Saudi Arabia has taken oil market 'hostage', Iran says

India’s Iran oil purchases to fade ahead of U.S. sanctions

At 1055 GMT, the November ICE Brent crude futures contract was up 13 cents from Thursday's settle at $78.32/b, while the NYMEX October light sweet crude contract was up 26 cents at $68.85/b.

Despite the supply-side risks posed by Venezuela and Iran, however, spare capacity in Saudi Arabia and Iraq, coupled with potential output recovery in Libya and Nigeria, could help balance the market.

Nearly all of Iran's main customers purchased fewer Iranian barrels in August than they did in April, the month before Trump said sanctions were being reimposed.

Demand for oil grew more slowly in the second quarter, particularly in Europe and Asia but also because of higher gasoline prices in the USA, the energy group said.

I think the big thing is nobody in the market is expecting Iranian exports to down to zero, neither are we.

Kazempour Ardebili further accused Russian Federation and Saudi Arabia of trying to take over Iran's share in the global oil market. However, after crude oil prices increased in early 2016, investment and production began increasing later that year.

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The number of ships loaded with Iranian oil and anchored off the loading port of Kharg Island and the Souroush oil field has also risen as Iran's pool of buyers shrank, the data showed.

Iran is now OPEC's third-largest producer, but the U.S. wants to cut its production down to zero by November as part of sanctions imposed on the country.

US crude stocks fell 5.3 million barrels (Mmbbl) in the week ended September 7, to 396.2 Mmbbl, the lowest since February 2015, and roughly 3% below the five-year average for this time of year, the Energy Information Administration said Wednesday.

Demand for oil grew more slowly in the second quarter but will continue to rise this year and in 2019, the group said.

Drillers added two oil rigs in the week to December 1, bringing the total count up to 749, the highest since September, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. Here are the production numbers of the OPEC countries in the past two months. "But we have been more bullish than most in terms of how much we are going to lose from Iran and we believe we are going to lose 1.5-1.8 million barrels per day", Sen added.

However, if push comes to shove and markets need more supply, Russian Federation will be able to ramp up production by 300,000 bpd mid-term, he said, in addition to the October 2016 level.

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