crude oil price climbed after dropped in September


16-10-2018 04:00 PM

Oil prices climbed on Tuesday based on Iranian oil exports this month have dropped from September ahead of U.S. sanctions against Tehran that are positioned to start in November.

According to Refinitiv Eikon data - Iran has exported 1.33 million barrels per day (bpd) to countries including India, China and Turkey in the first two weeks of October. That was down from 1.6 million bpd in September, the data revealed.

The October exports are a steep fall from the 2.5 million bpd exported in April before U.S. President Donald Trump withdrew from a multi-lateral nuclear deal with Iran in May and ordered the re- writing of economic sanctions on the country, the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).The sanctions on Iran's petroleum sector will go into effect on Nov.4

According to Mr.Sunil Kumar, Market Analyst & Managing Director at Enrich Commodities - "doubts will remain until Nov. 4 when it would be evident if the United States would want to cut Iran oil exports to nil or grant waivers."

U.S. President Donald Trump endangered "severe punishment" for the kingdom if the journalist is found to have been killed. Trump send off Secretary of State Mike Pompeo to Saudi Arabia to meet with the country's leader King Salman.

Saudi Arabia has deprived of the allegation. Saudi Arabian officials said it would strike back against any actions taken over the Khashoggi case.

Saudi Arabia's Energy Minister Khalid al-Falih said on Monday at a conference in New Delhi that the kingdom is dedicated to meeting India's rising oil demand. The API's data is due for publication at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the EIA report is due at 10:30 a.m. EDT (1430 GMT) on Wednesday