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Huge Iranian oil armada heads to China before USA sanctions kick in

22 October, 2018, 13:21 | Author: Shawna Walton
  • Oil edges higher amid tension over death of Saudi journalist

Ten thousand people have been killed and millions displaced, and it might lead to the worst starvation in a century. The gains were further supported by the escalating U.S. -Saudi tensions after Trump pledged "severe punishment" should the Saudis be linked to Khashoggi's disappearance. Washington should take the opportunity to undo this bad complicity by withdrawing logistical and intelligence support.

Certainly, Saudi Arabia has the largest production capacity among OPEC countries. Trump has an opportunity to rebalance his regional policy in the coming weeks.

There is no way to wield the oil weapon, which would not shake the foundations of the U.S. -Saudi alliance on which the kingdom's defense depends, leaving it vulnerable to regional rivals, including Iran.

Crude stockpiles in the USA have risen for four straight weeks, the longest run of gains since early 2017.

On Thursday, crude oil futures ended at a five-week low at $68.65 a barrel, losing $1.10, or 1.6%.

An unnamed source from the National Iranian Tanker Company (NITC) told Reuters on Friday that the firm had been shipping over 20 million barrels of oil to China's northeastern port of Dalian.

Oil slipped to the lowest level in almost a month after expanding American stockpiles overshadowed tensions between the USA and Saudi Arabia over the disappearance of a prominent kingdom critic. According to its numbers, Saudi output went from 10.09 million bpd in May, before OPEC+ chose to pump more crude, to 10.9 million bpd in June.

OPEC and its allies, known as OPEC+, have promised to supply the market with an additional one million barrels per day (bpd) since June, but that promise is still work in progress as not all members were able to deliver on their promises, or demand isn't yet there for that much crude.

In the long term, the oil embargo created the conditions for the oil price slump that hit Saudi Arabia and other producers in the 1980s and 1990s, and from which they did not recover until the 2000s.

Currently, President Trump is calling for a full report on the disappearance, but has also cited Saudi Arabia's importance as a military ally and trade partner, leading many to expect that any us response will be muted, with little impact on oil prices.

On May 8, President Trump pulled the USA out of a 2015 nuclear pact with Iran reached by his predecessor Barack Obama and other world powers, the U.K., France, China, Russia and Germany, and ordered tough US sanctions on Tehran.

As these tensions have risen, the price of crude oil has fallen.

New Delhi- India is continuing to engage with the USA and all other stakeholders regarding the S-400 missile deal with Russian Federation and import of crude oil from Iran following Washington's sanctions on Moscow and Tehran, the Ministry of External Affairs said on Thursday.

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