Iran says Trump cannot bring oil prices down by 'bullying'

Oil Rises as Saudi Arabia Vows to Hit Back Against Any SanctionsMore

Senior officials on Monday had said that Indian oil companies have optional volumes built in their annual crude oil purchase contracts with suppliers like Saudi Arabia and Iraq that will be more than enough to make up for any shortfall in supplies from sanctions-hit Iran. Given the impact of rising oil prices on the rupee and India's trade deficit, his motivations were clear.

Oil imports from Iran have declined for the past months.

Brent crude rose 63 cents, or 0.8 percent, to settle at $81.41 a barrel, while West Texas Intermediate (WTI) crude ended the session up 14 cents at $71.92 a barrel.

The South Korean government has been in talks with the USA government to get exemptions on Iran crude imports.

The United States plans to impose new sanctions targeting Iran's oil sector on November 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme.

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) expects India to get a waiver from U.S. sanctions on Iranian oil exports this month, a company official said on Tuesday.

India is the world's third biggest oil consumer and importer.

The largest change is forecast in the Permian Basin of Texas and New Mexico, where output is expected to climb by 53,000 bpd to a new peak of 3.55 million bpd.

U.S. crude stockpiles are expected to have risen last week for the fourth straight week, by about 1.1 million barrels, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA). He also said availability of crude oil to replace lost import volumes from Iran in the wake of USA sanctions is not an issue. US President Donald Trump had in May withdrawn from the 2015 nuclear accord with Iran, re-imposing economic sanctions against the nation.

In the first week of October, Iran's crude exports averaged 1.1 million barrels per day, according to Refinitiv Eikon, an industry source of data on tanker traffic.

Geopolitical tensions caused by the disappearance of a Saudi Arabian journalist Jamal Khashoggi in Turkey also remain.

Falih said he told India's Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan that Saudi Arabia is committed to meeting its growing oil demand.

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