Much of the Iran's oil exports head to Asia now, with over than 1.5 million barrels per day sent to the likes of China, Japan, South Korea, and India.
Growth in USA output, meanwhile, has tamed price moves for US benchmark crude in recent sessions, preventing it from notching a fresh multiyear high.
Oil prices held firm on Tuesday as ongoing production cuts by OPEC and looming US sanctions against Iran tightened the market amid strong demand.
During the week from April 28 to May 4, the API reported a draw of 1.85 million barrels of crude oil.
The United States has announced it will impose sanctions on Iran over its nuclear program, raising fears that markets will face shortages later this year when trade restrictions take effect.
The tightening market has all but eliminated a global supply overhang which depressed crude prices between late 2014 and early 2017.
Greater GDP growth has the potential to increase oil consumption beyond forecasted levels, which could put upward pressure on crude oil prices, and simultaneously drive systemic market movements in equities, bonds, and other commodities, which are often correlated with movements in crude oil prices. Although the group said its crude output inched up in the previous month, investors interpreted the minimal increase as a sign of OPEC's continued commitment to rebalancing the market, especially from its de facto leader Saudi Arabia.
The decision by US President Donald Trump to withdraw from the Iran deal "has switched the focus of oil market analysis from the fundamentals to geopolitics", the International Energy Agency wrote in its regular monthly report.
Global oil supplies could be hit by the decision by the USA to pull out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the IEA said on Wednesday.
OPEC figures published on Monday showed oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017.
So far, all Nokia smartphones have been a tad bit overpriced which can be monumental in a price sensitive market like India. As promised before, HMD Global has finally unveiled its latest Android smartphone in the form of Nokia X6 .
Everbody wanted to see what Sonam Kapoor would wear on her mehendi/wedding/reception and also who all would attend the party. The two also shared a handsome moment as Sonam planted a soft kiss on Mahira's forehead.
Pieterson's sister, Antoinette, whose grief is captured in the photo, has for many years been a guide at the museum. Ramaphosa conveyed his condolences to the Nzima family on behalf of his government and the people of South Africa.
The police received almost 60 calls related to uprooted trees, fallen electricity polls and wall collapses across the region. The IMD also predicted high velocity winds in coastal Andhra Pradesh, Karnataka , Tamil Nadu, Pudducherry and Kerala.
England's all-time top scorer had reportedly agreed terms on a £12.5 million move to DC United in Major League Soccer last week. But the style of play under the 63-year-old has not been met with universal appeal among Everton fans.
Germany has acknowledged it could be hard to protect companies doing business with Iran as the USA tightens the screws. But the European Union , in particular, must step up to take responsibility for ensuring that the JCPOA survives.
Smith was involved, though he was not alone in those missed assignments."A few miscommunications", coach Tyronn Lue said. As Marcus Smart and Al Horford ran a pick-and-roll, Horford rolled to the rim looking for the lob from Smart.
Expect Tom Cruise to deliver his usual brand of style and grace to the media and publicity campaign in the lead-up to release. There's more of that jaw-dropping helicopter set piece too, set to be Fallout's "big stunt" in the grand Mission tradition.
Mango has a 33-30 favorable rating, and Ellsworth has a 19-14 favorable rating. "I'm going to be a governor who leads the charge. But we think we're a couple points ahead, to tell you the truth", said Mango. "We feel precisely the same way".
But Morgan was not accepting this because he believes that Markle is still stinging from her sister's rejection. Samantha defended herself by claiming that those statements were pulled from "wholly inaccurate" tabloids.
'63 expelled' in Windrush fiasco, Home Office admits
Home Secretary Sajid Javid - whose predecessor Amber Rudd lost her job over the scandal - said the figure could change. And he admitted he still had no idea how many Windrush immigrants and their relatives had been detained.
Williams helps Pirates shut out struggling Sox
Pittsburgh built its 4-0 first-inning lead on Adam Frazier's homer, Josh Bell's two-run double and Colin Moran's RBI double. The Pirates jumped all over Lopez (0-3) after he had held them to two runs in 7 1/3 innings the last time out.
Parents of Parkland shooting victims run for school board
He's challenging incumbent Ann Murray for the District 1 seat, which includes Hollywood, Hallandale Beach and Dania Beach. Alhadeff and Petty are being endorsed by a group of Parkland parents called Concerned Citizens of Broward County.
Today May 15 iShares MSCI Turkey ETF (TUR) Decreases 2.72%
The Average Directional Index or ADX is technical analysis indicator used to discern if a market is trending or not trending. The firm owned 63,768 shares of the exchange traded fund's stock after selling 4,150 shares during the quarter.
Marchessault lifts Golden Knight over Jets in playoffs
The Knights outshot the Jets 8-0 during a stretch that led to two goals four minutes apart and almost a third five seconds later. They lost 5-2 in Vegas in November, won 7-4 at home the next month and lost 3-2 in overtime in Winnipeg in February.