While the rising trend continued in early 2018, reaching as high as 2.8 million bpd in April, Iran'soil sales overseas have seen considerable decreases, falling 2.01 million bpd and 1.31 million bpd by September 13 this year, according to Bloomberg data.
More ominously, they said they won't be able to meet a demand for Arab light crude in the long-run if Iran is forced out of the market by the U.S.
However, high crude prices, combined with widespread emerging market currency weakness, threaten growth.
At the Multi Commodity Exchange, crude oil for delivery in November was trading lower by Rs 8, or 0.14 per cent, at Rs 5,648 per barrel in 2,341 lots.
Despite this, traders said prices were held back by a strong dollar, which makes oil imports more expensive for countries using other currencies domestically, as well as by climbing supply in the US.
Weighing on oil prices, US stock market indexes broadly fell, with the benchmark S&P 500 .SPX on pace for its biggest one-day drop since late June. The contract is on course for a gain of around 2.5 percent for the week.
Brent, against which Nigeria's oil is priced, hit a new four-year high at $86.74 per barrel on Wednesday, fuelled by concerns about a shortfall in global supply as USA sanctions whittle away at Iranian crude exports. Total volume traded was about 41 percent below the 100-day average.
WTI's weekly gain was about 1.3 per cent; Brent's was around 1.4 per cent.
Asked about whether Russian Federation and Saudi Arabia would raise production to ease concerns about supply and cool oil prices, Novak said that Russian Federation has already reversed all 300,000 bpd of the cuts it had pledged in the OPEC+ deal and added another 100,000-bpd production in September. The global benchmark crude traded at a US$9.96 premium to WTI for the same month.
USA commercial crude inventories rose by 907,000 barrels in the week to September 28, to 400.9-million barrels, the private American Petroleum Institute (API) said on Tuesday.
Gasoline stockpiles declined by 500,000 barrels last week, while distillate stockpiles fell by 1.8 million barrels, the EIA said.
South Korea imported about 7.3 million barrels of crude oil from the U.S.in August, much more than the two million barrels it imported from Iran in the same period. That would be the largest net build since March if confirmed by the Energy Information Administration's figures Wednesday.
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