Saudi Arabia keen to invest in downstream business in India

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In the US, nationwide crude stockpiles have risen for four straight weeks in the longest streak of gains since early 2017.

U.S. crude stockpiles are expected to have risen last week for the fourth straight week, by about 1.1 million barrels, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA).

'You cannot keep the price low with slogans and intimidation, ' considered Zanganeh.

Meanwhile, Opec secretary-general Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide.

Iranian Oil Minister Bijan Namdar Zanganeh said USA can not balance a market which is suffering from short supply by words and bullying, ILNA reported.

Because of rising crude oil prices, retail prices in India are touching new highs.

"That's a negative for oil prices right now, the larger-than-expected build in inventories this week", said Rob Thummel, managing director at Tortoise, which manages $16 billion in energy-related assets.




US President Donald Trump in May pulled his country out of the 2015 Iran nuclear deal and announced he would re-impose the anti-Tehran sanctions, which it had lifted under the agreement, in two phases. The global benchmark, which hit a two-week low late last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on October 3.

National Iranian Oil Co slashed the cost of its oil for export to Asia in November, in an attempt to make its barrels more attractive to buyers.

Since the oil embargo of the 1970s, Saudi Arabia has avoided threats to use its "oil weapon" in diplomatic affairs, insisting that it favors stable markets and separates oil and politics.

Natural gas markets went back and forth during the trading session as well, as we continue to see a lot of volatility. "That comes after prices dropped sharply on Wednesday as USA crude stockpiles surged more than what the market had expected". Should that occur, then the reliance of the global economy on oil would fall more quickly, weighing on the value of oil.

Observed shipments of crude and condensate dropped to 1.72mn bpd, down 260,000 barrels from the previous month, according to ship-tracking data compiled by Bloomberg.

"The focus within the oil trade during the next couple of weeks is likely to be on Iran and Saudi Arabia", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. It could enter into the oil world if the Saudi's are forced to retaliate by pulling crude from the market.

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