Iran forgetful of past as oil prices strengthen

India reducing oil from Iran ahead of US sanctions: report | TheHill

India reducing oil from Iran ahead of US sanctions: report | TheHill

Oil prices pulled back on Friday on concerns additional US tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.

Kazempour Ardebili told Reuters on Friday that the United States will find it hard to cut Iran's oil exports completely as the oil market is already tight and rival producers can not make up the shortfall.

Benchmark Brent crude oil was down 70 cents a barrel at $79.04 per barrel by 0830 GMT.

Further sanctions on oil and transactions with the central bank of Iran will come into effect on November 4.

However, prices were able to rebound into the close on Friday after a report said Secretary of State Michael Pompeo was going to give a press conference on new sanctions on Iran.

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Prices began to retreat on Thursday after the International Energy Agency that said global oil supply hit a record high in August despite lower production from Iran and Venezuela.

The U.S. Energy Information Administration (EIA) said on Tuesday that the U.S. likely surpassed Saudi Arabia and Russian Federation earlier this year to become the world's top crude oil producer.

Another factor that undercuts the argument of a tightening market is waning demand, and the IEA noted that the demand outlook for this year and next is less bullish, with demand growth unchanged at 1.4 million bpd and 1.5 million bpd, respectively.

Washington's withdrawal from the landmark Iran nuclear deal was criticized across the world.

Iran will face U.S. sanctions on its oil sector in early November.

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India, Iran's No.2 oil client behind top buyer China, does not recognize the reimposed United States sanctions, but winning a waiver from the restrictions is a must for New Delhi to protect its wider exposure to the U.S. financial system.

A long-time adviser at Saudi Arabia's Energy Ministry also said last month that current US sanctions on Iran were unlikely to stop Iranian oil exports completely.

"It seems President Trump has been taken hostage by Saudi Arabia and a few producers when they claimed they can replace 2.5 million barrels per day of Iranian exports, encouraging him to take action against Iran", he added.

The Iranian OPEC governor has voiced skepticism that other producers can add much more oil.

Organization of the Petroleum Exporting Countries (OPEC) monthly report released on Thursday showed Iran's oil production fell by 150,000 bpd in August, despite OPEC's monthly oil production rising 278 million bpd to reach 32.6 million bpd.

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Iran's oil minister had previously warned its Saudi counterpart the OPEC supply pact from previous year does not give member countries the right to raise oil production above their targets.

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