Oil dips as Russian Federation signals output will stay high

FileOPEC-Non-OPEC States Ready to Boost Oil Output- Saudi Minister

FileOPEC-Non-OPEC States Ready to Boost Oil Output- Saudi Minister

Consultancy JBC Energy said the oil price weakness was "probably driven by the wider negative market sentiment amid speculation about additional us tariffs on Chinese imports, should upcoming talks fail to produce the desired results". One is high oil prices, and in many countries they're directly related to consumer prices.

"We are determined to implement our policy of maximum pressure on Iran".

Meanwhile, Saudi Energy Minister Khaled Al-Faleh has recently said that the Kingdom will not be able to make up for all Iranian oil export caused by USA sanctions.

That has set off a scramble by some of Iran's biggest energy buyers, including China and USA allies such as India and Turkey, to either get around the US sanctions or make up the shortfall elsewhere.

The Iranian first vice president further described Trump's decision to restore Iran sanctions as illegal, stressing that the move was against the diplomatic success that had culminated in the 2015 Iran nuclear deal or the Joint Comprehensive Plan of Action (JCPOA) - as is technically known.

Brent oil prices dipped on Tuesday, weighed down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran's crude exports.

Oil production from Russian Federation, the United States and Saudi Arabia reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed.

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Hospitals were on high alert due to fear of clashes as police and paramilitary forces tried to contain the disturbance. It was claimed Mrs Bibi made three blasphemous comments about the Prophet Muhammad in the quarrel which followed.

In case a planned meeting between presidents Donald Trump and Xi Jinping yields no progress on the sidelines of a Group 20 summit in Buenos Aires next month, USA officials are preparing a new list which would apply to the Chinese products that aren't already covered by previous rounds of tariffs.

Other Iranian oil officials, in addition to the National Iranian Oil Co. and National Iranian Tanker Co., have recently declined to specify the Islamic Republic's daily export data.

With the Chinese economy slowing down and the impact of the trade dispute with the USA likely to hurt growth further, it is widely expected that crude demand will see a drop in the near term. Previously private oil companies could buy oil only to export oil, officials said.

Reacting to the announcement, Iran's OPEC governor Hossein Kazempour Ardebili claimed that Saudi Arabia had "no such capacity to bolster its crude output", and it may be seen as a call for the kingdom to "walk out of OPEC".

Some 280,000 barrels of crude oil were traded on Sunday, the first day of offering crude oil for export on Iran Energy Exchange (IRENEX), just few days before new round of USA sanctions on petroleum sector take effect, Shana reported.

United States officials have already said the sanctions would be meant to bring down Iran's oil exports to zero.

Data from the U.S. Energy Information Administration last Wednesday revealed that U.S. crude stockpiles rose for a fifth straight week.

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