India welcomes U.S. waiver on oil import sanctions, "examining details", says MEA

Forty years of American hostility’ Iran releases video responding to new US sanctions

Forty years of American hostility’ Iran releases video responding to new US sanctions

"We are aiming for this month", one of the sources said.

Broader oil markets continue to see steady declines, and WTI barrels have fallen by 20% in barely sick weeks.

"Certainly, the waivers on US sanctions for Iranian crude have really accelerated the decline from last month and sensitivity to those issues have been high in recent times", said Daniel Hynes, a Sydney-based senior strategist at Australia & New Zealand Banking Group Ltd.

Oil prices spiked in early October on fears that US sanctions on Iran would thin out global petroleum supplies.

The United States, Russia and Saudi Arabia are pumping at or near record highs, producing more than 33 million barrels per day (bpd), a third of the world's oil.

The sanctions that came into force Monday target Iran's energy, financial and shipping sectors and mark the end of US participation in the 2015 nuclear deal that President Donald Trump withdrew from in May.

Last week's increase in US crude inventories was the seventh week of gains, the longest stretch since early March, according to Energy Information Administration data.

Iran will not export as much crude as it has been.

To put that in context, the BP Statistical Review of World Energy 2018 puts global daily crude production at 92.6 million barrels per day for past year, so the increase is meaningful. Gold edged higher, but oil dipped as fears continue to grow that too much oil is emerging as Russian Federation, the Saudis and the USA boost production. At the same time, nationwide stockpiles rose 5.8 million barrels last week, compared to a 2-million-barrel gain expected in a Bloomberg survey.

Russian output in October is put at a record 11.4 million barrels per day - an increase of almost half a million barrels per day since it began ramping up production levels in May. Iran has also written to the OPEC to discontinue the output deal with non-OPEC countries to be scrapped as they side with US. These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now.

Prices were down significantly on Tuesday as the Iranian sanction waivers granted by the United States to eight countries-including oil-hungry India and China-took the sting out of what could have been market panic given the re-imposition of sanctions on Monday.

More U.S. oil will likely come. Last month the Joint Ministerial Monitoring Committee said the group may need to change course and begin cutting production once again.

Recommended News

  • ‘Fortnite’ Adds Monsters With Team Terror Mode

    ‘Fortnite’ Adds Monsters With Team Terror Mode

    To help speed up the process of getting geared up and ready for battle, farming resources have been increased by 75 percent. Alongside the new Heavy AR though, there's been a couple of different changes as well as two new Limited Time Modes.
    Prince Charles applauds Gambia for rejecting

    Prince Charles applauds Gambia for rejecting "autocratic" rule

    Prince Charles and his delegation will leave Banjul for Accra today and from there, he would proceed to Nigeria. The British Royals were met at the Kotoka International Airport by the Speaker of Parliament Prof.
    Cormier defeats Lewis to retain heavyweight crown

    Cormier defeats Lewis to retain heavyweight crown

    Then on October 9, the UFC announced that Daniel Cormier would defend the heavyweight title against No. 2-ranked Derrick Lewis . Cormier has shaken off two one-sided defeats to archrival Jon Jones to become one of the five finest fighters in UFC history.
  • Welcoming the most powerful iPad Pro yet

    Welcoming the most powerful iPad Pro yet

    The publication also points out that the iPad Pro's own processor and graphics performance should not be underestimated. You can plug as many flash drives or hard drives as you want into the iPad Pro's USB-C port, and nothing will happen.

    Ireland can not let United Kingdom decide Brexit backstop end, says Varadkar

    An all-UK customs deal could be written into the withdrawal agreement, avoiding the need for a "backstop" for Northern Ireland. The Department for Exiting the European Union (DEXEU) said: "We wouldn't comment on private meetings".
    Floyd Maymeather to fight Japanese kick-boxing star

    Floyd Maymeather to fight Japanese kick-boxing star

    I can box a lot a bit. 'The victor of big dream fights that all people want to see'. "This particular bout is a special bout". Nasukawa has also competed in four pro mixed martial arts fights, winning all of them, fighting under the Rizin banner.
  • Beyonce Endorses Beto O’Rourke on Election Day

    Beyonce Endorses Beto O’Rourke on Election Day

    He offers to coach some Latinx voters in the O'Rourke crowd on how to pass as white so they won't have a problem voting . It was a bitter fight, in which Mr Trump branded Mr Cruz "Lyin' Ted" and insulted his wife.
    Lionel Messi absence vs Inter proved THIS about Champions League hopes

    Lionel Messi absence vs Inter proved THIS about Champions League hopes

    Messi is included in the squad to face Inter and while he might not start the match, he definitely can play a few minutes. Barca were without a win in four league games and defensive errors looked set to play havoc with their title challenge.
    Rooney returns for England farewell against United States

    Rooney returns for England farewell against United States

    Wayne Rooney is set to make his return to England duty in a couple of weeks time. He is also Manchester United's record goal-scorer (253).
  • Omar wins U.S. House seat; other seats remain in play

    Omar wins U.S. House seat; other seats remain in play

    And 35 Senate seats are in play, as are nearly 40 governorships and the balance of power in virtually every state legislature. The US mid-term election campaign is entering a frenzied final day in a vote seen as a verdict on Donald Trump's presidency.
    Saudis sent ‘cleaners’ to Istanbul 9 days after Khashoggi murder

    Saudis sent ‘cleaners’ to Istanbul 9 days after Khashoggi murder

    Mr Oktay said, there are reports of the body being dissolved with acid which need to be looked at. Activists have urged countries to hold Saudi Arabia to account.
    They're back, minus Posh: Spice Girls to tour United Kingdom  next summer

    They're back, minus Posh: Spice Girls to tour United Kingdom next summer

    The Spice Girls are back together. minus one pair of stilettos, because Victoria Beckham will NOT be part of the reunion tour. Manchester, Coventry, Sunderland, Edinburgh, Bristol and London are the six cities that will host the comeback tour.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.