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India has made its stand clear on U.S. sanction that India adheres to only United Nations sanctions, the sources added.

South Korea accounted for 14 percent of Iran's oil exports past year, according to the U.S. Energy Department.

Nobkhat revealed that his government is creating an emergency budget which will be discussed by parliament along with the public budget.

It can be noted that India has increased oil purchases from Iran to almost pre-2012 levels after sanctions were lifted in 2015, and in May 2016, India agreed to transfer to Iran about Dollars 6.5 billion that it owed for Iranian oil shipments but which was held up for payment due to sanctions.

As such, the addition of 1 mb/d from Saudi Arabia alone would lead to the OPEC+ group exceeding the production levels they just committed to, after factoring in additions from Russian Federation and other Gulf States.

Oil prices rebounded strongly amid reports that the U.S. State Department said it will require companies to cut oil imports from Iran to zero by November.

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In May, US President Donald Trump withdrew from the Joint Comprehensive Plan of Action (JCPOA) also known as the Iran nuclear deal and announced new sanctions against Tehran, which would directly impact any firm doing business with Iranians. As per economists' forecast, the data is expected to show a draw of -2.4M vs. -5.9M previously.

It comes after the USA demanded all countries halt imports of Iranian oil from November, a hardline position the Trump administration hopes will cut off funding to Tehran.

The move higher in prices has also started to close the gap with Brent crude prices nearly halving the gap from over $11 earlier this month to just under $6 now.

According to three sources close to OPEC and Russian Federation, the world's two biggest oil exporters agreed in May to work hand in glove to engineer a sizeable increase in oil output - albeit for different reasons. Add in smaller contributions from elsewhere and global spare capacity might only amount to 2 mb/d of supply as of July, or only about 2 percent of total global production. "We can easily find crude if we need to replace Iranian oil", he said. Iran is now India's third largest supplier, after Iraq and Saudi Arabia. "If such procurements don't go smoothly, it could adversely affect crude oil supply and cause problems such as rises in the prices of oil-related products", said Hideo Kumano, chief economist at The Dai-ichi Life Research Institute.

Russian Federation and Saudi Arabia will save the day if OPEC deal falls apart Even if the current OPEC/NOPEC oil production cut deal goes to pieces, Saudi Arabia and Russian Federation will be willing to go it alone. The company said last week it had made no final decision. Oil is in a new super cycle and these geopolitical events are going to keep supply tight.