The immediate impact of the announcement ending waivers on the import of Iranian oil was to push oil prices to their highest levels over the last six months: WTI crossed $ 66/ barrel, while Brent crossed $ 75/ barrel. These prices moderated to some extent following announcements by Saudi Arabia and the UAE that they would make up for lost supplies; they however clarified that this would be only if market conditions so demanded and only after consultations with OPEC + members who have agreed to reduce their production by 1.2 mbd to maintain price levels.
On 27 April, Russian President Vladimir Putin said that he has not heard any signals from members of OPEC about possibly leaving the deal on curbing oil output, adding this was unlikely. Putin told a press briefing that the deal is effective until the end of June and that he hoped Saudi Arabia will not have to raise its oil production to offset possible exports curbs from Iran due to the US sanctions.
On 30 April, West Texas Intermediate for June contracts delivery gained 0.22 per cent to USD 63.64, while Brent crude rose 0.32 per cent to USD 72.27 per barrel.
May 1, 2019