USA sanctions spur record Iran oil discounts versus Saudi crude

USA sanctions spur record Iran oil discounts versus Saudi crude

"Big oil producing countries are going off the market under US sanctions and that has led to turmoil".

Earlier today, the weekly report published by the U.S. Energy Information Administration revealed that crude oil stocks rose by 6.5 million barrels in the week ending October 12 compared with analysts' expectation for a draw of 280K barrels.

'You cannot keep the price low with slogans and intimidation, ' considered Zanganeh.

India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for about 40% of the overall increase in global demand during the period, OPEC's secretary general said on during the weekend.

US sanctions on Iranian oil exports are due to kick in on November 4, while Iran has accused Saudi Arabia and Russian Federation of breaking an OPEC-led agreement on output cuts by producing more crude.

Because of rising crude oil prices, retail prices in India are touching new highs.

Saudi Arabia stands committed to meeting all of India's energy needs, especially in oil, its Energy Minister Khalid A. Al-Falih said on Monday. "We have invested tens of billions of dollars to build the spare capacity of 2-3 million barrels per day over years".




The United States announced new sanctions after withdrawing from a nuclear deal with Iran in May.

Overall, analysts forecast that U.S. crude stockpiles rose last week for the fourth straight week, by about 2.2 million barrels, according to a Reuters poll ahead of weekly inventory reports.

Observed shipments of crude and condensate dropped to 1.72mn bpd, down 260,000 barrels from the previous month, according to ship-tracking data compiled by Bloomberg. "Firm volumes are the ones that oil companies commit to necessarily take and there is an optional volume on top of it which they can dip into if the need arises", a top official at a state-run refiner said.

Oil prices hit a four-year high of $ 86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to USA sanctions. During the meet, Modi had warned high oil prices stalling global growth and ultimately hurting producing countries.

U.S. President Donald Trump said the Saudi crown prince intends to expand an investigation into the disappearance of Khashoggi and that the prince did not know what happened in the Turkish consulate where Khashoggi apparently disappeared.

His comments come amid signs that Iran is scrambling to try to maintain its oil exports, which are declining so fast that the International Monetary Fund last week estimated they had already driven Iran's oil-fueled economy into recession.

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