United States crude oil inventories decrease further last week: API

United States crude oil inventories decrease further last week: API

United States crude oil inventories decrease further last week: API

The decision likely means that any country with spare capacity will be able to boost production.

Under these circumstances, Japanese oil wholesalers are trying to make sure that they can stably secure crude oil.

"Our focus is to work with those countries importing Iranian crude oil to get as many of them as possible down to zero by November 4", a State Department official told Reuters, adding: "We are prepared to work with countries that are reducing their imports on a case by case basis".

Industry sources said the concern weighs more on companies which have no facilities to process general crude to produce products. The actual output supported fuel indexes, as it came in below some of the highest figures that had been discussed prior to the meeting in Vienna.

A spokesperson from Indian Oil Corporation Ltd told the paper that while the company already imports USA crude oil in spot purchase, it is considering firming up contracts as well. Venezuela's production plunged again in May, by 42,500 bpd from April to below 1.4 million bpd - 1.392 million bpd. The three storage tanks that were destroyed will take years to fix.

Futures rose 1 percent in NY on Thursday.

India on Thursday said ties with the United States were on a "firm footing" and that there was "nothing to suggest damage to the relationship" between the two countries on account of the Iran issue. The US officials explained that this is a part of the Trump Administration's plans of isolating Iran's funding streams.

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During the Obama years, India had to show a "significant reduction" and demonstrate it was bringing down oil imports at an average rate of 20% every six months. Given the huge energy needs, India and China are major importers of Iranian oil and if the United States sanctions come into effect both would be the worst affected.

He also talked about the economic crisis of Iran at hand.

The events in Vienna were the latest example of how Russian Federation and Saudi Arabia have effectively sidelined OPEC, driving policy for their own geopolitical ends and, in the case of Saudi Arabia, often at the behest of the United States. The shrinking availability of finance from global banks could enlarge the disruptions in Iranian oil exports as well.

Quoting anonymous officials, PTI reports that bringing down oil imports from Iran to zero as directed by the U.S. isn't feasible.

Brent crude gained 2.6 percent to trade at $76.68U.S. light crude rose 3.8 percent to $70.68. China is America's second-largest single oil buyer after Canada.

As if to summarize the emerging sentiment of many analysts, Goldman Sachs on Wednesday recommended its clients to be long oil: "We see some upside to oil prices", said Sharmin Mossavar-Rahmani, the bank's chief investment officer.

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