Iran-India non-oil trade hits 2 bln United States dollars in 5 months

Iran-India non-oil trade hits 2 bln United States dollars in 5 months

Oil prices pulled back on Friday amid concerns additional USA tariffs would be placed on China, trading mixed after a rally triggered by worries of more sanctions on Iran.

Despite the supply-side risks posed by Venezuela and Iran, however, spare capacity in Saudi Arabia and Iraq, coupled with potential output recovery in Libya and Nigeria, could help balance the market.

In August, rising output in Libya, Iraq, Nigeria and Saudi Arabia offset declines in Iran, which is about to face new USA sanctions that are already hurting Iranian exports, and in Venezuela.

Overall, Eurasia Group predicts the country's sales will fall by a further 0.9 million barrels per day to 1.2 million by November.

US President Donald Trump has repeatedly urged OPEC to raise its production.

Iran seems to be struggling again from USA sanctions and despite major buyers announcement for their full compliance with Washington's will to fully stop any incoming Iranian oil, Tehran is starting to store oil in fleet of supertankers again as impending U.S. sanctions force the Gulf country to revive a strategy it deployed under previous curbs.

However, prices were able to rebound into the close on Friday after a report said Secretary of State Michael Pompeo was going to give a press conference on new sanctions on Iran.

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It was a race against time for Ferrari, who seemed to have issues early on with the floor of Sebastian Vettel's vehicle .

Responding to a question from Congressman Eliot Engel, the Indian-American official said the Trump Administration has been talking to all its allies and partners and trying to convince them to fully implement the new Iranian sanctions which the U.S. has imposed following its withdrawal from the Iranian nuclear deal.

The sanctions would include targeting Iran's automotive sector, trade in gold, and other key metals.

The Trump administration exited the landmark nuclear agreement with Iran earlier this year, citing Iran's violations of the spirit of the deal.

While oil prices strengthened in recent weeks on the lower supply outlook out of Iran, investors should keep in mind that OPEC can step in at anytime to fill in the gap.

Ardebili also said "Saudi Arabia and UAE are turning the OPEC into a USA tool". According to the IEA, global oil supply grew by a record 100 million barrels per day (bpd) in August.

The OPEC governor is typically the second most senior post in a country's OPEC delegation after the oil minister.

"It seems President Trump has been taken hostage by Saudi Arabia and a few producers when they claimed they could replace 2.5 million barrels per day of Iranian exports, encouraging him to take action against Iran", Kazempour Ardebili was quoted as saying by media.

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