Tuesday, 13 November, 2018

India's Iranian Oil Imports Inch Up In September

Oil price extend losses as other markets fall, stockpiles climb OPEC cuts forecast for global oil demand growth in 2019
Laurie Berry | 14 October, 2018, 09:45

Brent crude futures fell $2.10, or 2.5 per cent, to $80.99 a barrel.

US oil prices further dived 3.01 percent Thursday amid a rise in petroleum stockpiles and a deep fall of stock markets.

Early in the session, crude rose as global equities were set for their biggest daily gain in almost a month.

The group reduced its estimates for the expansion in global consumption in 2018 and 2019, citing slowing economic activity in emerging markets. US crude futures fell 2 cents to $70.95.

Mangalore replied "no comments" when contacted by email.State-owned oil producer Saudi Aramco was not immediately available for comment.Given their dependence on Iranian oil supplies, the Indian refiners are concerned about the loss of Iranian crude once the sanctions start and are seeking exemptions.

These maps shed light on when and where Hurricane Michael will hit
Gary Van Brocklin of Alexandria Bay says he couldn't leave his Panama City beach home and that bridges to get out were closed. EDT, Michael was centered about 35 miles (60 kilometers) south of Charlotte, North Carolina, with winds of 50 mph (85 kph).

EIA estimated Brent crude oil spot prices averaged 79 dollars a barrel in September, up 6 dollars from August.

Oil prices dropped 2 per cent on Wednesday as US equity markets broadly fell, even though energy traders anxious about shrinking supply from Iran due to US sanctions and also kept an eye on Hurricane Michael, which closed almost 40 percent of US Gulf of Mexico oil output. As mentioned in yesterday's daily update, October exports have fallen to around 1M barrels a day (from a peak of 2.5M earlier this year) according to tanker and industry sources. In fact, Saudi Arabia said they are not aware of any refiner that needed oil and was not able to obtain it. OPEC has been under the hit list from the US for declining the increased outcome to answer rising oil prices. The OPEC's 15 countries have amplified the crude oil outcome in last month to 33.07 million barrels per day-that is the 180,000 barrels per day surge from August-as per the Platts survey of analysts.

"The bearish alarm bells are ringing for next year's oil balance as market players brace for the return of a supply surplus", said Stephen Brennock of oil broker PVM.

According to EIA, the weekly USA crude oil output was 16.2 million barrels, 352,000 barrels per day less than the previous week. As reported by S&P Global Platts, the analysts predict that while the US pressure on the regime of Maduro would not contain limitations on the USA imports of Venezuelan crude oil, it could contain new restrictions on the USA refined product exports and light oil exports to Venezuela.

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