Oil rises after OPEC sources say Saudi crude output fell

Prepare for $90 oil after sanctions against Iran take effect – analyst

Iran ranks as the third largest oil producer among its peers in the Organization of Petroleum Exporting countries, or OPEC, having shipped out almost 3 million barrels per day of crude in September. Total volume traded was about 48 per cent below the 100-day average.

The crude oil imports maintained the same levels during the last two weeks.

As the U.S.re-instated its first set of sanctions against Iran yesterday, we could see further rhetoric from Iran about lost oil supplies and OPEC not being responsible for filling the supply gap, Peterson noted.

USA sanctions on Iran's energy sector are set to be re-imposed after a 180-day "wind-down period" ending on November 4. Saudi Arabia is also India's fourth largest trade partner after China, the U.S. and UAE, and bilateral trade during 2016-17 was valued at $25.079 billion, with India's exports amounting to $5.13 billion.

However, loadings to China were 799,452 b/d in July, up from 722,100 b/d in June.

Oil prices rose after the sanctions went into affect, but gains were limited as market participants lacked clear signs on just how much the proposed oil sanctions would affect Iranian crude output, Kilduff said.

Flows to India in July were higher despite some Indian refiners saying they would reduce their reliance on Iran.

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"There is room for [prices in] the crude market to soften a bit more", says John Woods of JJ Woods Associates, adding that inventories could rise further as refineries head toward maintenance season after the summer driving season.

Many experts fear that USA policies under Donald Trump may be the trigger point for the Third World War.

The Foreign Ministry of China stated on Wednesday that China vehemently opposes the unilateral sanctions from the U.S. on Iran.

Flows to Europe in July fell to 465,450 b/d from 485,768 b/d as demand from France, Spain, and Turkey fell while interest from Italy and Greece grew steadily.

Oil prices had been edging higher prior to the announcement.

The first USA sanctions against OPEC member Iran officially came into effect at 12:01 a.m. EDT. They said Iranian exports were likely to drop by up to 1-million bpd by November, but even that could push Brent to $85 a barrel if oil markets were hit by other disruptions in producer countries such as Libya or Venezuela. China's foreign ministry on Wednesday stated that Beijing will continue its business with Iran as does not violate any UNSC resolution.

Shipments into the world's biggest importer of crude last month rose to 8.48 million barrels per day from 8.18 million bpd a year earlier and June's 8.36 million bpd, customs data showed.

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