Russia And Saudi Arabia React Unhappy With Trump On Oil Prices

India's Iranian Oil Imports Inch Up In September | OilPrice.com

Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran, OPEC's third-largest producer, before the imposition of new US sanctions and a partial shutdown in the Gulf of Mexico because of Hurricane Michael.

Again, U.S. West Texas Intermediate (WTI) crude was down by 41 cents, also about half a percent, to 74.55 dollars a barrel, after rising almost 1 percent in the previous session.

Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. Brent crude last week reached $86.74, the highest since 2014.

The OPEC expects non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018, driven mostly by US, Canada, Kazakhstan and Brazil, according to the organization's report.

In an attempt to compel Iran to agree to a new accord, Trump reinstated sanctions that targeted the Iranian government's purchase of U.S. dollars, Iran's trade in gold and other precious metals, and its automotive sector.

OPEC in its monthly report, said world oil demand would increase by 1.36 million barrels per day (bpd) next year, marking a decline of 50,000 bpd from its previous estimate.

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Moreover, presently, the Indian federal government is struggling with higher oil prices and a weakening Rupee (domestic currency) against the USA currency that also weighs on its oil import bill. He further added that Saudi Arabia representatives have been claiming that they are able to balance Iran's losses under the USA pressure.

News that oil exports from Iran are already falling also put upward pressure on prices.

India, a major buyer, has ordered Iranian oil for November, although New Delhi does not yet know whether it will receive such a waiver. Europe once accounted for purchasing roughly 400,000 barrels of Iranian crude a day.

"The weaker outlook has gotten a raised profile in the market, but there's potential for a real supply crunch toward the end of this year", said John Kilduff, a partner at Again Capital Management in NY.

"According to secondary sources, total OPEC-15 crude oil production averaged 32.76 mb/d in September, an increase of 132 tb/d over the previous month".

Trump confirmed that sanctions on Iranian oil exports will take effect on November 5 and has said that the U.S.is working with countries that import Iranian oil to cut their purchases substantially. As supply conditions continue to tighten, crude oil prices are rallying as a result.

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