Economy

Saudi Arabia has taken oil market 'hostage', Iran says

Saudi Arabia has taken oil market 'hostage', Iran says”

China typically cuts South Pars condensate imports sharply during the summer months between the second and third quarter because of its foul smell, the sources said.

"There has been a lot of speculative interest searching for Brent above $80.00 a barrel on the back of the US sanctions on buyers of Iranian crude oil, but so far this year any buying of Brent above $79.00 barrel did not have a long shelf life".

Iran, a founding member of the cartel, had been against the move which came as the country faces renewed U.S. sanctions after Washington's decision to leave the 2015 nuclear deal between Tehran and world powers.

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", Trump tweeted.

The crude oil imports from Iran is ready to decline further by almost half from the starting of this year as India is negotiating with the United States to win waivers on export sanctions Washington plans to reimpose on Iran.

I think the big thing is nobody in the market is expecting Iranian exports to down to zero, neither are we.

Saudi Arabia, which is the world's largest crude exporter, pumped 10.49 million barrels per day in August.

Novak said that "today, the situation is quite fragile, of course, and it is related to the fact that not all the countries have managed to restore their market and production".

According to preliminary estimates from the US Energy Information Administration (EIA), crude oil production in the US exceeded that of Saudi Arabia in February for the first time in more than two decades.

International Olympic Committee would also lift 1 million barrel for its subsidiary Chennai Petroleum Corp in October, they said.

Bloomberg's tanker tracking data revealed there are now eight tankers holding 14 million barrels of Iranian crude or condensate, a form of light crude extracted from gas fields, anchored in the Persian Gulf.

Bharat Petroleum has already drawn more than its fixed volumes - the amount it is obligated to purchase - that were contracted for 2018/19, its chairman said on Tuesday. This "energy transition" is a major discussion at oil-industry conferences. The refiners were asked by the petroleum ministry to brace itself for a "drastic reduction or zero" imports from Iran from November.

The price of crude, market analysts warned earlier this month, could shoot up by 30 percent to a huge $95 (£74) dollars a barrel.

IOC, Nayara and MRPL did not respond to Reuters' emails seeking comments.



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