Resumption of Iran sanctions increases uncertainty in crude oil

US issues warning to Russia about helping Iran escape upcoming oil sanctions

USA crude oil production has risen steadily over the past decade and hit a record high of 11.2 million barrels per day (bpd) this month. Global gas consumption is growing, he said, and oil demand will reach 120 million barrels a day in 30 years, from 100 million now.

Meanwhile, Brent oil price for December delivery sank 3.39 dollars to 76.44 dollars per barrel on the London ICE Futures Exchange.

Higher crude oil prices in the end of 2018 and 2019, in comparison with the four previous years, will likely motivate producers globally to increase output.

"The committee however expressed concerns about rising inventories in recent weeks and also noted looming macro economic uncertainties which may require changing course", the statement said.

Iranian net oil export revenues were estimated at $55 billion past year, it added.

Oil is poised for the worst monthly decline since July 2016 as ongoing trade tensions stoke concerns over global energy demand at a time American crude stockpiles are increasing.

OPEC and its 10 non-OPEC partners, led by Russian Federation, have surpassed their aim stated at their meeting in June of raising production by a combined 1 million barrels per day from May levels.

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"We think that demand will start dropping off as we approach year-end in accordance with regular seasonal patterns", he said at a meeting in Vienna, according to Reuters.

"I believe that our (oil) exports could continue at a suitable level and..."

In an indication of increasing appetite for U.S. crude, India's oil imports from the United States during the first six months of 2018-19 rose ten times to 3.03 MT as compared to 0.28 MT of crude imported in the corresponding period last fiscal.

In a sign Iranian exports will drop further once the sanctions take effect on Nov. 4, two people with direct knowledge of the matter said two Chinese state-owned refiners were not planning to load Iranian oil for November.

OPEC's panel vowed today to continue to monitor oil market fundamentals and compliance "in its efforts to maintain market balance".

The rise to $81 per barrel in the fourth quarter is a result of the recently rising price and the possibility the prices could remain higher as the market awaits the impact of the sanctions.

The net long position-the difference between bullish and bearish bets-in WTI dropped 14 percent in the week to October 16, Bloomberg calculations of U.S. Commodity Futures Trading Commission data show.

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