There are adequate oil supplies in the market to compensate for lost oil imports from Iran, Indian oil minister Dharmendra Pradhan said in New Delhi on Tuesday.
India’s oil minister Dharmendra Pradhan raised concern on growing crude oil price volatility over the last few weeks with Russian Energy Minister Alexander Novak, a government statement said on Wednesday
Asia’s crude oil imports from Iran fell in May to the lowest in at least five years after China and India wound down purchases amid U.S. sanctions, while Japan and South Korea halted imports, data from government and trade sources showed on Friday.
Coal imports by Indian utilities are surging after the government failed to open the industry to competition, despite passing a liberalization policy 16 months ago, because of bureaucratic indecision and resistance from unions, industry and government officials said.
Oil prices steadied on Thursday, after slumping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in U.S. crude stockpiles and worries about lower demand growth.
Iran has been racing to step up exports of petrochemicals and tap new markets to compensate for sliding oil sales, Iranian and international industry sources said, but now risks losing that crucial revenue as Washington tightens the screw on sanctions.
Oil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia were likely to keep withholding supplies, and in relief that the United States and Mexico averted a trade war that would have damaged the global economy.
Iran has no plans to leave the Organization of the Petroleum Exporting Countries, Oil Minister Bijan Zanganeh said in an interview published by the Iranian parliament news site ICANA on Saturday.
Asian spot prices for liquefied natural gas (LNG) fell to a three-year low in thin trading as market players focused on deals for August, when demand is expected to pick up. Spot prices for July delivery to Northeast Asia are estimated to be $4.25 per million British thermal units
Saudi Arabia said on Friday that OPEC and its allies should extend oil production cuts at around current levels as the kingdom did not want a fight for market share with the United States or a repeat of the price collapse five years ago.