Oil prices tumble as USA crude inventories surge

Irving Hamilton
October 20, 2018

If the price of oil reaching $80 a barrel angered U.S. President Donald Trump, "no one should rule out the price jumping to $100, or $200, or even double that figure", the author said bluntly.

"We do intend to continue our engagement with the U.S. and other statekeholders to ensure our energy security and to protect our national interests", Kumar said. It had stopped buying shipments since July and was the first among major buyers to cut imports to zero. "We are engaged with all stakeholders on this matter".

"We are engaged with the U.S. on this matter and we have shared our position with the United States at different levels", Kumar said.

United States lawmakers blamed the Saudi leadership over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, indicating that sanctions could be possible.

India's foreign ministry spokesman Raveesh Kumar on Thursday described the talks between Indian officials and USA special envoy on Iran, Brian Hook, and U.S. assistant secretary of state for energy resources Francis R. Fannon, in New Delhi last week, as "good".

James Mattis is a vocal supporter of a CAATSA waiver for India, but the measure is apparently not to the liking of President Trump who said last week that India "is going to find out" the answer "sooner than you think".

Kumar said India will do everything possible to ensure the country's energy security. Dalian typically receives between 1 million and 3 million barrels of Iranian oil each month, according to data that dates back to January 2015.

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With India signing a pact with Russian Federation to purchase the S-400 missile defence system, Washington has informally conveyed to Delhi that it could avoid sanctions under the Countering America's Adversaries Through Sanctions Act (CAATSA) if India were to give an assurance that it would buy the F-16 fighter aircraft from the United States.

The Iranian official, in turn, said the Islamic Republic expects South Korea as one of its key business partners to continue its operation in Iran in the situation created by the United States sanctions.

Iran has sent a major cargo of oil to China before the re-imposition of the second round of USA sanctions that will be meant to target the country's oil exports.

But now, with the US's withdrawal from Iran's nuclear deal in May and re-imposition of sanctions against Iranian economy, the issue has come again under the spotlight as an approach to counter the new round of sanctions.

In October 1973, Saudi Arabia and the other Arab oil producers announced that they would start cutting production by 5 percent per month until Israeli forces evacuated from occupied Arab territories.

While offering of oil at IRENEX is a pilot plan with its supporters and opponents, if conducted and continues it will definitely change Iran' pattern of crude oil exports and create some big potentials for expansion of the deals and some new financial instruments over this highly-valued export product.

Under the mechanism, India used to pay in euros to clear 55 per cent of its dues through Ankara-based Halk bank.

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