Concern for the consequences of sanctions eliminates About half of China's oil imports

Imports of Iranian crude oil destined for large Asian buyers hit their lowest level in 32 months in September. China, South Korea and Japan have sharply reduced their purchases ahead of US sanctions against Tehran, according to government and oil data.

China, India, Japan and South Korea imported 1.13 million barrels a day from Iran last month, a 40.9% drop over a year, showed data. The lowest level since January 2016, when the previous sanctions against Tehran for its nuclear program were lifted.

Iran's oil minister said last week that the United States could not stop Iran's oil exports and warned that such restrictions could only lead to continued volatility in oil prices.

A petroleum sector source said India's imports of Iranian oil in September rose 27 percent year-over-year to 527,600 barrels a day, while buyers expect to receive 9 million barrels. in November, confirming their willingness to continue their purchases.

Iran's oil imports into South Korea dropped to zero in September for the first time since September 2012. Iran's oil imports into China fell by 41.6 percent year-on-year to 458,000 barrels a day, according to reports. Reverend Infecon's data. This year, China has stopped its data on crude imports.

This is the lowest level of Iranian oil imports into China since January 2017. The two largest refineries have not submitted any Iranian oil demand for November due to concerns over the sanctions.

Japan's trade data showed that Japan reduced its Iranian oil imports by 31% last month.

The data from "Reinvent" that the last shipment of crude oil from Iran to Japan was in mid-September.

An October survey by the Organization of the Petroleum Exporting Countries (OPEC) increased 390,000 barrels a day to 33.31 million barrels a day, its highest level since December 2016.

OPEC members reduced their compliance rate with agreed production cuts to 107 percent in October, up from 122 percent after the September adjustment, according to the figures.

"The OPEC and its non-OPEC oil producers hope to sign a new cooperation agreement in December to set production limits next year," said Saudi Minister of Energy, Energy and Energy. Industry and Mineral Resources, Khalid Al-Falih, quoted by the Russian Agency of Information.

According to economists and analysts, with the OPEC movement and the movement of producers, oil is expected to remain above $ 75 a barrel, but gains could be limited.

Demand growth will slow next year due to trade wars and weak economy, and 46 economists and analysts have predicted in a poll that Brent crude would hit $ 76.88 a barrel in average in 2019. The price is expected to average $ 74.48 per barrel this year.

Oil production in Russia reached a record 11.41 billion bpd since early October, against 11.36 million bpd in September, according to an oil sector source familiar with Russian production data.

A spokesman for the National Oil Corporation in Libya said his country had reopened three small oil fields in the east of the country in order to increase crude oil production by about ten thousand barrels. per day.

In a related context, Iraq's new oil minister, Thamir al-Ghadhban, said the current crude price was "fair", adding that Iraq would be responsible for supplying the market with abundant quantities .

Oil prices rose yesterday as the world's benchmark crude climbed Brent to $ 76.26 a barrel. US light crude rose $ 66.43 a barrel.