After Modi raises Indias pricing concerns, Opec says no oil supply worries

Representative Image

Representative Image

US crude was down 5 cents at $71.29.

The Organization of the Petroleum Exporting Countries (Opec) has said the current market seems fine.

Zanganeh said the rise of oil prices was a "self-inflicted pain" caused by USA sanctions against Iranian energy exports, and could be resolved by lifting the measures.

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

South Korean Ambassador to Tehran Ryu Jeong-hyun says companies in his country understand the significance of the Iranian market and will not leave it under the U.S. sanctions.

Reliance on Wednesday reported a record quarterly profit in the July to September period. While buyers of Iranian crude are still awaiting possible waivers from the Trump administration, the International Energy Agency's executive director Fatih Birol urged Opec and other major producers to boost output as oil markets are entering the "red zone".

While the low prices may be enticing, buyers who decide to purchase the supply will expose themselves to the risk of being cut off from the American financial system after U.S. sanctions are imposed on November 4.

Following US President Donald Trump withdrawal from the US-Iran nuclear deal, sanctions were reimposed on the Persian Gulf nation which will take effect from November 4.

Cyclone 'Titli' intensifies into very severe cyclonic storm, Odisha govt starts evacuation
G.Udaygiri in Kandhamal district recorded the highest 351 mm rainfall followed by 319 mm of rainfall in Kantapada of Cuttack district.

Oil prices hit a four-year high of $ 86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to U.S. sanctions.

Crude has increased about 20 percent this year as concerns linger that demand may outstrip supply with American sanctions on Iran set to be implemented early next month.

The EIA data has showed that oil stockpiles have increased last week despite a drop in production due to hurricane Michael.

“Weak export activity coupled with lower refinery utilization rates and strong production contributed to a build in US crude inventories last week, ” the survey said.

European diplomats have said the SPV would create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.

Oil had been rising this week on worries about Iranian sanctions and tensions between the United States and Saudi Arabia after the death of Saudi journalist Jamal Khashoggi.

India, the world's third-biggest oil importer, is facing record high retail prices as worldwide crude rate soared and rupee value dipped.

When asked whether Russian Federation and Saudi Arabia had made a backroom deal to increase oil production, MbS was more tight-lipped, saying only that Saudi Arabia was "ready to supply any demand and any disappearing from Iran".

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