Iran's oil minister reiterated on Tuesday that U.S. President Donald Trump was responsible for rising oil prices, and warned that the only way to bring balance to the market was to suspend sanctions on Tehran.
West Texas Intermediate crude for November settlement was changing hands at around $75.30 per barrel in early NY trading, up from $71.80 per barrel a week earlier.
The impact of oil prices at their highest in four years, together with dollar strength, is starting to show on demand. "We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices".
Brent for December settlement declined $1.71 to close at $84.58 on the London-based ICE Futures Europe exchange.
The first round of US sanctions targeting the automotive sector and financial transactions were reinstated on August 6, and the second round that will hit Iran's oil and natural gas trade starts on November 4.
That would mean the United States challenges Russian Federation as the world's biggest crude oil producer.
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The Vice President supported his claims by citing data from US Intelligence agencies, although, he did not provide any proof for the same.
Saudi Arabia will invest $20 billion in the next few years to maintain and possibly expand its oil production capacity, Saudi Energy Minister Khalid al-Falih has said, according to Reuters.
While the rising trend continued in early 2018, reaching as high as 2.8 million bpd in April, Iran's oil sales overseas have seen considerable decreases, falling 2.01 million bpd and 1.31 million bpd by September 13 this year, according to Bloomberg data. US production, which sits at a record 11.1 million bpd, can not replace Middle East crudes, such as Iranian grades, in Asian refineries.
Korea's imports of US crude oil increased seven-fold from 1.04 million barrels to 7.3 million barrels during the same period.
S&P Global Platts sees prices strengthening "a little" toward the end of the year, said Chris Midgely, the company's global director of analytics, at the S&P Global Platts Analytics annual summit.
Crude oil futures fell Rs 8 to Rs 5,648 per barrel on Thursday due to profit-booking by investors even as Brent continued to quote above $86 a barrel overseas.
During the latest meeting, "both sides actively discussed the US' reimposition of sanctions against Iran", while Tokyo reiterated its basic principle that Japanese corporate activity should not be impacted by the USA sanctions, Japan's Ministry of Foreign Affairs said in a statement Tuesday, Platts reported.