India's oil imports from Iran to decrease further

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India's oil imports from Iran to decrease further

Though weekly output slipped, the United States likely surpassed Russian Federation and Saudi Arabia earlier this year to become the world's largest crude oil producer, based on preliminary estimates from the Energy Information Administration.

Under pressure from U.S. President Donald Trump to lower oil prices, the Organization of the Petroleum Exporting Countries and allies agreed in June to boost production, having participated in a supply-cutting deal in place since 2017.

US light crude pushed over $70/Bbl on Wednesday due to falling USA crude inventories and production levels.

Oil prices pulled back early Friday amid concerns additional USA tariffs would be placed on China, leading to a potential drop in demand.

According to Kazempour-whose position as Iran's OPEC governor makes him the second most senior member after the oil minister at OPEC meetings-an already emerging "supply shortage" and little spare capacity virtually everywhere means that the United States can't achieve its goal of bringing Iranian oil exports down to zero when sanctions on Iran's oil industry return in early November.

Iran's Ardebili accused Saudi Arabia and Russian Federation of taking the market "hostage" through increased production and said that OPEC's responsibility is to restore market balance, not to boycott its founding members.

Saudi Arabia and Russian Federation recently agreed to step up production in the face of United States sanctions against Iranian crude barrels.

The figures show Libya was the highest contributor, increasing its production by 270,000 barrels per day while the total OPEC production increased by 230,000 barrels per day.

Reuters reported that India's oil ministry informed companies to prepare for a drastic reduction of oil imports from Iran come November, possibly reducing imports from the country down to zero.

"It seems President Trump has been taken hostage by Saudi Arabia and a few producers when they claimed they can replace 2.5 million barrels per day of Iranian exports, encouraging him to take action against Iran", he added. Kazempour has voiced scepticism that other producers can add much more oil.

Novak said that "today, the situation is quite fragile, of course, and it is related to the fact that not all the countries have managed to restore their market and production".

Even as Indian officials continued their hectic parleys with Washington for a waiver, a Reuters report said that India was expected to halve its oil imports from Iran in September-October.

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