Any decisions on sanctions will not be in the near future because two members on the council with veto power, China and Russia, have rather strong economic ties with Iran.
More Quotes from Victor Shum:
Cuts in exports of oil will spark off geo-political fears that will make traders think twice about selling. Traders don't want to be caught short.Victor Shum
It's not only the suspension of production that's causing concern, it's the fact that we could see potential damage to the platforms, which would cause longer disruptions to production.
Victor Shum
This morning the price crept upwards so the market continues to be driven by the short-term geopolitical (pressures) primarily in Nigeria.
Victor Shum
The market is showing signs of upward buying and is really extending gains from last week. The focus is on the supply disruption, primarily out of Nigeria.
Victor Shum
I expect the market to be down today but continued concerns of winter season supply will put a high floor in prices.
Victor Shum
Besides the fundamental supply and demand information, prices are driven by the emotional momentum of the Iranian issue.
Victor Shum
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