Importance of Iranian oil for India

Oil prices climb as Iran sanctions loom

Demand for oil grew more slowly in the second quarter, particularly in Europe and Asia but also because of higher gasoline prices in the US, the energy group said. Supplies at the Key storage hub in Cushing, Oklahoma, rose by an estimated 900,000 bbls last week, according to a market forecast.

In August the production by Iran dropped by 150,000 barrels per day to a total of 3.62 million, marking its lowest level in over two years, as buyers stopped ordering due to impending penalties by the U.S.

Saudi Arabia, the world's top crude oil exporter, and other producers from the Middle East and Russian Federation have increased exports after a June meeting where they agreed to raise output by 1 million barrels per day.

The market tumbled early in the session as investors focused on the bearish elements of the IEA report, said Bob Yawger, director of energy futures at Mizuho in NY.

Oil prices fell more than 2 percent on Thursday, with Brent slipping back from four-month highs as investors focused on the risk that emerging market crises and trade disputes could dent demand even as supply tightens.

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Iranian oil exports have fallen ahead of the planned introduction of USA sanctions on crude exports from the country that come into effect on Nov 4.

Oil traded below $70 a barrel as investors assessed whether other Organization of the Petroleum Exporting Countries (Opec) members can fill the supply gap created by United States sanctions on Iran and economic collapse in Venezuela. "The last couple of weeks have seen the expected squeeze on Iranian crude flows taking shape, with overall outflows down markedly", consultancy JBC Energy said.

Also supporting prices were supply concerns surrounding USA sanctions on Iran.

U.S. WTI futures were down 0.65 percent as of 1:05 p.m. HK/SIN to trade at $69.91 per barrel. "The situation in Venezuela could deteriorate even faster, strife could return to Libya and the 53 days to November 4 will reveal more decisions taken by countries and companies with respect to Iranian oil purchases", the IEA said, referring to the day US sanctions on Iran take effect. World ask will hit a excessive of a hundred.three million bpd in the closing quarter of this twelve months, earlier than moderating to Ninety 9.three million bpd in the first quarter of subsequent twelve months, the company said.

Prices were also pushed up by Hurricane Florence, which is expected to make landfall on the U.S. East Coast on Friday, and which has caused fuel shortages following the evacuation of millions of households and businesses.

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