Oil prices slump 2 percent as Wall Street slides

Roman Schwartz
October 11, 2018

Iran, OPEC's third-largest producer, exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. But while he said he had spoken to Saudi officials-including possibly King Salman himself-Trump made no indication he pressed them for answers and seemed bewildered by the idea that he could possibly find out more.

During the last round of sanctions, Iran used its huge tanker fleet both for storing and shipment of crude oil and used domestic insurance coverage for tankers and cargo. And that happened. Because recently, Iran reduced their exports by 700,000 barrels a day, if I'm not mistaken.

In the US Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said.

However, India, which is Iran's 3rd largest oil importer, went against U.S. warning and cited growing energy requirements while placing orders from Iran.

Khashoggi had written a series of columns for the Post that were critical of Saudi Arabia's assertive Prince Mohammed, who has led a widely publicized drive to reform the conservative Sunni monarchy but has also presided over the arrests of activists and businessmen.

"What Saudi Arabia had been supplying the market with, were not from [its] spare capacity but from tapping its oil stocks", he pointed out.

The Trump administration withdrew from a deal over Tehran's nuclear program in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4.

According to reports, USA is going to announce a fresh batch of sanctions on Iran's oil and shipping sectors as well as its central bank. A second round, forthcoming on November 4, will be targeting Iran's oil sales and its Central Bank.

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According to ClipperData, Iran's crude exports fell to 1.3 million bpd in September from to 1.75 million bpd in August.

Saudi Arabia, the world's biggest oil exporter, will supply Indian buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said.

A release of US strategic oil stocks to ease the loss of Iranian supplies looked remote and would have limited impact anyway, and a plan by European nations aimed at maintaining trade with Iran was unlikely to help, he added.

Oil prices edged higher on Tuesday on growing evidence of falling Iranian crude exports before the imposition of new US sanctions, as well as a partial production shutdown in the Gulf of Mexico because of Hurricane Michael.

In an interview with Russia's Sputnik news agency, Iran's Deputy Foreign Minister Abbas Araqchi warned of the "serious effects" of the upcoming United States sanctions against Iran on oil prices and the entire Middle East.

US Secretary of State Mike Pompeo said in New Delhi that the US administration acknowledged some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran. "This is an obvious fact".

WASHINGTON - The United States is actively considering sanctions waivers for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday.

A USA government official, who spoke on the grounds of anonymity, said the Trump administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions.

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