US Exempts India From Certain Sanctions Over Iran's Chabahar Port

Iranian Foreign Minister Mohammad Javad Zarif

The US on Monday re-imposed sanctions on import of crude oil from Iran but temporarily allowed India, China, South Korea, Japan, Italy, Greece, Taiwan and Turkey to continue the purchase from the Gulf nation without any penalty.

However, one source said the United States had attached strings to the waivers, including counterparty disclosures and laying open settlement methods, which were being evaluated before placing new orders with Iran.

Russian Federation and Saudi Arabia, top producers in an OPEC-led alliance, started bilateral talks on a return to production cuts next year, Russia's TASS news agency reported, citing an unnamed source.

Iran will not export as much crude as it has been.

Those eight countries are Iran's biggest customers and account for around three-quarters of the Islamic Republic's oil exports.

US output meanwhile reached a new record high of 11.6 million bpd in the latest week and the country has now overtaken Russian Federation as the world's largest oil producer.

Russian Federation pumps an average of 10.8million bpd and Saudi Arabia, about 10.5million bpd.

Meanwhile, Opec's production in October reached the highest level since 2016, and Russian Federation hiked its output last month to a post-Soviet record of 11.4 million barrels a day.

Trump hopes to meet N.Korea leader next year
Pompeo will meet with Kim Yong Chol, vice chairman of the ruling Workers' Party of Korea (WPK) Central Committee. North Korea sees other countries raising the issue of human rights as a challenge to its sovereignty.

But a cascade of geopolitical events has blown up the oil world's harmony that sends 100 million barrels a day from the world's producers to thirsty consumers at a price that is satisfactory to both sides. Libya and Nigeria increased production. Other producers, including Brazil and Iraq, have also boosted their production levels during the last six months. American oil inventories grew at more than twice the anticipated pace last week, a government report showed on Wednesday.

That has not started yet: indeed, during October, Chinese crude imports hit an all-time high amid indications that the country's manufacturers were stepping up production ahead of USA tariffs kicking in.

The market is assuming that, in the short term, prices will carry on falling.

"The rout continues for oil prices, which is on course for its longest losing streak on record (oil declining for 10 consecutive sessions) with WTI dropping below $60 and Brent cracking $70", DailyFX analyst Justin McQueen told UPI.

That may led to crude stockpiles, as has been seen in the United States, growing further.

Meanwhile, the world's top three producers, the United States, Russia and Saudi Arabia are also pumping at or near records. Overall exports have since fallen to 1.8 million bpd, according to energy consultancy Wood Mackenzie, which estimates volumes dropping to 1 million bpd. "I see them diversifying towards other markets, for instance, the Saudi one, now under pressure to increase its oil output".

"If you look at oil prices they've come down very substantially over the last couple of months", Trump said.

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