Crude Oil Fundamental Analysis September 14, 2012, Forecast

Analysis and Recommendations:

Crude Oil climbed today ahead of the FOMC decision, on hopes of Fed stimulus. Also on the back of the middle east tensions in Libya. Yesterday, the US Ambassador was killed in an attack on the Embassy. Since the revolution Libya has increased its production of oil well beyond expectations becoming one of the main suppliers in the Middle East. Possible violence, terrorism or conflict could threaten that pipeline and interfere with global demands. Oil pushed above the 98.00 price level today and is trading at this writing at 98.25

The International Energy Agency said crude oil imports from Iran have increased slightly despite Western sanctions imposed on the country.

The IEA in its monthly market report stated that crude oil imports from Iran increased slightly in August to 1.1 million barrels per day, up from less than 1 million bpd mark in July.

Press TV, Iran’s state-funded broadcaster, outlines of list of countries that have increased crude oil imports from Iran. Among those listed, Turkey led the way with an August increase of 50,000 barrels to 200,000 bpd of Iranian crude.

The U.S. and European governments targeted the Iranian energy sector with sanctions out of concern revenue generated from oil could help fund a nuclear weapons program. Tehran says the program is for peaceful purposes.

Tehran this week announced that that private companies delivered oil to the foreign market for the first time Sunday. An agreement with unspecified entities allows private companies to export about 20 percent of the country’s total oil deliveries designated for the international market.

OPEC, in its August report, reported average overall member state production at 31.2 million barrels of oil per day, down 160,000 bpd in part on decreases from Iran, Saudi Arabia, Libya and Angola.

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Economic Data September 13, 2012 actual v. forecast

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