Insurance companies not covering storage of Iranian oil, says Indian Oil official

Asia markets

REUTERS Toru Hanai

His comments come amid signs that Iran is scrambling to try to maintain its oil exports, which are declining so fast that the International Monetary Fund last week estimated they had already driven Iran's oil-fueled economy into recession.

The Times of Israel reported that Iran also may have reached a deal with Russia last month to take delivery of Iranian crude oil and then refine it and sell it to global buyers, in yet another possible scheme to bypass USA sanctions by "laundering" the oil through Russian markets.

The South Korean government has been in talks with the United States government to get exemptions on Iran crude imports.

"We are seeing a well-supplied and balanced oil market right now".

Trump gets bird's-eye view of devastated Florida communities
As of Sunday, more than 190,000 homes and businesses in Florida were without electricity, along with about 120,000 in Georgia. Her husband's body was still trapped in the rubble. "I ain't got time, unless he wants to help clean up".

Because of rising crude oil prices, retail prices in India are touching new highs.

The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a new peak of 3.55 million bpd.

Zanganeh said the rise of oil prices was a "self-inflicted pain" caused by USA sanctions against Iranian energy exports, and could be resolved by lifting the measures.

According to Refinitiv Eikon data, Iranian exports of crude oil have declined to 1.33 million bpd, a sharp contrast to April's 2.5 million bpd, before the U.S. withdrew from the Iranian accord amidst harsh criticism, and USA pressure on allies to cease purchases of Iranian-sourced crude appear to be working, dragging oil prices steadily higher on the higher timeframes.

Black Ops 4 breaks Activision and PSN Day one digital sales records
Perhaps more impressively it also set a new PlayStation record for day one digital full game sales on PlayStation Store, globally. Specific sales numbers aren't known at this time, however.

Stocks at the Cushing, Oklahoma, delivery hub for WTI rose by 1.5 million barrels, the API said, the fourth straight week of increases, if confirmed by official data due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

In the first two weeks of October, Iran exported close to 1.5 million bpd of crude to countries including India, China and Turkey, some industry sources suggest.

With the world's only sizable spare oil output capacity, Saudi Arabia is expected to export more to offset the loss of Iranian oil supply from the sanctions.

Geopolitical tensions caused by the disappearance of a Saudi Arabian journalist Jamal Khashoggi in Turkey also remain.

Trump to ask Saudi King about missing journalist
The Center for Islamic Call for Latin America and the Caribbean expressed its condemnation of the campaign against Saudi Arabia. Turkish officials say a Saudi hit team arrived in Istanbul the same day Khashoggi disappeared.

Saudi Arabia and UAE on Monday reiterated that the West Asian countries were looking to participate in India's petroleum downstream segment, including petrochemicals, refinery and retail.

Latest News