomberg survey shows. 05$/bbl