Saudis willing to meet all orders from ex-Iran oil buyers

India's oil imports from Iran down 57% in April

India's oil imports from Iran down 57% in April

"Recent build in USA oil inventories is in line with the seasonal trend, and is expected to reverse into a gradual draw over the next few months as refineries come out of maintenance and runs are ramped up in preparation for the driving season and introduction of IMO regulations", the Gulf source said, referring to new shipping fuel rules.

Brent oil dropped below $70 a barrel on Wednesday, hurt by concerns about a deepening U.S.

Prices have gained about 30 percent so far this year as the global supply outlook has tightened due to USA sanctions on crude exporters Iran and Venezuela, as well as supply cuts by OPEC, Russia and their allies.

For 2020, the EIA forecast USA output will average 13.38 million bpd, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia. That is an 11% rise from the same month past year.

"The market is taking no notice of increased sanctions against Iran" or the "harsh" warning that U.S. National Security Adviser John Bolton made against any potential military action by Tehran, he said.

The sources said based on the rights envisioned in JCPOA's paragraph of 26 on the European Union commitments and also in paragraphs of 36 and 37 which are about dispute resolution mechanism, Iran plans to decrease some of its commitments and resume a number of its nuclear activities that have been ceased under the JCPOA.

Bloomberg on Tuesday noted that, "In Europe, traders are willing to pay higher premiums to secure immediate supplies of Brent crude.the North Sea's main loading programs next month will be the smallest in years - just before northern hemisphere refineries start purchasing more oil for summer processing, [and] traders in West Africa and the Mediterranean also report bullish markets".

India's oil imports from Iran fell about 57 per cent year-on-year in April, according to tanker arrival data seen by Reuters, the last month when New Delhi was allowed to load Iranian oil ahead of USA sanctions stopping purchases of oil from the Opec member.

Sri Lanka Easter Blasts Aftermath: Another Sunday, Another Mass Observed at Home
The government has blamed the Easter bombings on a local jihadist organisation which had pledged allegiance to Islamic State . In Sri Lanka , a group of suicide bombers carried out a eight blasts at churches and luxury hotels in Sri Lanka on April 21 .

Charting-wise, we have seen a deterioration through trendline support, with the price finding support on the 200-day simple moving average (SMA) indicator.

Most analysts expect Iran's crude exports to fall to little more than 500,000 bpd, down from around 1 million bpd in April, as governments largely bow to USA pressure.

"It's hard to envision all exports being cut away, particularly since China remains a major buyer of Iranian crude oil", explained Jim Burkhard, vice president for petroleum markets in IHS Markit.

Saudi Arabia, the world's biggest oil exporter, cut the pricing for June supplies of all crude grades to the U.S., while raising it for other regions.

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.

Azerbaijan's oil minister said it had received assurances from Saudi Arabia, de facto OPEC that Riyadh would not take any unilateral decisions on the global oil deal until the group's June meeting.

Production from Saudi Arabia could edge higher in June to meet domestic demand for power generation, though output will remain within its quota in the Opec+ pact, sources familiar with the kingdom's policy told Reuters.

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