India reducing oil from Iran ahead of United States sanctions

India reducing oil from Iran ahead of United States sanctions

India reducing oil from Iran ahead of United States sanctions

The group said OPEC has another 2.7 million barrels a day of spare production that it could tap, 60 per cent of it in Saudi Arabia. The concern for Trump and Republican candidates has been higher global oil prices and higher gasoline prices hitting voters in the pocket book and possibly causing voter backlash at the polls.

At 1055 GMT, the November ICE Brent crude futures contract was up 13 cents from Thursday's settle at $78.32/b, while the NYMEX October light sweet crude contract was up 26 cents at $68.85/b.

Oil prices pulled back early Friday amid concerns additional USA tariffs would be placed on China, leading to a potential drop in demand.

"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", Iran's governor of the Organization of the Petroleum Exporting Countries, Hossein Kazempour Ardebili, was quoted as saying by Tasnim news agency.

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Oil prices were largely steady on Friday after the previous session's steep drop due to demand concerns, but were on track to end the week higher bolstered by earlier gains on supply constraints from Iran following USA sanctions.

"The US is attempting to bring Iran's oil sales to zero by imposing banking and transportation restrictions, and the administration, despite all the difficulties and hardships, is seeking solutions to quash their [US] plans", Shana quoted Jahangiri as saying. Despite the rise, oils prices fell again on Thursday. The government is also witnessing a backlash from the opposition parties over the high prices of the crude oil.

Here are the production numbers of the OPEC countries in the past two months.

The 15-nation oil cartel OPEC will periodically cut or boost output in times of emergency, but its de facto leader, Saudi Arabia, has not actively managed the market since 1985, he says. Strong demand and supply outages underpinned the rally, but deep-seated problems and geopolitical tension in OPEC countries also played a role.

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While there are risks to prices from an escalation of trade disputes, fund managers are betting that supplies will fall sharply once the US sanctions take effect in November.

USA production jumped in recent years because of techniques including hydraulic fracturing, or "fracking", which is the use of chemicals, sand, water and high pressure to crack rock formations deep below ground, releasing more oil and natural gas.

Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.

Still, Cohen said it would take a "perfect storm" to push oil markets back above $100 a barrel, and that storm is unlikely to form.

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As her son fed the goats in a hotel parking lot, she said she might not be able to return home until the middle of next week. A curfew is in place, with residents instructed to stay off the streets between 8PM and 6AM to mitigate looting.

But European firms are highly vulnerable to United States sanctions.

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