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Iran output alert as oil rebounds Oil below $70 as storm fears calm
(about 6 hours later)
Oil prices recovered slightly after overnight losses on news that Tropical Storm Ernesto would miss oilfields in the Gulf of Mexico. Oil prices have slid below $70 a barrel after news that a tropical storm is to miss oilfields in the Gulf of Mexico.
The weather report drove US light sweet crude prices down by $1.90 a barrel and Brent crude by $1.88, with the prices rebounding by a few cents on Tuesday. By 1500GMT on Tuesday, a barrel of US light, sweet crude had fallen 91 cents to $69.70, with London's Brent crude down 92 cents to $69.90.
In another development, Iran will miss its 2010 crude oil production target by 500,000 million barrels per day (bpd). The weather report outweighed the security concerns which have dogged oil markets, particularly concerning the future of Iran's nuclear programme.
But reports also suggested a looming supply shortfall from Iran.
Iran's oil ministry website said it was likely to fall 500,000 barrels a day short of its 2010 Opec output target of five million barrels a day.
Official Iranian press reports blamed low investment in older oil fields.Official Iranian press reports blamed low investment in older oil fields.
Uranium programme Nuclear concerns
Crude oil production could reach 4.5 million bpd by the end of the state's fourth five-year development plan (2005-2010), it was reported in Iran. The news came as Iranian President Mahmoud Ahmadinejad reiterated his demands that Iran's right to a peaceful nuclear programme should be respected.
That is well under the original production target of 5.0 million bpd, National Iranian Oil Company managing director Gholam Hossein Nozari said. Iran's nuclear ambitions - widely believed in the US, UK and elsewhere to include plans for nuclear weapons - have been one factor pushing oil prices up in recent months.
He put current oil production at 4.08 million bpd, 30,000 less than its Opec quota. Iran is Opec's number two oil producer. Prices had dipped last week after signs that Iran was prepared to advance talks on its nuclear programme, in the face of continued Western demands to suspend uranium enrichment.
Iran is looking to develop a nuclear programme, with diplomatic strains over its compliance with Western demands to suspend uranium enrichment affecting oil prices.
Prices dipped last week after signs that Iran was prepared to advance talks on its nuclear programme.
In the US, Tropical Storm Ernesto now looks set to spare oil production in the Gulf of Mexico and hit southern Florida instead.In the US, Tropical Storm Ernesto now looks set to spare oil production in the Gulf of Mexico and hit southern Florida instead.
Damage to refineries, offshore rigs and pipelines from Hurricane Katrina last year pushed oil prices to new records.Damage to refineries, offshore rigs and pipelines from Hurricane Katrina last year pushed oil prices to new records.