Reliance Industries halts Iranian oil imports ahead of US sanctions

Oil minister Dharmendra Pradhan

Prices could be weighed by an increase in USA crude inventories.

The Organization of the Petroleum Exporting Countries (Opec) has said the current market seems fine.

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

Earlier last week, Trump said during an interview that he will impose severe punishment if Saudi Arabia is confirmed to be behind Khashoggi's alleged death. "Saudi Arabia's threat to weaponize oil and use its leverage to bully the USA and destabilize the global economy demonstrates the Faustian bargain we have all been living with for 45 years by being dependent on oil for transportation in a global, mobile economy with little alternative fuel choices", Diamond said.

As impending U.S. sanctions choke Iran's oil sales to its biggest customers, the Middle East producer isn't going down without a fight. As looming Iran sanctions raise supply concerns, Saudi Arabia's Energy Minister Khalid al-Falih said on Monday the kingdom is committed to meeting India's rising oil demand and is the "shock absorber" for supply disruptions in the oil market.

Asked whether India has sought waiver from the USA related to Iranian oil imports as Indian oil firms have booked Iranian oil cargo for November, he said "sentiment" rather than availability is the issue.

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According to Museveni, they held "fruitful discussions" on "how to promote Uganda's tourism and the arts". "He doesn't stop. As Redd's West droned on about all of the aforementioned subjects, Baldwin's Trump's thoughts were revealed via voice-over.

OPEC compliance with oil production cut agreement equals 121% in September
West Texas Intermediate Crude was trading up 0.31 per cent at $71.19, down more than $3 per barrel from last Friday. The price of global benchmark Brent crude has slid over $45 a barrel in June 2017 and peaked at over $85 in October.

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Trump has urged the Organization of the Petroleum Exporting Countries to raise output to help cover a shortfall due to new USA sanctions on Iran.

Crude oil futures declined sharply on Wednesday, after official data from the Energy Information Administration showed crude stockpiles to have risen larger than expected last week.

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.

Kloza said the increase in domestic oil production could take some of the heat of the situation with Saudi Arabia, but there are limits.

According to the EIA, US oil stocks rose by 6.5 million barrels, while oil exports fell to 1.8 million barrels per day. The global benchmark, which hit a more than two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 marked on October 3.

United States lawmakers pointed the finger at the Saudi leadership over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, suggesting sanctions could be possible. "The majority of oil demand comes from sectors like heavy vehicles and commercial vehicles, and this demand will remain for a long time to come", he said. It could enter into the oil world if the Saudi's are forced to retaliate by pulling crude from the market.

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