Oil ends week higher ahead of Iran sactions

Trump move stirs debate over Utah monuments

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However, some analysts doubt that 12 million barrels a day can be reached quickly, or maintained for an extended period. On Wednesday, WTI crude was up 1.6 per cent at $76.41 a barrel, after touching a session high of $76.90 a barrel.

Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran.

Salman said a coalition of producers from OPEC has recently boosted output by 1.5 million barrels a day, which is double the 700,000-barrel decline in output experienced so far by Iran under the threat of USA sanctions on its oil sector, which are due to take effect on November 5. It had planned to import 9 million tons of Iranian oil in the 2018-19 fiscal (April 2018 to March 2019) or 0.75 million tons a month.

Judge Abdulqawi Ahmed Yusuf read the final say of the court which obliged the U.S.to "remove by means of its choosing any impediments arising from the measures announced on May 8 to the free exportation to Iran of medicines and medical devices, food and agricultural commodities" as well as airplane parts.

US West Texas Intermediate (WTI) crude futures were up 55 cents, or 0.7 percent, at $74.88 a barrel.

Estimates of the sanctions impact have increased sharply since May, when many analysts still expected the United States to grant widespread waivers to countries that make significant cuts, as the administration of Barack Obama did in 2012-15. Saudi Arabia and Iran are both members of OPEC. However, the bulls are also keeping an eye on the potential spare capacity constraints and the slowdown in USA drilling.

Saudi Arabia is now pumping about 10.7 million barrels a day - close to a record - and can add a further 1.3 million "if the market needs that", Salman told Bloomberg.

"The cause-effect relationship is on two fronts: Directly through higher pump prices and production costs and indirectly through the effect of dollar pricing given petroleum imports account for almost a quarter of the country's import bill". The total USA stockpiles of crude and petroleum products climbed to 1.25 billion barrels, the highest level in 10 months.

However, a USA government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

In this context, the Indian public sector oil firms have been contracting Iran for the next month to import crude oil.

Crude futures rose on Friday as USA unemployment data eased concerns about demand in the world's top oil consumer, with both benchmarks set for a weekly gain ahead of US sanctions on Iranian oil exports.

U.S. oil shipments to India fell to 84,000 barrels per day (bpd) last month, down 75 per cent from a record high of 347,000 bpd in June, Kpler data showed.

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