Iran blames United States sanctions for rising oil price

Bijan Zanganeh arrives for an OPEC meeting in Vienna Austria

"Middle Eastern crudes, and we are also taking some USA grades".

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

Pradhan had last week said two state-owned oil refiners have booked import of 1.25 million tonne (MT) of crude oil from Iran in November.

'You cannot keep the price low with slogans and intimidation, ' considered Zanganeh.

The United States plans to impose new sanctions on Iran's oil sector from November 4 in a bid to curb Iranian involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme.

As impending USA sanctions choke Iran's oil sales to its biggest customers, the Middle East producer isn't going down without a fight.

In a worse-case scenario, the Saudis could cause an "oil shock" where prices soar to $150 a barrel, Bain said.

US President Donald Trump in May withdrew from the 2015 nuclear accord with Iran, reimposing economic sanctions against the Persian Gulf nation.

On US sanctions on Iran the minister said that issue is not availability but due to geopolitical challenges there is a sentimental issue.

Prices hit a four-year high of $86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to U.S. sanctions.

Kloza said the increase in domestic oil production could take some of the heat of the situation with Saudi Arabia, but there are limits.

US lawmakers pointed the finger at the Saudi leadership over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, suggesting sanctions could be possible.

Stocks at the Cushing, Oklahoma, delivery hub for WTI rose by 1.5 million barrels, the API said, the fourth straight week of increases, if confirmed by official data due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

European diplomats have said the SPV would create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.

Another drop in Iranian exports should have been bullish for crude oil, but gains may have been limited by concerns over demand.

V. Srikanth said Reliance has boosted purchases from other Middle Eastern suppliers and the United States to make up for the loss of Iranian barrels and reduced intake of Venezuelan oil. "Saudi Aramco's desire is also to invest in consumer-facing segments such as retail fuels and petrochemicals, building an integrated downstream business spanning India as well as our commitment to invest in crude oil storage here in India in order to be more responsive and closer to the demand needs".

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