&nbsp;India's&nbsp;Reliance&nbsp;Industries Ltd is set to&nbsp;sell&nbsp;a&nbsp;20%&nbsp;stake&nbsp;in its&nbsp;oil&nbsp;to&nbsp;chemicals&nbsp;business&nbsp;to&nbsp;Saudi&nbsp;Aramco&nbsp;in one of the largest foreign investments in the country, Reliance&nbsp;Chairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history of&nbsp;Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the&nbsp;business&nbsp;at $75 billion including debt, he said.

Saudi&nbsp;Aramco, the world's biggest&nbsp;oil&nbsp;producer, has been in talks with&nbsp;Reliance&nbsp;on the&nbsp;stake&nbsp;sale as it plans to secure new markets for its crude.

Saudi&nbsp;Aramco&nbsp;will also supply 500,000 barrels a day of crude&nbsp;oil&nbsp;on a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largest&nbsp;oil&nbsp;producer and the world's largest integrated refinery and petrochemicals&nbsp;complex," he added.

The partnership will cover all of&nbsp;Reliance's refining and petrochemical assets, including its 51%&nbsp;stake&nbsp;in the petroleum retail joint venture, he said.

Last week,&nbsp;Reliance&nbsp;announced that it was forming a fuel retailing joint venture with global&nbsp;oil&nbsp;major BP in which&nbsp;Reliance&nbsp;would own a 51%&nbsp;stake.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday. "(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai. "It is also amongst the largest foreign investments ever in India." The deal valued the business at $75 billion including debt, he said. Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude. Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said. "This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added. The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said. Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

Reliance to sell 20% stake in oil-to-chemicals business to Saudi Aramco

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US&nbsp;President Donald Trump's threat to impose more tariffs on Chinese imports.

The move, due to take effect on September&nbsp;1, intensifies a trade war between the world's top two economies and oil consumers that has disrupted global supply chains and roiled financial markets.

Any resulting economic slowdown could dent oil demand.

Benchmark Brent rose $1.56, or 2.6%, to $62.06 a barrel by 1210 GMT on Friday, after slumping more than 7% on Thursday, their steepest drop in more than three years.

US crude gained $1.29, or 2.4%, to $55.24 on Friday, after tumbling nearly 8% the previous day when they posted their biggest drop in more than four years.

Thursday's slide ended a fragile rally built on steady drawdowns in US inventories, even though global demand looked shaky due to the trade dispute.

"Given the latest turn in US-Sino trade relations, sustaining this uplift may be subject to how China chooses to respond to President Trump's new tariff initiative", said Harry Tchilinguirian, global oil strategist at BNP Paribas in London.

"The rise in oil prices may be simply the result of a technical bounce back from an oversold close," he told the Reuters Global Oil Forum, referring to Thursday's tumble.

Trump said on Thursday he would impose a 10% tariff on $300 billion of Chinese imports and could raise tariffs further if China's President Xi Jinping failed to move more quickly to strike a trade deal.

The announcement extends Trump's tariffs to nearly all of China's imports into the United States.

China said it would not accept any "intimidation or blackmail" and pledged countermeasures should the tariffs go into effect.

The US&nbsp;economy expanded by 2.1% in the second quarter, government data showed on July 26, beating economists' expectations although it was lower than first-quarter growth.

Still, there are signs of the economic toll of the trade dispute between the United States and China, which this week reported slowing manufacturing activity in July.

US&nbsp;manufacturing activity also slipped last month, dropping to a near three-year low, and construction spending fell in June as an investment in private construction projects tumbled to its lowest level in 1-1/2 years, data showed.

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US President Donald Trump's threat to impose more tariffs on Chinese imports.

