Oil prices dip on expectations of higher U.S. stockpiles

17 October, 2018, 07:57 | Author: Eric Barnett
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Senior officials on Monday had said that Indian oil companies have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanctions-hit Iran.

The Schork Report Founder Stephen Schork discusses why low oil prices aren't necessarily good for the economy and how high prices are a reflection of a strong economy.

Oil prices fell on Tuesday on evidence of higher US oil production and increasing USA crude inventories, but reports of a fall in Iranian oil exports helped to limit losses.

Brent crude rose 63 cents, or 0.8 percent, to settle at $81.41 a barrel, while West Texas Intermediate (WTI) crude ended the session up 14 cents at $71.92 a barrel.

"The oil market is suffering from short supply and this can not be resolved by words".

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) expects India to get a waiver from USA sanctions on Iranian oil exports this month, a company official said on Tuesday.


The last time South Korea did not import oil from Iran was September 2012, according to customs data.

Trump has urged the Organization of the Petroleum Exporting Countries to raise output to help cover a shortfall due to new US sanctions on Iran. The two state-backed oil producers are taking a 50% stake in the project, which is expected to produce 1.2 million barrels per day, while the other half will be owned by a consortium of Indian refiners such as International Olympic Committee and BPCL.

USA oil production has increased steadily over the last five years, reaching a record high of 11.2 million bpd in the week to October 5.

South Korea did not import any oil from Iran in September for the first time in six years, before United States sanctions against the Middle East country take effect in November, customs data showed on Monday.

But Jahangiri's remarks are indirect acknowledgment that Iran's oil exports have been effectively cut in half from a peak of about 2.5 million barrels a day in April as customers fled in anticipation of the US sanctions.

Tensions have flared between the USA and Saudi Arabia over the disappearance of Jamal Khashoggi, a journalist with the Washington Post who was critical of the Middle East nation. Turkey claims that he was killed there-a claim that Saudi Arabia has denied.

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