Iran says Trump cannot bring oil prices down by 'bullying'

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Saudi Arabia has been at the forefront of oil news in recent weeks-almost neck and neck with Iran-as traders try to anticipate just how much spare oil production capacity Saudi Arabia has-if any-and if that spare capacity, whether it's zero or a million barrels per day, will be sufficient to offset any losses sustained from Iran and Venezuela.

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Benchmark Brent crude has been trading above $80 a barrel LCOc1.

The 11.21 million barrels places the country in second place of the most prolific oil producers in the world, behind the United States, who overtook both Saudi Arabia and Russian Federation earlier this year, according to EIA data as cited by CNN.

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

In the January-September period of the year, 110.45 million tonnes of crude oil, were imported into South Korea, almost unchanged from 110.44 million tonnes over the same period last year. But infrastructure has not kept pace with rising output, filling domestic tanks.

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

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U.S. oil supplies are over-burdened according to reporting, but American crude will do little to help Eastern energy needs.

The API figures are due at 4:30 p.m. EDT (2030 GMT) with the EIA report following at 10:30 a.m. EDT (1430 GMT) on Wednesday.

"India is projected to see the largest additional oil demand (3.7% per annum) and the fastest growth in the period to 2040", said Mohammed Sanusi Barkindo, secretary general of the Organization of the Petroleum Exporting Countries (OPEC).

The Trump administration is actively considering waivers on sanctions for countries that are reducing their imports of Iranian oil, a US government official said earlier this month.

The United States announced new sanctions after withdrawing from a nuclear deal with Iran in May.

In the first week of October, Iran's crude exports averaged 1.1 million barrels per day, according to Refinitiv Eikon, an industry source of data on tanker traffic.

Tension over the disappearance of a Saudi Arabian journalist Jamal Khashoggi in Turkey also remain. Turkey claims that he was killed there-a claim that Saudi Arabia has denied.

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