Oil markets firm amid OPEC cuts, Iran sanctions

The crude export ban has been lifted, and "the U.S.is as large of an exporter as Iran - 2.5 million barrels a day", Jeff Currie, Goldman Sachs Group Inc's global head of commodities, said Thursday in an interview with Bloomberg TV.

Futures in NY fell as much as 0.5% after sliding 0.9% on 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 U.A.E. energy minister said.

Meanwhile, Iran called for clarity over its nuclear deal with world powers, following US President Donald Trump's withdrawal from the 2015 pact.

A high-profile Iranian official has pointed out that the potential US sanctions that US President Donald Trump touched upon last week have not so far affected the flow of oil supplies to worldwide markets, despite earlier predictions. The country has been leading efforts since 2017 to withhold production to prop up prices.

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"If sanctions are reinstated, the US could see potential impact on gas prices this summer, leading to the national average ranging between $2.80 and $3.00".

"For the moment, investors are cautious to any sort of supply disruption, considering the tightness that we're seeing". "Any immediate impact will be to crude oil prices, which will then trickle over to retail later this summer", Devin Gladden, a spokesman for the American Automobile Association, told Newsweek in a statement, noting that on Monday the West Texas Immediate-one of the benchmarks in oil pricing-hit its highest point this year at $70, but had since gone down to $68.68. Tennessee gas prices rose 3 cents during the past week to $2.62 per gallon, the highest daily price since November 2014. Looking at trading volumes, the recent move up has been accompanied by lower volumes.

Brent for July settlement advanced 36 cents to $77.48 a barrel on the London-based ICE Futures Europe exchange, after declining 0.5 percent on Friday.

Opec figures published on Monday showed that oil inventories in Organisation of Economic Co-operation and Development (OECD) industrialised nations in March fell to 9-million barrels above the five-year average, down from 340-million barrels above the average in January 2017. "Rhetoric out of Europe, Iran and even OPEC itself in terms of potential supply compensation makes it really hard to establish a view with a decent degree of conviction regarding timing and size of any supply reduction due to sanctions".

Prior to the introduction of the EU's 2012 sanctions against Iran, Saras bought some 10% of its crude from there, and had been buying Iran crudefor some 30 years until that time.

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