We’ll meet your oil needs: Saudi Arabia

We’ll meet your oil needs: Saudi Arabia

Given the impact of rising oil prices on the rupee and India's trade deficit, his motivations were clear.

Crude oil prices are testing the higher side of recent action as Iranian crude exports continue to decline ahead of the US' November 4th deadline for full-scale sanctions on the Middle Eastern country, with reporting data showing Iranian oil exports have declined by half since earlier this year, and with Saudi Arabia tensions on the rise, barrel costs could rip into multi-year highs as supply and demand continue to race to the bottom.

Oil prices fell on Tuesday on evidence of higher US oil production and increasing USA crude inventories, but reports of a fall in Iranian oil exports helped to limit losses.

Brent crude was down 80 cents a barrel at $79.98 by 0825 GMT.

His comments come amid signs that Iran is scrambling to try to maintain its oil exports, which are declining so fast that the International Monetary Fund last week estimated they had already driven Iran's oil-fueled economy into recession. USA light crude was 40 cents lower at $71.38.

In the January-September period of the year, 110.45 million tonnes of crude oil, were imported into South Korea, almost unchanged from 110.44 million tonnes over the same period last year.

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Asked whether India has sought waiver from the United States related to Iranian oil imports as Indian oil firms have booked Iranian oil cargo for November, he said "sentiment" rather than availability is the issue.

USA oil supplies are over-burdened according to reporting, but American crude will do little to help Eastern energy needs. During the previous rounds of sanctions from 2012 to 2015, South Korea could buy Iranian oil by capping its Iranian oil imports volume.

A day after Saudi Arabia said it would retaliate to any possible USA sanctions over the disappearance of a journalist, which led to a spurt in Brent crude prices, the world's largest oil exporter struck a conciliatory tone in India.

In the first two weeks of October, Iran exported 1.33 million barrels per day (bpd) of crude to countries including India, China and Turkey, according to Refinitiv Eikon data.

But Jahangiri's remarks are indirect acknowledgment that Iran's oil exports have been effectively cut in half from a peak of about 2.5 million barrels a day in April as customers fled in anticipation of the USA sanctions.

Saudi Arabia has denied it was responsible for the disappearance of Khashoggi.

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