Oil price at IRENEX 'based on global market'

Oil price at IRENEX 'based on global market'

Oil prices fell more than 1 percent in choppy trading on Tuesday on signs of rising supply and concern that global economic growth and fuel demand would be hit by a deepening of the U.S.

In North America, however, there is no oil shortage as U.S. crude oil production has increased by nearly a third since mid-2016 to around 11 million barrels per day.

More than half of all U.S. oil rigs are in the Permian basin in West Texas and eastern New Mexico, the country's biggest shale oil formation.

Since most crude oil trading is in USA dollars, a strengthening of the US currency can make the commodity more expensive in other currencies.

He further said supply of one million barrels of oil at the trade floor of IRENEX would continue with the current trend, and changes could be made if needed in future supplies.

Trump said he would like to make a deal now but that China was not ready.

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The government now intends to offer oil on the energy exchange once a week, according to Fars.

With Russia over the weekend stating there's no reason to freeze or cut its oil production levels, and with global economic concerns ever-present in the minds of traders, Monday saw yet another drop in crude prices, with West Texas Intermediate down 55 cents to $67.04 and Brent down 8 cents to $77.54 per barrel.

Last week, Saudi OPEC governor Adeeb Al-Aama reportedly said the oil market could shift into oversupply in the last quarter of the year and that OPEC may have to return to oil production cuts. Meanwhile, Brent further increased 0.74 dollars to 77.63 USA dollars per barrel.

In November, Iraq will halt trucking of oil to Iran to comply with the USA sanctions, five sources with knowledge of Iraqi oil export plans told Reuters last week. Still, U.S. crude oil futures prices lost 2.2 percent for the week, marking the third straight weekly loss.

"Today, US officials are lying to the world that Saudi Arabia and other countries should replace Iranian oil so that the price of oil doesn't rise". Previously private oil companies could buy oil only to export oil, officials said.

In case a planned meeting between presidents Donald Trump and Xi Jinping yields no progress on the sidelines of a Group 20 summit in Buenos Aires next month, USA officials are preparing a new list which would apply to the Chinese products that aren't already covered by previous rounds of tariffs. Saying that the United States won't sell crude oil from the Strategic Petroleum Reserve (SPR), Secretary Perry also noted that he was "comfortable that the world supply can absorb the sanctions that are coming". "If the Americans could ever prevent Iran's oil sales, the prices would have already surpassed $100 per barrel".

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