Oil prices rose more than 2% on Friday, regaining some ground after their biggest falls in years on US President Donald Trump's threat to impose more tariffs on Chinese imports. The move, due to take effect on September 1, intensifies a trade war between the world's top two economies and oil consumers that has disrupted global supply chains and roiled financial markets. Any resulting economic slowdown could dent oil demand. Benchmark Brent rose $1.56, or 2.6%, to $62.06 a barrel by 1210 GMT on Friday, after slumping more than 7% on Thursday, their steepest drop in more than three years. US crude gained $1.29, or 2.4%, to $55.24 on Friday, after tumbling nearly 8% the previous day when they posted their biggest drop in more than four years. Thursday's slide ended a fragile rally built on steady drawdowns in US inventories, even though global demand looked shaky due to the trade dispute. "Given the latest turn in US-Sino trade relations, sustaining this uplift may be subject to how China chooses to respond to President Trump's new tariff initiative", said Harry Tchilinguirian, global oil strategist at BNP Paribas in London. "The rise in oil prices may be simply the result of a technical bounce back from an oversold close," he told the Reuters Global Oil Forum, referring to Thursday's tumble. Trump said on Thursday he would impose a 10% tariff on $300 billion of Chinese imports and could raise tariffs further if China's President Xi Jinping failed to move more quickly to strike a trade deal. The announcement extends Trump's tariffs to nearly all of China's imports into the United States. China said it would not accept any "intimidation or blackmail" and pledged countermeasures should the tariffs go into effect. The US economy expanded by 2.1% in the second quarter, government data showed on July 26, beating economists' expectations although it was lower than first-quarter growth. Still, there are signs of the economic toll of the trade dispute between the United States and China, which this week reported slowing manufacturing activity in July. US manufacturing activity also slipped last month, dropping to a near three-year low, and construction spending fell in June as an investment in private construction projects tumbled to its lowest level in 1-1/2 years, data showed.

Oil prices rebound more than 2% after plunging on Donald Trump's tariff plan

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook.

Iran's capture of a British oil tanker late last week sparked concern about supply disruptions in the Strait of Hormuz, through which about a fifth of the world's supply flows. Crude rose more than 1% on Monday.

On Tuesday, Brent crude fell 40 cents to $62.86 a barrel by 1052 GMT. US&nbsp;West Texas Intermediate crude slipped 20 cents to $56.02.

"The response of oil prices to the seizure of a British oil tanker by armed Iranian forces near the Strait of Hormuz has been amazingly muted so far," said Carsten Fritsch, an analyst at Commerzbank.

"It appears that the majority of market participants are convinced that there will be no open conflict between the West and Iran."

The tensions come as the United States aims to cut off Iran's oil exports and against the backdrop of supply cuts led by the Organization of the Petroleum Exporting Countries since the start of the year to prop up prices.

As part of that plan, the United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector.

But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International

A weaker outlook for oil demand due to slowing economic growth has weighed on prices, which are still up by 18% in 2019 helped by the OPEC-led Energy Agency, despite lower Iranian exports and OPEC's voluntary supply curbs supply pact.

"Although prices had been driven by supply developments in the first half of the year economic considerations are making oil bulls careful this month," said Tamas Varga of oil broker PVM.

Goldman Sachs on Sunday lowered its 2019 oil demand projection, joining other forecasters such as the IEA and OPEC in trimming its outlook for fuel use.

Oil may gain further support from expectations of another drop in US&nbsp;crude inventories in weekly reports due later on Tuesday and on Wednesday. Analysts expect a 3.4 million-barrel drop in crude stocks.

The American Petroleum Institute, an industry group, releases its inventory report at 2030 GMT.

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook.

