USA likely has taken over as the worlds top oil producer

The national flags of Russia and Saudi Arabia are seen during an OPEC meeting in Vienna

Indian officials, who are still negotiating with USA counterparts, told the news outlet that the country hopes to secure waivers to allow some imports of Iranian oil to continue amid the sanctions.

It's uncertain whether Saudi Arabia and other producers will fill any shortfall, or how far they're able to do so, the agency said.

Concerns over the U.S. The global benchmark fell 2 percent on Thursday after rising on Wednesday to its highest since May 22 at $80.13. The government is also witnessing a backlash from the opposition parties over the high prices of the crude oil.

According to preliminary estimates from the US Energy Information Administration (EIA), crude oil production in the US exceeded that of Saudi Arabia in February for the first time in more than two decades.

Following Chinese President Xi Jinping's call for a boost to national energy security amid trade tensions, the country's crude oil output rose in August for the first time in almost three years.

The cartel's oil production increased last month by 278,000 bpd over the previous month, OPEC said yesterday.

Last week the United States administration had cleared its stance that Washington may consider waivers for Iranian oil buyers such as India but they must eventually halt crude imports from Tehran.

China, Russia Agree to Strengthen Cooperation amid Trade Conflicts with US
Xi and Putin, among others, watched a video of the days when the Chinese boys and girls lived in the care center 10 years ago. On Monday, Mr Putin seemed to pour cold water on suggestions that the dispute could be resolved soon.

Washington reimposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into force from November 4.

The number of rigs drilling for oil in Saudi Arabia has been on the rise since April but is still only back where it was in the spring of 2017, when the kingdom's focus was on cutting, not boosting output.

The figures show Libya was the highest contributor, increasing its production by 270,000 barrels per day while the total OPEC production increased by 230,000 barrels per day.

The spare capacity among OPEC members has already dwindled below two million barrels a day. Despite that fact, there are many risks that have caused the downfall in prices. On Wednesday, OPEC's analysis arm said demand for the cartel's own crude oil will be nearly 1 million bpd more than the level produced in August.

Ardebili also accused Saudi Arabia and Russian Federation of taking the market "hostage" through increased production and said that OPEC's responsibility is to restore market balance, not to boycott its founding members.

Iran's oil exports started to drop noticeably in August, and many analysts now expect the sanctions to remove more than 1 million bpd of Iranian oil from the market.

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