Oil Slips as OPEC Seen Able to Offset Iran Losses From Sanctions - Bloomberg

Oil Slips as OPEC Seen Able to Offset Iran Losses From Sanctions - Bloomberg:

"Oil held losses below $71 as OPEC signaled it could fill in any supply gap if renewed U.S. sanctions curtail supply from Iran, the group’s third-largest producer. Futures in New York fell as much as 0.6 percent after sliding 0.9 percent Friday. Three members of the Organization of Petroleum Exporting Countries -- Saudi Arabia, Kuwait and the United Arab Emirates -- together have enough capacity to act as a cushion, the United Arab Emirates energy minister said. Meanwhile, Iran called for clarity over its nuclear deal with world powers, following U.S. President Donald Trump’s withdrawal from the 2015 pact. Oil rallied earlier this month to the highest level in more than three years as Trump’s decision to walk away from the Iranian nuclear accord fueled tensions in the energy-rich Middle East. Investors are now weighing signals from OPEC and its allies to see whether they will respond to the situation in Iran by ending a deal to cut production, or maintain the curbs to further prop up prices."



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