Oil slipped to around $63 a barrel on Tuesday as concerns faded for now that rising tensions in the Middle East would escalate and hit oil supplies, compounding the impact of a weaker demand outlook. Iran's capture of a British oil tanker late last week sparked concern about supply disruptions in the Strait of Hormuz, through which about a fifth of the world's supply flows. Crude rose more than 1% on Monday. On Tuesday, Brent crude fell 40 cents to $62.86 a barrel by 1052 GMT. US West Texas Intermediate crude slipped 20 cents to $56.02. "The response of oil prices to the seizure of a British oil tanker by armed Iranian forces near the Strait of Hormuz has been amazingly muted so far," said Carsten Fritsch, an analyst at Commerzbank. "It appears that the majority of market participants are convinced that there will be no open conflict between the West and Iran." The tensions come as the United States aims to cut off Iran's oil exports and against the backdrop of supply cuts led by the Organization of the Petroleum Exporting Countries since the start of the year to prop up prices. As part of that plan, the United States has sanctioned Chinese state-run energy company Zhuhai Zhenrong Co Ltd for allegedly violating restrictions imposed on Iran's oil sector. But due to strong growth in supply from the United States and other non-OPEC producers, oil supply is exceeding demand, according to the International A weaker outlook for oil demand due to slowing economic growth has weighed on prices, which are still up by 18% in 2019 helped by the OPEC-led Energy Agency, despite lower Iranian exports and OPEC's voluntary supply curbs supply pact. "Although prices had been driven by supply developments in the first half of the year economic considerations are making oil bulls careful this month," said Tamas Varga of oil broker PVM. Goldman Sachs on Sunday lowered its 2019 oil demand projection, joining other forecasters such as the IEA and OPEC in trimming its outlook for fuel use. Oil may gain further support from expectations of another drop in US crude inventories in weekly reports due later on Tuesday and on Wednesday. Analysts expect a 3.4 million-barrel drop in crude stocks. The American Petroleum Institute, an industry group, releases its inventory report at 2030 GMT.

Oil slips to around $63 as Iran concerns fades for now

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and <a href="https://www.wionews.com/world/oil-steadies-as-demand-concern-counters-middle-east-tensions-234074">Middle East</a> tensions outweighed the <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US-China trade</a> dispute that has been dragging down the global economy and oil demand.

<a href="https://www.wionews.com/business-economy/opec-decides-to-extend-oil-output-cuts-after-saudi-arabia-russia-pact-232179">OPEC </a>and its allies agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program.

Benchmark Brent crude rose 59 cents to $64.70 a barrel by 1033 GMT. The US West Texas Intermediate crude was up 46 cents to $58.12.

"OPEC and its allies are doing their best to support the market," said Tamas Varga, an analyst with PVM.

"Oil prices are to hold up reasonably well during the coming months or at least they are not to fall out of bed."

Rising tensions between Iran and the United States have brought the two countries close to conflict. Last month, President Donald Trump called off air strikes at the last minute in retaliation for Iran shooting down a US drone.

Iran threatened to restart deactivated centrifuges on Monday and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year.

Oil also gained support from reports expected to show a drop in US crude inventories.

US crude stockpiles are forecast to fall 3.6 million barrels in a fourth consecutive weekly decline. The first of this week's two supply reports are due at 2030 GMT from the American Petroleum Institute, an industry group.

Russian oil output fell close to a three-year low in early July, industry sources told Reuters, dragged down by declining output from the largest producer Rosneft.

The decline follows the discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe.

While supply and security concerns supported the market, gains were capped by the US-China trade war that has dampened prospects for global economic growth.

The world's two largest oil consumers are set to relaunch trade talks this week, although there are few signs their differences have narrowed a year after the dispute erupted.

"Demand is soft," said Olivier Jakob, an analyst at Petromatrix. "Generally, market participants find the market is fairly well balanced and don't seem to be too concerned about any potential supply disruptions."

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the US-China trade dispute that has been dragging down the global economy and oil demand.

Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the US-China trade dispute that has been dragging down the global economy and oil demand. OPEC and its allies agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East, especially concerns about the row over Iran's nuclear program. Benchmark Brent crude rose 59 cents to $64.70 a barrel by 1033 GMT. The US West Texas Intermediate crude was up 46 cents to $58.12. "OPEC and its allies are doing their best to support the market," said Tamas Varga, an analyst with PVM. "Oil prices are to hold up reasonably well during the coming months or at least they are not to fall out of bed." Rising tensions between Iran and the United States have brought the two countries close to conflict. Last month, President Donald Trump called off air strikes at the last minute in retaliation for Iran shooting down a US drone. Iran threatened to restart deactivated centrifuges on Monday and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year. Oil also gained support from reports expected to show a drop in US crude inventories. US crude stockpiles are forecast to fall 3.6 million barrels in a fourth consecutive weekly decline. The first of this week's two supply reports are due at 2030 GMT from the American Petroleum Institute, an industry group. Russian oil output fell close to a three-year low in early July, industry sources told Reuters, dragged down by declining output from the largest producer Rosneft. The decline follows the discovery of contaminated Urals crude that affected the Druzhba pipeline to Europe. While supply and security concerns supported the market, gains were capped by the US-China trade war that has dampened prospects for global economic growth. The world's two largest oil consumers are set to relaunch trade talks this week, although there are few signs their differences have narrowed a year after the dispute erupted. "Demand is soft," said Olivier Jakob, an analyst at Petromatrix. "Generally, market participants find the market is fairly well balanced and don't seem to be too concerned about any potential supply disruptions."

Oil rises towards $65 as supply concerns outweigh trade disputes

<a href="https://www.wionews.com/world/pompeo-to-seek-stronger-strategic-ties-with-india-despite-trade-tensions-229376">US Secretary of State Mike Pompeo</a> during his India visit next week will attempt to soothe increasing friction with New Delhi over trade, data flow, arms from Russia and Iran oil imports and focus on strategic ties between the two big world democracies, a senior official from the US State Department said on Friday.

"While in New Delhi, Secretary Pompeo is slated to meet Prime Minister Narendra Modi and External Affairs Minister S&nbsp;Jaishankar, who's really one of the visionaries behind the expansion of the US-India Strategic Partnership," the senior official added.

Pompeo will arrive in New Delhi on Tuesday for talks that are aimed at laying the ground for an upcoming meeting between President Donald Trump and Prime Minister Modi later in the week at a G20 meeting in Osaka, Japan.

He will also engage in talks with Jaishankar specifically about expanding security, energy, and space cooperation, among other things. The Secretary is further scheduled to meet Indian business leaders to discuss a vision for the economic dimension of the US-India partnership. He is also planning to address a gathering in New Delhi, the official said.

India is currently engaged in disputes with the United States over tariffs, hence trade is obviously going to be a major topic of discussion in his meetings.

"We want both of our nations to thrive. I'm certain that the Secretary will convey during his visit the extraordinary potential to realise the collective strength of our economies if there's a fair and reciprocal approach to the trade relationship," the senior official told reporters.

Another issue that has alarmed India is the possibility of the US restrictions on work visas for Indian professionals in retaliation for New Delhi's insistence on local data storage by big foreign firms, to which the official assured that Washington has no such plans.

"Indians have contributed under the H-1B program to the US economy, and&nbsp; 
I think the Secretary will be able to assure the Indian leadership that we have no plans to place caps on H-1B work visas for nations that are having foreign companies store data locally," the official noted.

In addition, new tensions have spiked over New Delhi's plans to buy S-400 surface-to-air missile systems from Moscow, a move that can trigger Washington to impose sanctions under its Countering American Adversaries Through Sanctions Act (CAATSA), further prohibiting any engagement with Russia's defence sector.

"With respect to S-400, we're urging all of our allies and partners, India included, foregoing transactions with Russia that risk triggering the CAATSA sanctions. I think this is the time where we will be encouraging India to look at alternatives (S-400)," the official added.

A major discussion on Iran sanctions is expected to top the table during the visit, along with India's concerns on energy security, the official said.

"We've engaged with the Indians in a conversation as to how to preserve an exemption for the Chabahar Port, which allows India to continue essential humanitarian supplies to Afghanistan as well as to provide Afghanistan with economic alternatives. So I expect Iran will be on the agenda, but again, this is an area where we've succeeded in working well with India," the official concluded.

The official finally noted that both the US and India are gearing up for the first ever tri-service military exercise with India in the Bay of Bengal later this year to increase the force interoperability followed by another 2+2 dialogue.

