Oil prices slump after large build in US stockpiles


South Korean Ambassador to Tehran Ryu Jeong-hyun says companies in his country understand the significance of the Iranian market and will not leave it under the United States sanctions.

"Issue is not shortfall".

Al-Falih explained that a number of segments were being considered such as petrochemicals, refining, crude oil storage and retail sales as well as solar energy.

Oil minister Dharmendra Pradhan today said the government has no business to interfere in the pricing decisions by the Oil Marketing Companies (OMCs) related to petroleum products.

News reports and Iranian government documents indicate that Iran has in some cases lowered prices and offered discounts to maintain sales as sanctions loom.

The secretary general of the Organization of the Petroleum Exporting Countries last week said that the group saw the oil market as well supplied and that it was wary of creating a glut next year.

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The motivating factors of Tuesday's trading activity demonstrated yet again that nobody can decide whether the crude market moving forward will be well or even over-supplied, or instead hurtling towards a massive tightening - and the usual input from the analytical community on Tuesday did nothing to give clarity.

Oil prices have surged to over $80 a barrel on concerns over tight supplies, as lower exports from Iran, plunging production from Venezuela, and infrastructural constraints in the U.S. and Canada prevent oil from reaching worldwide markets. So you know, there's one thing that could really impact oil prices beyond sort of the geopolitics, and that's demand. It also has an option to buy an additional 1 million tons. While Saudi Arabia and Russian Federation have increased production, "according to our information some of the (OPEC) countries are lagging behind".

India, the world's third-biggest oil importer, is facing record high retail prices as worldwide crude rate soared and rupee value dipped.

Kloza said the increase in domestic oil production could take some of the heat of the situation with Saudi Arabia, but there are limits. For the remainder, enough cushion is available to avert any supply disruption, they had said. But longer-term for the rest of the year, gas prices will likely be steady in November and December and much higher than the same period last year.

Kardor said Iran was scheduled to sign a new oil contract with a foreign company within two weeks, ISNA reported. Analysts added Saudi Arabia to the list of geopolitical concerns now impacting oil prices: "In a note Monday morning, Goldman Sachs, referenced "...increased geopolitical risks, driven by elevated U.S.