How will US sanctions on crude oil from Iran affect India?

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US West Texas Intermediate (WTI) crude futures settled up 31 cents, or 0.5 per cent, at US$62.25 a barrel. "'Don't do business with this people until they understand that there is a way to that you conduct yourself in the global community'".

Zamaninia gave no details about the "gray market", but Iran is widely reported to have sold oil at steep discounts and often through private firms during sanctions earlier this decade.

At the same time, it also said that USA crude oil production is expected to average 12.45 million bpd this year, up from the current 12.3 million bpd, which is already a record.

Crude has retreated around 10% after reaching a six-month high in late April on signs the global supply outlook may not be as tight as previously feared.

The upbeat reports have also turned around earnings estimates for the first quarter to an nearly 1 percent rise, a huge improvement from the 2.3 percent decline expected at the start of the season last month.

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USA crude oil production is expected to average 12.45 million bpd this year, up from the current 12.3 million bpd, which is already a record, the EIA said.

"Based on such requests, Saudi oil production for the month of June is expected to remain below its OPEC+ commitment, while exports will also stay under 7 million barrels per day".

Oil prices stabilised on Wednesday as markets remained relatively tight amid USA sanctions on crude exporters Iran and Venezuela.

Imports of Kazakhstan's light sweet CPC Blend crude nearly doubled year on year to 15.74 million barrels in the first three months this year.

In the previous session, holdings of SPDR Gold Trust, the world's largest gold backed exchange, dropped 0.63 percent to 740.82 tonnes, its lowest since October 11.

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Lack of clarity in oil fundamentals will keep Brent crude price volatility high in the next couple months, testing Goldman Sach's expected boundary range of $70-$75 per barrel, the bank said in a note.

The Trump administration's decision to impose sanctions on countries that buy Iranian oil delivering oil prices to their greatest levels since October and is now increasing worries about crude source.

Propane/propylene inventories increased by 1.0 million barrels last week and were about 17 percent above the five-year average for this time of year.

In March, the biggest oil importers in Asia-China, India, Japan, and South Korea-collectively bought 1.57 million bpd of oil from Iran, a 36-percent surge over February. "We should increase production and raise our (non-oil) exports and resist America's plots against the sale of our oil".

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