Russian Federation investing $64 billion in Iran’s oil and gas

Russian Federation investing $64 billion in Iran’s oil and gas

Russian Federation investing $64 billion in Iran’s oil and gas

LONDON-Oil prices rose on Friday after top exporter Saudi Arabia said it wouldn't flood the market with crude in an effort to cap on prices.

Both Brent crude and USA benchmark West Texas Intermediate fell more than four per cent Monday, with the former hitting three-month lows of below $72 a barrel.

Brent oil rose 7 cents to $72.65 a barrel by 0354 GMT, after rising to $73.04 earlier in the day.

Oil markets have fallen over the last week as Saudi Arabia and other members of the OPEC and Russian Federation increased production and as some supply disruptions eased. Saudi Arabia also cut last week its official selling prices (OSPs) by US$0.20 for most of its grades to the Asian markets for August. But following the lift in global sanctions on Iran in 2016, the Middle Eastern country's share within Korea's total crude oil imports sharply expanded to 10.38 percent in 2016 and 13.2 percent in 2017.

Aama further noted that Saudi Arabia will not substantially oversupply the market, dismissing concerns over an oil glut as baseless.

Japanese oil refiners will likely stop loading Iranian crude by mid-September with final shipments arriving in the first half of October, the head of the nation's oil refiners association said on Thursday, as the US pressures countries to halt such imports.

Prices have been dragged down by worries about oversupply as some production returned after outages, while trade tensions between the United States and China stoked fears of damage to their economies and their demand for commodities.

The US State Department has also expressed that it is not anticipating providing any waivers or extensions, which means that there will be no exemptions for anyone.

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Crude prices pulled back from highs earlier in the session as traders cashed in on profits, said John Kilduff, a partner at Again Capital Management in NY.

USA gasoline days of supply stood at 24.40 days last week, just shy of the highest on record for this time of year, EIA data showed.

Even higher USA production was likely, Rystad Energy said.

U.S. President Donald Trump has hardened his stance toward Iran and withdrawn his country from an global nuclear weapons agreement.

"They're pushing out a heck of a lot of crude right now, and they're anxious about the downward pressure on prices", said Mike Wittner, head of oil market research at Societe Generale SA in NY.

Second, Trump can, as he recently did, ask Saudi Arabia to increase its crude production.

Adeeb al-Aama said in a statement on Thursday that the kingdom's July crude oil exports will be roughly in line with last month's total, which stood at almost 500,000 barrels per day (bpd).

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