Iran Claims No Country Is Able to Fill Its Oil Gap

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South Korean buyers, which are among major Asian buyers of Iran's crude oil, suspended Iranian oil loading from July due to the uncertainty of getting a waiver from the United States government.

"We are seeing a well-supplied and balanced oil market right now".

According to the holder, the United States "wrongly" urges the Organization of the Petroleum Exporting Countries (OPEC) to reduce the "black gold" prices, when in fact the cause of the turbulence in the market comes from the North American intervention.

USA officials have said they aim to cut Iran's oil exports to zero to force its leaders to change their behavior in the region.

'You cannot keep the price low with slogans and intimidation, ' considered Zanganeh.

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Caroline Bain, a chief commodities economist with Capital Economics, said it's unlikely Saudi Arabia would do that because it has a unique opportunity to claim more marketshare when its bitter OPEC rival, Iran, starts dealing with its own sanctions.

Refusing to say if India has sought a waiver of sanctions from the U.S. as to continue purchasing crude oil from Iran, Oil Minister Dharmendra Pradhan said he has articulated the country's position on importing oil from the Persian Gulf nation in November and "there is nothing new to repeat". "Market watchers are reminding us that the Kingdom has the ability to send oil prices to $150 to $200-even if it is not acted upon, the fact that Saudi Arabia's threat is credible should be sounding alarm bells in Washington that our oil dependence continues to constrain our foreign policy and undermine our economic sovereignty".

Tom Kloza, longtime oil analyst at the Oil Information Service said the possible effect of the controversy on oil prices is on "everyone's radar" right now.

“Weak export activity coupled with lower refinery utilization rates and strong production contributed to a build in USA crude inventories last week, ” the survey said. Meanwhile, President Donald Trump and his top diplomat cautioned against putting the entire U.S. -Saudi relationship at risk over dissident writer Jamal Khashoggi.

News reports and Iranian government documents indicate that Iran has in some cases lowered prices and offered discounts to maintain sales as sanctions loom.

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India had contracted to import about 25 MT of crude oil from Iran in 2018-19, up from 22.6 MT imported in 2017-18.

Oil traded near the lowest level in a month after a more-than-expected gain in American stockpiles overshadowed tensions between the USA and Saudi Arabia over a missing critic of the kingdom.

Kloza said the increase in domestic oil production could take some of the heat of the situation with Saudi Arabia, but there are limits. The global benchmark is trading almost $7 below a four-year high of $86.74 reached on October 3.

Traders also continued to assess the tensions between Saudi Arabia and the US, after speculation grew the de-facto OPEC leader could deploy oil as a weapon against any punitive measures taken by Trump.

Reliance imported 2 million barrels of Iranian oil in September, ship tracking data obtained from sources showed.

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"When oil companies enter into annual term contracts for buying crude oil, there are two components mentioned - firm supplies and optional supplies".

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