S-400 deal, Iran oil: India engaging with USA, all stakeholders

Iran's Minister of Petroleum Bijan Zangeneh addresses the 4th Iranian Petroleum and Energy Club Congress & Exhibition in Tehran Oct. 16 2018

Iran's Minister of Petroleum Bijan Zangeneh addresses the 4th Iranian Petroleum and Energy Club Congress & Exhibition in Tehran Oct. 16 2018

In July, CME's rival Intercontinental Exchange said that it planned to launch a crude oil futures contract of physically delivered Permian WTI, deliverable in Houston, as the city has become the pricing center for USA oil amid growing production and exports.

India Thursday said it was engaged with the US, Iran and other stakeholders on the issue of American sanctions on import of Iranian oil which will come into effect from November 4.

A source from the National Iranian Tanker Company said the company is shipping more than 20 million barrels of oil to Dalian.

At its 2018 peak in May, Iran exported 2.71 million bpd of crude oil, equivalent to almost 3 percent of daily global consumption.

United States lawmakers blamed the Saudi leadership over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, indicating that sanctions could be possible.

"Although there's tension between Saudi Arabia and the US, the market doesn't think the Saudis are going to use their oil as a weapon", said Andy Lipow, an oil market analyst at Lipow Oil Associates in Houston.

" 1/8U.S. President Donald 3/8 Trump started efforts to reduce Irans oil exports from months ago and it's not like we should think that he will do something special on November fourth, Kardor said". At the same time, according to the EIA, the USA consumes more than 20 million barrels every day.

But those who are against the idea, say once we have not still resolved the problems and weaknesses in the stock trades, how can we set up a new proper ground for offering oil in this market?

3 top Afghan provincial officials killed, United States general unhurt
The primary target in Thursday's attack was Abdul Raziq , the Kandahar police chief and the most influential man in the south. Mr Raziq was a powerful figure in southern Kandahar and a close United States ally despite several allegations of corruption.

"The looming Iranian supply disruption and the conflict between the USA and Saudi Arabia are pushing traders to take a cautious stance at the moment", Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone from Seoul.

Meanwhile, Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is anxious it might need to limit output next year to balance global supply and demand as the United States pumps more crude.

But with “Saudi Arabia sitting on over 10 million barrels a day and the ability to slow down production if thy want to, ” it isn't surprising to see oil pushing higher amid what appeared to be increased “saber-rattling” by the administration, Glickman said.

On Monday, Brian Hook, the USA special representative on Iran, did not comment directly about any talks on waivers with Turkey.

A conflict between the USA and Saudi Arabia could be devastating for the oil market.

"The US may have to go ahead with sanctions on Saudi Arabia, which could push prices higher, but Russian Federation and other producers are set to increase supplies". Some of the biggest refineries and commercial oil storage facilities in China are located in Dalian.

Signs that Iranian oil exports have been decreasing more sharply than some in the market expected, amid looming United States sanctions have underpinned the oil market.

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