Oil weakens amid expectation that some Iranian imports will keep flowing

Oil weakens amid expectation that some Iranian imports will keep flowing

China is also a swing factor in on the demand side of the Iranian (therefore global) oil equation, with Chinese state-run oil major and Asia's bigger refiner Sinopec indicating two weeks ago that it would actually bow to pressure from the Trump Administration and cut Iranian oil imports by as much as half in October. The cuts represent 718,877 barrels per day of oil production.

Oil prices, which account for about 80 percent of Saudi public income, have increased by more than 70 percent since June past year to over $80 a barrel. The $500 billion business and industrial NEOM project is the centerpiece of the kingdom's plan for a modern, dynamic Saudi Arabia.

President Donald Trump said the U.S.is "demanding" answers from its close ally, but he did not disclose any details.

Saudi Arabia denies involvement in Khashoggi's disappearance.

Given their dependence on Iranian oil supplies, the Indian refiners are concerned about the loss of Iranian crude once the sanctions start and are seeking exemptions.

He said he and his wife, Melania, expect to invite Ms Cengiz to the White House soon.

Late last month, Trump urged OPEC producers to ratchet up production levels to prevent further price rises ahead of the mid-term elections in early November.

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Snedeker was the first to be eliminated with an opening par, while Moore and Tway swapped birdies for the first two playoff holes. Luke List jumped into that bunch with an eagle at 18 to cap his 67.

Worries about crude supply from the Middle East have given prices some support. "We will remember. The OPEC monopoly must get prices down now!"

India had diversified its oil supplies to cushion the impact of sanctions, he said.

"With Trump and these tweets, I think there are diminishing returns", she said. We're going to take a very serious look at it. "But if they don't have the barrels, they don't have the barrels".

As the Iran sanctions still on the table and looming large, potential spare capacity constraints and also slowdown in U.S. drilling, United States bank JP Morgan said in its most recent cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude". MRPL replied "no comments" when contacted by email. "Oil should not only be priced from a producers' point of view consumers interest should also be taken care of", he said.

Turkish officials have said they believe the Saudi writer and government critic was killed inside his country's consulate in Istanbul after he visited the mission to obtain a document required to marry his Turkish fiancee.

The IMF said trade tensions and rising import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows.

Iran's economy is expected to shrink by 1.5 percent in 2018 and by another 3.6 percent in 2019, the International Monetary Fund (IMF) said in the October update of its World Economic Outlook, heavily downgrading the Islamic Republic's growth prospects with the return of the US sanctions.

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