Crude Oil Recovers, Extends Gains To 3rd Straight Session

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal

OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040. -China trade war stoked fears about the strength of demand.

Crude oil futures rose by Rs 37 to Rs 4,627 per barrel today after participants widened their bets tracking a firming trend in Asia.

The official's sentiment is a major step back from the bold U.S. policy objective of reducing Iranian oil exports "to zero" following President Trump's withdrawal from the Iranian nuclear deal in May.

Brent futures rose 68 cents/Bbl, or almost 1%, to $72.84/Bbl by 2:25 p.m. ET, after falling almost a dollar to a low of $71.19/Bbl, its weakest since April 17, Reuters reported.

Also, a meeting of members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producer monitoring their supply pact reported on Wednesday that compliance with the agreement has declined, meaning more oil is available to the market.

Oil companies are planning to make up for the shortfall by increasing purchases from other Middle Eastern suppliers, such as Saudi Arabia, since imports of Iranian crude will likely stop by around October, the sources said.

Media: Japan halts imports of oil from Iran
Russia investing $64 billion in Iran’s oil and gas

Russian energy giants Rosneft and Gazprom have also started talks with the oil ministry of Iran to potentially sign deals worth up to US$10 billion, the Iranian adviser said, while a Russian government official confirmed to FT Russia's US$50-billion investment plans.

Iranian exports are already starting to fall, with shipments to Europe slumping by about 50 percent in June, according to estimates from the International Energy Agency.

Strong crack spreads - the margin on turning crude oil into diesel, gasoline and other products - have spurred refiners to keep production high.

"We have hardly started to see a reduction in flows from Iran", said Societe Generale's Wittner.

USA crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending July 13, which was 413,000 barrels per day less than the previous week's average. Opec's de facto leader Saudi Arabia, which has been under pressure from US President Donald Trump to pump more and ease prices, said exports this month will be "roughly equal" to June, and they will drop by 100,000 barrels a day in August.

"The correction in the oil price represents something of a convergence between fundamentals and physical realities", David Reid, lead crude market analyst at consultancy JBC Energy, told Reuters. The highlight of the IEA report was the warning that the world's oil supply cushion "might be stretched to the limit" due to production losses in several different countries.

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