FileOPEC-Non-OPEC States Ready to Boost Oil Output- Saudi Minister
Market figures show that Iran's oil sales are still powerful only a few days before the U.S. wages a second wave of sanctions that would target the country's oil exports.
Oil prices have extended a rally on expectations the sanctions will test OPEC and other producers.
Vowing to "take care" of countries that defy the United States directives to bring their oil imports from Iran to zero from November the 4th, the USA appears to be dead serious about implementation.
Even with U.S. sanctions on Iranian exports due to come into force on 4 November, oil prices have fallen about $10 a barrel since four-year highs reached in early October.
While the Saudi minister may have been referring to what happens after sanctions kick in, the range of estimates of how much Iran is exporting now is already widening.
Prices were little changed in post-settlement trade after industry group the American Petroleum Institute reported USA crude inventories rose 5.7 million barrels last week, more than analysts' forecast for a 4.1 million-barrel build.
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"Elsewhere, increased oil production from Saudi Arabia and Russian Federation have consequently eased concerns over a potential supply shock from the incoming Iranian sanctions", he added.
Kpler put Iranian exports at 1.85 million bpd in the first 24 days of October.
"It's pretty high, I have to admit", this source said of estimated exports in the first two weeks of the month.
The government now intends to offer oil on the energy exchange once a week, according to Fars.
A U.S. diplomat confirmed the discussions, saying limited waivers for India and other countries was possible.
After the 2015 nuclear agreement and before the imposition of the first round of renewed U.S. sanctions this year, Iran's crude oil production gradually had risen to around 3.7 million barrels per day; with 2.7 million b/d being exported. Both were set for the steepest monthly decline since July 2016.
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China intends to cut purchases in November.
With just days to go before United States sanctions on Iran take effect, three of Iran's top five customers - India, China, and Turkey - are resisting Washington's call to end oil purchases outright, arguing there are not sufficient supplies worldwide to replace them, according to sources familiar with the matter.
The drop in oil exports to one million b/d can potentially bring about even more problems particularly in the absence of proper planning while corruption and mismanagement throughout the system make life even harder for Iranians.
The plan of supplying crude oil in stock market has frequently been raised in the past years but it doomed to failure. "The same we will do for China".
The first set of sanctions that kicked in on November 7 included Iran's acquisition of U.S. dollars and the second round which comes into effect on November 4, includes the purchase of petroleum and petroleum products from Iran.
Exports dropped below 1.2 million bpd under previous sanctions that were lifted following that 2015 nuclear agreement. The Trump administration is considering waivers on sanctions for countries that are reducing their imports.
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