Indian companies to buy Iranian oil in November: Minister

18 October, 2018, 06:35 | Author: Brooke Harris
  • Committed to meet India's oil demand: Saudi Energy Minister

Oil posted the biggest decline in two months after USA government data showed expanding crude stockpiles.

Brent crude LCOc1 was up 15 cents at $81.56 a barrel by 0735 GMT, after gaining $1.15 in the previous three sessions. The U.S. recently reached historical production highs of 11 million barrels per day, as oil prices reach 4-year highs.

Overall, analysts forecast that USA 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.

But analysts said it was hard to imagine Saudi Arabia taking action that would greatly affect world oil supply.

Inventories rose sharply even as USA crude production slipped 300,000 bpd to 10.9 million bpd last week, which analysts attributed to the effects of offshore facilities closing temporarily for Hurricane Michael.

Tensions over Saudi Arabia have eased as U.S. Secretary of State Mike Pompeo said that the kingdom promised a "transparent investigation" into the disappearance and alleged killing of a prominent journalist.

Ireland 0-1 Wales — UEFA Nations League
The goal could prove crucial in Wales' bid to reach the European Championships as a win will lift them above Denmark in the group. Not only is relegation/promotion at stake, but also seeding for the upcoming Euro 2020 qualification draw.

“Weak export activity coupled with lower refinery utilization rates and strong production contributed to a build in US crude inventories last week, ” the survey said. The new round of USA sanctions against Tehran are set to start in November 4.

New Dehli: Saudi Arabia Monday committed to meeting India's rising oil demand and said it is keen to invest in fuel retailing and petrochemical business in the world's fastest-growing energy consumer.

He noted that US President Donald Trump thinks that he can decrease oil prices through bullying oil producers, and said the shortage in the crude market will not disappear by words.

The minister said India's accelerated economic growth is playing a major role in rebalancing the distribution of global economic growth.

"The weakening crude spreads nearly globally in the face of Iran sanctions is likely generating some concern on how strong market really is and if it's ready to rally more", said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina. There's an urgent global need to find replacement barrels for Iran's, whose exports might just collapse next month. Last week, Pradhan said two state-owned oil refiners have booked import of 1.25 million tonne (MT) of crude oil from Iran in November.

"That's a negative for oil prices right now, the larger-than-expected build in inventories this week", said Rob Thummel, managing director at Tortoise, which manages $16 billion in energy-related assets.

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