Oil markets fell on Friday, pulled down by worries over a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support.
Russia’s foreign ministry says U.S. sanctions on Venezuela’s state oil firm, PDVSA, violate international law. PDVSA is the parent company of Citgo, which owns refineries and gas stations across the United States.
Iran will see its crude exports severely curtailed for a third month in January as it is struggling to find new buyers amid fresh U.S. sanctions even though its traditional customers secured waivers, according to tanker data and industry sources.
India’s ONGC Videsh, the overseas investment arm of the country’s biggest explorer Oil and Natural Gas Corp, has found more oil in a block in Colombia, a company statement said.
State-run Indian oil refiner Hindustan Petroleum Corp (HPCL.NS) will buy Iranian crude in January after a gap of six months, with the nation’s overall purchases from Tehran at 9 million barrels in the month, four industry sources said.
India’s biggest state-owned crude oil refiner Indian Oil Corp Ltd aims to lift full volumes under its 2018/19 annual contract with Iran, a company official said on Thursday. The company has a deal to buy 180,000 barrels per day (bpd)Iranian oil this fiscal year.
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so far they have managed to find other buyers in Asia, chiefly India.
Oil prices fell on Wednesday and posted the worst monthly performance since mid-2016 on evidence of rising global crude supply, but losses were limited by signs of strong U.S. demand for fuel.
India’s monthly diesel consumption fell for the first time in 10 months year-on-year in September, while petrol sales grew by the least in four months as record high pump prices dented demand, government data showed on Friday.
India’s oil imports from Iran edged up in September from the previous month as refiners pushed back loading of some August cargoes due to a delay in obtaining government approval to use Iranian ships and insurance, data obtained from sources showed.