India’s oil imports from Iran surged after US sanctions were lifted in 2015
05 July, 2018, 19:21
On Tuesday, WTI hit its highest since November 2014 at $75.27.
By 5:55pm EDT, both benchmarks were trading up on the news of a higher than expected draw, with the WTI benchmark trading up 0.27% on the day to $74.14 and Brent trading up 0.71% at $77.85.
US President Donald Trump has been attacking OPEC for keeping oil prices artificially high - but officials in Iran insist that Trump's tweets are driving crude prices higher.
Oil prices edged up on Wednesday following a report of tightening USA fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States. As the 2018 mid-term elections loom, Trump's threat to the Saudi-led OPEC oil cartel is a sign to voters that he's doing something about rising prices at the pump (even if it's just sending tweets). "REDUCE PRICING NOW!" he added.
Crude oil prices rose on Tuesday with the USA benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya.
OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up the market.
Currently, prices are being propped up by supply disruptions in Canada, Libya and Venezuela as well as looming sanctions against Iran, which could remove as much as 3.8 million barrels per day of crude oil from the market.
"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the United States decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook.
An Iranian Revolutionary Guards commander, meanwhile, said on Wednesday that Tehran might block oil shipments through the Strait of Hormuz, a major route for transporting crude in the Gulf.
Trump wants Saudi Arabia to increase its oil production to offset any lost supply because of what is happening around Iran and the political chaos in Venezuela.
Trump also tweeted on the topic two weeks ago saying he hoped OPEC would increase production in an effort to keep prices down.
Kazempour Ardebili said Trump was trying to intensify tensions between Iran and Saudi Arabia and he called on the United States to join world powers in a meeting with Iran in Vienna on Friday.
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Welcoming the decision, Food Minister Ram Vilas Paswan said, "We will ensure that each grain is bought at MSP". The MSP hike, Singh said, will cost the exchequer more than Rs 15,000 crore in the current fiscal.
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