Crude Oil Falls Sharply After US Inventory Build Continues

Crude Oil Falls Sharply After US Inventory Build Continues

"We are going through a crisis", the minister added.

The White House has also announced plans to get as many countries as possible down to zero Iranian oil imports and launch a campaign of "maximum economic and diplomatic pressure" on Iran.

The EIA projection came after a sharp decline in Brent prices so far this week.

Despite this, the USA bank said "we still see Brent reaching $85 per barrel by year-end" as Iran sanctions are expected to tighten markets towards the end of the year.

Companies also skipped nominating barrels they are entitled to from their investment in Iranian oil fields, the person added. And US shale could bring an additional volume of oil. Kunlun is now 77.09 per cent owned by CNPC Capital, the bank's latest annual report shows. Trade press reports indicate that as countries continue to decrease imports from Iran, some of Iran's shipping fleet is already being used as floating storage, where crude oil is placed onto ships and stored indefinitely. "Around a dozen Iranian oil tankers have turned off their transponders in recent weeks, making it tricky to track the country's crude export".

Like crude oil, reformulated gasoline (RBOB) ended the day lower.

US sanctions on Iranian oil begin on November 4 and Washington has said it wants to stop all of Tehran's fuel exports, but other oil producers are pumping more to fill any supply gaps. That trend has continued in the first six months of the current fiscal.

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The December West Texas Intermediate (WTI) crude oil futures price fell $2.93 Tuesday to settle at $66.43 a barrel.

The surest sign is the reassurance given by energy minister Khalid al Falih yesterday that Riyadh has no intention of deploying an oil embargo in defence of its interests.

"We have sanctions on Iran, and nobody has a clue what Iranians export will be". It has continuously warned OPEC members against increasing production unilaterally. Iran, for its part, is keen to keep its single biggest oil customer when US sanctions on Iranian oil exports kick in.

Global gas consumption is growing, he said, and oil demand will reach 120 million barrels a day in 30 years, from 100 million now. Gas futures posted a 7-cent gain to end the day at $3.21.

OPEC still hasn't revived output to what it was producing prior to the 2017 cuts. "OPEC's 15 countries boosted crude output in September to 33.07 million barrels per day, 180,000 barrels per day above August. That policy has been consistent for many years", Falih said.

Kunlun, the main official channel for money flows between China and Iran, has verbally informed clients that it will stop accepting yuan-denominated Iranian payments to China from November 1, said the sources, who include external loan agents and business officials who trade with Iran. The buildup - at 6.5 million barrels - was twice what analysts were looking for and was the largest in four months.

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