India's oil imports from Iran to decrease further

17 September, 2018, 15:30 | Author: Frank Williams
  • India’s Iran oil purchases to fade ahead of U.S. sanctions

The US National Security Adviser John Bolton said last month that the United States is exerting "maximum pressure" on the government of Iran to change its behavior, adding that Washington is prepared to use sanctions to drive Iranian oil exports down to zero.

Supply concerns were stoked by data showing USA crude production fell by 100,000 barrels per day (bpd) to 10.9 million bpd last week as the industry faced pipeline capacity constraints.

"Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran's share", Ardebili told Iran's oil news agency SHANA.

The change comes at a time when the oil market is already facing a high degree of uncertainty, partly due to the Trump administration's decision to cut Iranian oil imports to zero.

Earlier this week, U.S. light crude oil prices hit a high price of $70.50 per barrel.

Concerns over the U.S.

The agency expects the US will continue to top Russian Federation and Saudi Arabia for the rest of this year and through 2019.

WTI crude was trading around $69.0 per barrel and Brent crude was hovering around $78.0 per barrel on Friday.

More news: Russian Suspects In Skripal Case Say They Visited Salisbury To See Cathedral

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

Drillers added two oil rigs in the week to December 1, bringing the total count up to 749, the highest since September, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. However, the increase in production came from higher output in Iraq, Libya and Nigeria.

"The Iran story is the dominant factor for prices".

In July, Iran's oil minister reported that Saudi Arabia had pumped 10.489 million barrels per day in June, up 459,000 from May and above its target of just over 10 million bpd.

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. Saudi Arabia's oil production could rise to the level of 11 million barrels per day if the demand sustains.

US crude oil production is expected to rise by 840,000 bpd to 11.5 million bpd next year, lower than a previous expectation to increase 1.02 million bpd to 11.7 million.

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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