Published: Wed, October 17, 2018
Money | By Ralph Mccoy

Oil prices dip on expectations of higher United States stockpiles

Oil prices dip on expectations of higher United States stockpiles

The last time South Korea did not import oil from Iran was September 2012, according to customs data.

He also assured of increased oil production in a month.

The South Korean government has been in talks with the U.S. government to get exemptions on Iran crude imports.

"The oil price pain being now felt would have been much worse if we had believed people who 4-5 years ago said that oil demand had peaked and would decline", Mr. Al-Falih added.

"We are seeing a well-supplied and balanced oil market right now".

Saudi Aramco has an initial pact to take a 25 percent stake in the planned 1.2 million bpd West Coast refinery.

But infrastructure within the biggest United States shale producing area, the Permian basin, has not kept pace with rising output, filling domestic tanks.

Iran has lost some customers for its oil because of looming USA sanctions, but high prices are making up for the lost sales, Iranian Vice President Eshaq Jahangiri has said.

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According to Refinitiv Eikon data, Iranian exports of crude oil have declined to 1.33 million bpd, a sharp contrast to April's 2.5 million bpd, before the U.S. withdrew from the Iranian accord amidst harsh criticism, and USA pressure on allies to cease purchases of Iranian-sourced crude appear to be working, dragging oil prices steadily higher on the higher timeframes.

Because of rising crude oil prices, retail prices in India are touching new highs.

The API figures are due at 4:30 p.m. EDT (2030 GMT) with the EIA report following at 10:30 a.m. EDT (1430 GMT) on Wednesday.

The October exports are a sharp drop from the 2.5 million bpd in April before US President Donald Trump withdrew from a multilateral nuclear deal with Iran in May and ordered the re-imposition of economic sanctions on the country, the data showed.

"India is projected to see the largest additional oil demand (3.7% per annum) and the fastest growth in the period to 2040", said Mohammed Sanusi Barkindo, secretary general of the Organization of the Petroleum Exporting Countries (OPEC).

Geopolitical tensions caused by the disappearance of a Saudi Arabian journalist Jamal Khashoggi in Turkey also remain.

Saudi Arabia, the world's largest oil exporter, has denied it was responsible for the disappearance of Khashoggi.

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