Oil rallies as supply disruptions seen from Canada to Libya

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Nayara Energy, an Indian company promoted by Russian oil major Rosneft, is also preparing to halt Iranian oil imports from November after a communication from the government, a second source said.

AP said that the largest importer of Iranian oil is China and some close US allies are among the largest importers of Iranian crude oil, including India and South Korea.

Nobkhat revealed that his government is creating an emergency budget which will be discussed by parliament along with the public budget.

Oliver Klaus: I think the market needed a moment to kind of figure out what actually happened because a deal that was announced was essentially going back to 100% compliance which means for the group of OPEC and non-OPEC producers to go back to a cut of 1.8 million barrels per day.

Oil prices steadied on Thursday, with USA crude pulling back from 3-1/2-year highs, but supply remained tight with investors concerned by the prospect of a big fall in crude exports from Iran due to US sanctions.

The cost of gasoline in Japan remains high due to rising crude oil prices following the United States withdrawal from the Iran nuclear deal.

In reality, Saudi Arabia decides how much to produce given market conditions, playing the role of swing producer, while the other members of the organisation essentially produce as much as they are technically able. As per economists' forecast, the data is expected to show a draw of -2.4M vs. -5.9M previously.

The US on Wednesday asked all countries to stop oil imports from Iran by November 4 this year, adding that waivers are unlikely.

Low: We ‘deserved’ to go out
Only Brazil , returning champions from 2002, made it past the group stage. The disappointment of us being eliminated is just huge.

Another big uncertainty for fuel is the escalating dispute between the United States and its trading partners, which could hit US crude oil exports to China.

Iran is India's third-largest oil supplier, after Iraq and Saudi Arabia.

Zanganeh was also told if the deal was blocked by Iran, it may lead to the withdrawal of Russian Federation from the agreement, the sources said.

The OPEC pledge last week fell short of market expectations given the prospects for a supply deficit of close to 2 million barrels per day.

But analysts say the market has little spare capacity to deal with further disruptions. But as the news about a jump in Saudi output filtered out, oil prices cooled.

Even though the OPEC decision a week earlier was kept deliberately vague last week for both Iran and Saudi to compromise, Falih had promised to only gradually increase its supply by a few "hundreds of thousands of barrels".

Rapidly draining American surpluses are compounding real and envisioned supply interruptions in Canada, Iran, Venezuela and North Africa.

Trying to make up for disrupted supply, the Organization of the Petroleum Exporting Countries (OPEC) said late last week it would increase output.

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