Saudi Arabia resumes stockpiling its oil | Business , Regional

Saudi Arabia resumes stockpiling its oil | Business , Regional

Saudi Arabia resumes stockpiling its oil | Business , Regional

According to Bloomberg news agency, which cited two officials familiar with the negotiations, Beijing, however, agreed not to increase purchases of Iran's crude.

State refiners accounted for about four-fifth of Iranian oil imports in July with Indian Oil Corp along with its unit Chennai Petroleum Corp getting about 300,000 bpd oil from Tehran, the preliminary data showed.

His decision to withdraw from the 2015 Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), has led to months of rising tensions between Washington and Tehran.

"Tehran had offered nearly free shipping and an extended credit period for oil sales to India", Reuters reported.

But Trump, a long-time critic of the deal who succeeded Barack Obama as president previous year, pulled out of the pact despite repeated assurances by United Nations inspectors that Iran is in compliance with its obligations.

Overall U.S. crude oil inventories actually rose by 3.8 million barrels last week to 408.74 million barrels, according to data from the Energy Information Administration (EIA), however stocks at the key Cushing storage hub in Oklahoma fell by 1.3 million barrels, the EIA data showed. The US also said that it would exert "maximum economic and diplomatic pressure" on other countries to stop buying crude oil from Iran.

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Iranian President Hassan Rouhani has warned the US against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

United States officials have softened their stance after initially saying they would press allies in Europe, Asia and the Middle East to adhere to the sanctions and reduce their imports to zero.

It has warned countries which ignore the policy will face USA sanction, even if they are American allies.

Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran.

The official confirmed that during July delegations would be dispatched to Beijing and Delhi to press home the case, having already visited the capitals of other major Iranian oil importers.

July volumes were about 85 percent higher than year ago shipments of about 415,000 bpd, the data showed. This is causing investors to continue to trim net length, take profits as well as de-risk that position with the sense that oil's upside is limited unless there is material reduction in Iranian barrels.

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