India monitoring costs of importing non-Iranian oil

09 May, 2019, 02:41 | Author: Frank Williams
  • India's oil imports from Iran down 57% in April

"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 US administration", the Gulf source said.

At 466.6 million barrels, USA crude oil inventories were at the five-year average for this time of year. "The two geo-political risk events should have helped gold trade higher but the dollar is strengthened by actions from Trump which has kept gold lower today", Haberkorn said.

Brent crude oil futures rose 10 cents Friday, to $70.85/Bbl.

-China trade talks offset the potential supply worries of USA sanctions on crude exporters Iran and Venezuela. The country is the world's biggest oil importer.

The U.S. Energy Information Administration reported the nation's stockpiles of crude oil fell by four million barrels in the week through May 3, thus giving the market a boost. Overall crude inventories, not including the SPR, fell to 466.6 million barrels from their highest levels in 19 months.

However, the metal truncated its weekly percentage decline on Friday instigated by investors covering their short positions and a fall in the dollar after United States jobs data showed wage gains did not accelerate as expected.

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The data was actually mixed with the decline in gasoline and distillates offsetting the unexpected build in crude oil. Tehran said it will defy the sanctions and continue to export oil.

Gains in the oil market were held in check by a spike in USA crude inventories and rising oil production, which hit a record 12.3 million barrels per day (Mmbpd) two weeks ago.

The drawdown in crude stocks came even as refineries cut back output, and 900,000 barrels was added to supply through the release from the U.S. Strategic Petroleum Reserve.

For 2020, the EIA forecast US output will average 13.38 million bpd, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.

The freight incentive scheme was supposed to have been terminated at the end of last year as the country's dependence on Middle Eastern crude oil has been easing, while imports from the US, Kazakhstan and other non-OPEC producers rose sharply over the past couple of years.

Finally, for 2020, the EIA forecast USA output will average 13.38 million bpd, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.

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