Refiners in India, Iran's second largest crude buyer will cut their monthly crude loadings from Iran for September and October by almost half from earlier this year.
Iranian crude oil export loadings have declined by 580,000 barrels per day in the past three months, Bank of America Merrill Lynch analysts said in a note to clients. -China trade tensions even as U.S. President Donald Trump is said to want $200 billion in China tariffs despite talks with Beijing.
Crude oil started the week on a positive note as latest reports revealed that Iranian crude oil exports continued to decline amid the USA sanctions.
U.S. President Donald Trump announced on Monday that Washington would slap 10% tariffs on another $200 billion Chinese imports, except smart watches from Apple (NASDAQ:AAPL) and Fitbit and other consumer products including bicycle helmets and baby vehicle seats.
US oil futures rose more than $1 a barrel on Wednesday, bolstered by a fifth weekly crude inventory drawdown and strong domestic gasoline demand, amid ongoing supply concerns over USA sanctions on Iran that come into force in November. Washington aims to cut Iran oil exports down to zero to force Tehran to re-negotiate a nuclear deal.
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Oil prices were little changed on Monday as the market weighed deepening trade tension between the USA and China that is expected to dent global crude demand and potential supply tightening due to Iran sanctions.
NSD Logo The Organization of the Petroleum Exporting Countries, OPEC today said, Iran remains a very important member of the oil cartel as Tehran braces for a new round of United States sanctions, partially targeting its crude exports.
US sanctions affecting Iran's petroleum sector will come into force from November 4 though many buyers have already cut their purchases, raising questions about how the market will make up the lost supply.
He said, "There is no viable alternative on the table other than to institutionalize and make this cooperation between ourselves and our good partners from non-OPEC in a permanent fashion". He added that Russian Federation was also ready to discuss cooperation with the United States to balance the oil market, but that such discussions were not being held.
Iran´s OPEC governor Hossein Kazempour Ardebili said Saturday that OPEC had "not much credit left" and slammed Gulf powerhouses Saudi Arabia and the United Arab Emirates for turning it into a "tool for the US".