Oil mixed as China tariff talk scotches early rally

India reducing oil from Iran ahead of US sanctions: report | TheHill

Iran and India traded 4.71 million tons of non-oil commodities worth 2.18 billion US dollars during the first five months of the current Iranian fiscal year from March 21 to August 22, Eghtesad online news website reported on Saturday.

"There is no spare capacity anywhere", Kazempour told Reuters.

"Trump's efforts to cut Iran's access to the global crude market has prompted Russian Federation and Saudi Arabia to take hostage the oil market", Kazempour Ardebili said.

"Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran's share", Ardebili told Iran's oil news agency SHANA.

Iran, a founding member of the cartel, had been against the move which came as the country faces renewed USA sanctions after Washington's decision to leave the 2015 nuclear deal between Tehran and world powers.

Washington has said it wants to cut Iran's oil exports to zero following the reimposition of a second set of sanctions on 4 November.

But Iran's OPEC governor Hossein Kazempour Ardebili, said in comments to Reuters that a "supply shortage" meant the United States would not be able to meet its zero export target.

Since President Trump decided in May to reimpose sanctions against Iran over its nuclear development program, uncertainty has seized the market.

India reducing oil from Iran ahead of US sanctions: report | TheHill
Saudi Arabia has taken oil market 'hostage', Iran says

Brent crude LCOc1 however pulled back on the reports of additional tariffs, dropping 5 cents a barrel to $78.12 by 1:03 p.m. EDT.

Indian officials, who are still negotiating with US counterparts, told the news outlet that the country hopes to secure waivers to allow some imports of Iranian oil to continue amid the sanctions.

Traders said an early rally on Friday was sparked by reports U.S. Secretary of State Michael Pompeo was going to announce new sanctions on Iran.

While oil prices strengthened in recent weeks on the lower supply outlook out of Iran, investors should keep in mind that OPEC can step in at anytime to fill in the gap.

Iran supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal).

While OPEC production has increased since then, Saudi Arabia has added less crude than it initially indicated.

Organization of the Petroleum Exporting Countries (OPEC) monthly report released on Thursday showed Iran's oil production fell by 150,000 bpd in August, despite OPEC's monthly oil production rising 278 million bpd to reach 32.6 million bpd.

The IEA noted in its report that Iraqi production jumped by 90,000 b/d in August and with its exports running at almost 4 million b/d, it had shipped more crude than Iran produced.

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