Iran Starts Oil sales to Private Exporters to Beat US Sanctions

Reuters  File

USA supply data also showed a sixth straight weekly rise in domestic crude inventories.

"Saudi Arabia's production has reached 10.7 million barrels per day this month and we could increase production to 12 million barrels per day".

Jahangiri further emphasized that the U.S. efforts to encourage Saudi Arabia to replace Iran's oil in markets were in vain, stressing that oil prices would nonetheless rise if Iranian supplies were to be cut off.

West Texas Intermediate crude for December delivery dipped 87 cents to settle at $65.31 a barrel on the New York Mercantile Exchange, the lowest since August 15.

Front-month Brent crude oil futures were at $77.05 a barrel at 0428 GMT, down 29 cents, or 0.4 percent, from their last close.

It should be noted that the oil trade is controlled by the state.

The pressures pushed oil prices to a four-year high at the start of October with Brent crude oil selling for more than $86 per barrel.

Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market.

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That's an increase of 10 million bpd since the start of the decade and means that these three producers alone now meet a third of global crude demand.

"A Saudi pledge to produce as much oil as possible, and the stock market rout, have sharply reduced concern about the November 4 implementation of USA sanctions against Iran", said Ole Hansen, head of commodity strategy at Saxo Bank.

Investors awaited industry data on USA crude inventories due to be released at 4:30 p.m. EDT on Tuesday.

"Serious measures" must be taken by European states to protect the Iranian nuclear deal before Washington imposes the second round of sanctions on November 4, he added.

On top of demand concerns, all eyes are on any impact from Iranian sanctions that are set to kick in on November 4, with many taking a view that Saudi Arabia and OPEC will pump enough to fill any supply shortages.

Hedge fund managers continued to liquidate former bullish positions in oil last week, with signs of short-selling appearing for the first time in over a year.

"The market is likely to focus its attention more on fundamental data again, especially with respect to possible supply bottlenecks in the coming months given that strict US sanctions on Iranian oil exports will come back into force from next week", Commerzbank analysts wrote.

This story has not been edited by Firstpost staff and is generated by auto-feed.

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