Oil prices steady after pull-back, up on the week

India reducing oil from Iran ahead of US sanctions: report | TheHill

Iran OPEC chief: 'Saudi and Russia are taking oil market hostage'

Oil on Friday clawed back some of its losses from the previous session, when prices fell the most in a month, as concerns about oil supply are countering worries that emerging market crises and trade disputes could dent demand, Reuters reports.

But Iran's OPEC Governor Hossein Kazempour Ardebili, said in comments to Reuters that a "supply shortage" meant the United States would not be able to meet its zero export target.

The contract will be based on the differential of the four crudes to the dated Brent benchmark price and will represent 1,000 barrels of oil.

Iran, which is facing sanctions by the U.S., saw its August production falling by 120,000 barrels per day.

USA sanctions on Iran snapped back on August 6, a move after US withdrawal from the Iran nuclear deal on May 8.

Washington has said it wants to cut Iran's oil exports to zero following the reimposition of a second set of sanctions on 4 November.

Neil Atkinson, head of the oil industry and markets division at the IEA, was more explicit: he told CNBC that while there is "no way of knowing" how much Iran's exports will fall due to the sanctions, "The market is expected to tighten during the later part of this year, because if Iran's exports do fall by a considerable volume, we'll be relying on other producers to increase their output to make up for that".

The U.S. Energy Information Administration (EIA) said on Tuesday that the U.S. likely surpassed Saudi Arabia and Russian Federation earlier this year to become the world's top crude oil producer. Only 3.60 million barrels per day was produced in the country, which represents the lowest in more than two years.

South Korea launches its first missile-capable submarine
And it said North Korea is violating sanctions by transferring coal at sea and flouting an arms embargo and financial sanctions. The Korean War ended in 1953 with an armistice, not a peace treaty, and both sides remain technically at war.

"Trump's efforts to cut Iran's access to the global crude market has prompted Russian Federation and Saudi Arabia to take the market hostage", he said.

Iran will face USA sanctions on its oil sector in early November.

Under the deal, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions.

Government sources said India made this point clear in last week's meetings with U.S. officials and remains engaged with Washington to work out waivers on its oil purchases from Iran.

Under the United States pressure to lower oil prices, the OPEC and its allies agreed in June to boost production, having participated in a supply-cutting deal in place since 2017.

Meanwhile, output from Iran has hit its lowest level since July 2016 as top buyers India and China distance themselves from Tehran due to looming U.S. sanctions on November 5, according to the International Energy Agency.

"Trump's efforts to cut Iran's access to the global crude market has prompted Russian Federation and Saudi Arabia to take the market hostage", he said.

The White House has announced that Saudi Arabia's King Salman had promised Trump to raise oil production and that the kingdom had two million barrels per day of spare capacity to boost output to offset a decline in supply from Iran.

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