US sanctions on Iranian oil risk stoking OPEC tensions

India's oil imports from Iran down 57% in April

The upward revision comes as the USA administration anticipates a decline in OPEC crude oil production through 2020.

It also raised its 2020 output view by 2.2% to 13.38 million barrels a day.

"Moderate requests have been received from customers for June liftings, which will all be met, most notably from countries which previously had waivers from sanctions against purchases of Iranian crudes that were recently discontinued by the USA administration", the Gulf source said.

USD/CAD: The Canadian dollar strengthened against its US counterpart on Monday, as oil prices rose, while worries over the trade war between the United States and China helped Canadian dollar.

USA sanctions have already halved Iranian crude exports over the past year to less than 1 million barrels per day (bpd), with shipments to customers expected to drop to as low as 500,000 bpd in May as sanctions tighten.

U.S. Trade Representative Robert Lighthizer confirmed the U.S. plans to raise tariffs on $200 billion worth of Chinese goods to 25% on Friday.

Tottenham Hotspur - Premier League - 4 May 2019
Bournemouth had plenty of the ball but they struggled to make their two-man advantage count as they rarely troubled Hugo Lloris. Standing in Ajax's way in Spurs and if they were to get past them it's a date with either Barcelona or Liverpool .

It wasn't immediately clear if any one of those five would be given extra time to find their purchases or whenever they would be subject to US sanctions on May 3 when they don't immediately halt imports of olive oil.

"The focus now will be on the two days of talks in Washington scheduled to take place between U.S. and Chinese officials", said Jasper Lawler, Head of Research at futures brokerage London Capital Group.

"We've seen that market tighten up considerably even before the Iranian information, and we are also seeing a range of refining problems in the USA", said Ryan Fitzmaurice, energy strategist at Rabobank.

Brent oil dropped below $70 a barrel on Wednesday, hurt by concerns about a deepening U.S. USA gold futures settled up 0.2 percent at $1,283.8 an ounce.

US crude stocks have climbed to their highest since September 2017 and were forecast to have added another 1.2 million barrels last week, according to analysts in a Reuters poll.

China's crude oil imports reached a record monthly high of 10.64 million barrels per day (bpd) in April, the Chinese General Administration of Customs data showed earlier. India imported 23.9 mt of crude oil from Iran in FY19, making the Gulf country the third biggest exporter of oil after Iraq and Saudi Arabia. China alone imported 541,134 bpd of Iranian oil, according to government data and trade sources compiled by Reuters.

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