Record Iranian oil imports for India in July

Record Iranian oil imports for India in July

Record Iranian oil imports for India in July

According to Reuters, oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau.

Teams of US officials have been visiting capitals around the world to try to choke off sales of Iranian oil by early November, when USA sanctions are due to snap back into effect.

Markets also anticipated an announcement from Washington due later on Monday detailing renewed U.S. sanctions against major oil exporter Iran, set to be reinstated at 1201 EDT on Tuesday (1601 GMT), according to a U.S. Treasury official.

Still, with Russian Federation, the U.S. and Saudi Arabia now all producing 10-million to 11-million barrels a day of crude, just three countries now meet about a third of global oil demand. That's helped limit a rally in global benchmark Brent crude, which is trading near $73 a barrel after falling 6.5 percent last month. This is causing investors to continue to trim net length, take profits as well as de-risk that position with the sense that oil's upside is limited unless there is material reduction in Iranian barrels.

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In Saudi Arabia, 10.29 million barrels per day were produced by the Middle East's largest power, a surprising decline of nearly 200,000 bpd, and the decline is hitting oil markets twice as hard as the decline in production amounts is announced amidst a supposed period of production increases by OPEC.

But the Indian government told refiners in June that it would be drastically reducing its imports from Iran before Washington's November deadline.

"Yet this depletion may be coming to an end". The U.S. has told all countries, including India to stop their oil imports from Iran by November 4 or face sanctions for carrying out any transaction with Tehran as there would be "zero" waivers to any country.

Despite the rising prices on Monday, traders said one relief to markets was an announcement by Saudi Arabia at the weekend that oil shipments through the Red Sea shipping lane of Bab al-Mandeb had been resumed.

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Sinopec's trading unit, Unipec, has not booked new purchases of US crude oil at least until October, one of Reuters' sources said. Implied volatility for second-month West Texas Intermediate oil futures jumped to the highest since 2017 last month.

Meanwhile, price of the Brent Crude for October 2018 shipment drops by United States dollars 0.24 to a level of USD 73.21 per barrel at the London ICE Future Exchange.

"Overall, the whole trade war is obviously likely to damage the Chinese economy more than it does the U.S. economy, given the trade surplus China has", he says. "Iran was hoping to sell more than 500,000 [barrels per day] of oil to India in [fiscal year] 2018/2019", the outlet wrote, citing a February statement by Iranian Oil Minister Bijan Zanganeh.

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