India’s crude oil imports from Iran jumped 10 per cent in September

India’s crude oil imports from Iran jumped 10 per cent in September

India’s crude oil imports from Iran jumped 10 per cent in September

Saudi Arabia's Opec governor said on Thursday the oil market could face oversupply in the fourth quarter. Norway's Equinor ASA's kept its focus on continued spending restraint, even as profits jumped to a four-year high.

Crude oil prices have stayed high partly due to U.S. demands that other nations join economic sanctions and halt imports from Iran by next month.

"With geopolitical risk factors raising concerns over global instability and other external uncertainties risking demand for oil to take a hit, it would not be a surprise if WTI and Brent Crude hold onto their recent losses", said Lukman Otunuga, an analyst at futures brokerage FXTM. However, the response of other producers to compensate for lost supplies from Iran is also uncertain. "We saw strong demand for our crudes in the third quarter and we have increased our production accordingly", he said.

Saudi Arabia's crude oil exports to India rose 12 per cent to 3.32 MT in September. It has continuously warned OPEC members against increasing production unilaterally.

USA production is projected to increase to 11.7 million barrels per day next year, compared with 10.7 million this year, due to Permian basin production.

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According to the EIA's report, USA crude oil refinery inputs averaged 16.3 million barrels per day during last week, which was 48,000 barrels per day less than the previous week's average.

He stressed that Saudi Arabia is a very responsible country, and for decades, has used its oil policy as a responsible economic tool and isolated it from politics. On Tuesday, the API (American Petroleum Institute) reported a build of 9.9m barrels vs. the expectations of 3.7m barrels.

OPEC still hasn't revived output to what it was producing prior to the 2017 cuts. Meanwhile, Russia suggested its current output is higher than in September. EIA also forecast that total global liquid fuels inventories to decrease by 200,000 barrels per day in 2018, followed by an increase of 280,000 barrels per day in 2019.

These are the lowest exports by Iran in at least two-and-a-half-years before the West lifted sanctions in January 2016 and show that its key customers are already making significant cuts to their Iranian imports.

US crude oil stockpiles rose for a fifth consecutive week last week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday.

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