Analysts expect the situation to only worsen on November 4 when sanctions kick in directly targeting countries that buy Iranian oil by blocking them from access to US markets and financial institutions.
The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia and non-OPEC member Russian Federation, agreed in June to lift oil supplies, but OPEC then signaled last week that it may have to reimpose output cuts as global inventories rise.
He pointed to "weakening global economic growth, the ongoing US-China trade war, monetary policy tightening, fears of a hard Brexit (and) Italy's budget woes" as main reasons for the sell-offs.
Brent for December, in its last session before expiry, fell 44 cents to settle at $75.47 a barrel on the London-based ICE Futures Europe exchange.
On May 8, President Donald Trump announced he was pulling the United States out of the 2015 Iran nuclear deal and promised to hit Tehran with sanctions on the country's energy oil and financial sectors despite objections from other parties to the agreement.
Modi Government Invokes Never-Used Powers to Direct RBI Governor
During his speech, he said in terms of decision-making, the government's horizon was that a T20 cricket match, while that of the RBI's was a test match.
In North America, however, there is no oil shortage as USA crude oil production C-OUT-T-EIA has increased by nearly a third since mid-2016 to around 11 million barrels per day. One is high oil prices, and in many countries they're directly related to consumer prices.
Trump said he would like to make a deal now but that China was not ready.
Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market.
Other analysts were verbose in explaining the relatively straightforward scenario that despite persistent doomsday prediction from their own ranks, the crude market is well supplied and every indication is that it will continue to be so, thus effectively keeping a lid on prices.
Around 300,000 bpd of crude oil previously pumped and exported in the Kirkuk province to the Turkish port of Ceyhan have been shut in since the Iraqi federal government moved in October past year to take control over the oil fields in Kirkuk from Kurdish forces.
Baghdad has been saying that it would abide by the USA sanctions on Iran.
There are also signs of a slowdown in global trade, with container and bulk freight rates dropping after rising for most of 2018, according to reports. "If the Americans could ever prevent Iran's oil sales, the prices would have already surpassed $100 per barrel".