Pompeo will visit India from June 25-27, the first high-level engagement between India and the United States after NDA's return to power for a second term.

US Secretary of State Mike Pompeo during his India visit next week will attempt to soothe increasing friction with New Delhi over trade, data flow, arms from Russia and Iran oil imports and focus on strategic ties between the two big world democracies, a senior official from the US State Department said on Friday.

US Secretary of State Mike Pompeo during his India visit next week will attempt to soothe increasing friction with New Delhi over trade, data flow, arms from Russia and Iran oil imports and focus on strategic ties between the two big world democracies, a senior official from the US State Department said on Friday. "While in New Delhi, Secretary Pompeo is slated to meet Prime Minister Narendra Modi and External Affairs Minister S Jaishankar, who's really one of the visionaries behind the expansion of the US-India Strategic Partnership," the senior official added. Pompeo will arrive in New Delhi on Tuesday for talks that are aimed at laying the ground for an upcoming meeting between President Donald Trump and Prime Minister Modi later in the week at a G20 meeting in Osaka, Japan. He will also engage in talks with Jaishankar specifically about expanding security, energy, and space cooperation, among other things. The Secretary is further scheduled to meet Indian business leaders to discuss a vision for the economic dimension of the US-India partnership. He is also planning to address a gathering in New Delhi, the official said. India is currently engaged in disputes with the United States over tariffs, hence trade is obviously going to be a major topic of discussion in his meetings. "We want both of our nations to thrive. I'm certain that the Secretary will convey during his visit the extraordinary potential to realise the collective strength of our economies if there's a fair and reciprocal approach to the trade relationship," the senior official told reporters. Another issue that has alarmed India is the possibility of the US restrictions on work visas for Indian professionals in retaliation for New Delhi's insistence on local data storage by big foreign firms, to which the official assured that Washington has no such plans. "Indians have contributed under the H-1B program to the US economy, and I think the Secretary will be able to assure the Indian leadership that we have no plans to place caps on H-1B work visas for nations that are having foreign companies store data locally," the official noted. In addition, new tensions have spiked over New Delhi's plans to buy S-400 surface-to-air missile systems from Moscow, a move that can trigger Washington to impose sanctions under its Countering American Adversaries Through Sanctions Act (CAATSA), further prohibiting any engagement with Russia's defence sector. "With respect to S-400, we're urging all of our allies and partners, India included, foregoing transactions with Russia that risk triggering the CAATSA sanctions. I think this is the time where we will be encouraging India to look at alternatives (S-400)," the official added. A major discussion on Iran sanctions is expected to top the table during the visit, along with India's concerns on energy security, the official said. "We've engaged with the Indians in a conversation as to how to preserve an exemption for the Chabahar Port, which allows India to continue essential humanitarian supplies to Afghanistan as well as to provide Afghanistan with economic alternatives. So I expect Iran will be on the agenda, but again, this is an area where we've succeeded in working well with India," the official concluded. The official finally noted that both the US and India are gearing up for the first ever tri-service military exercise with India in the Bay of Bengal later this year to increase the force interoperability followed by another 2+2 dialogue. Pompeo will visit India from June 25-27, the first high-level engagement between India and the United States after NDA's return to power for a second term.

Iran oil imports, trade top agenda during Pompeo's India visit

United Arab Emirates' (UAE)&nbsp;Minister of State and ADNOC Group CEO Sultan Ahmed Al Jaber has assured India of uninterrupted supply of oil and liquefied petroleum gas despite disruptions in the Strait of Hormuz, Oil Minister Dharmendra Pradhan said on Monday.

Pradhan said he discussed collaboration between India and the UAE during a telephone conversation with Jaber.

Attacks on two oil tankers last week raised concerns about potential supply disruptions as a fifth of the world's oil passes through the Strait of Hormuz.

Gulf of Oman: Saudi Arabia blames tanker attacks on rival Iran

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gulf-of-oman-saudi-arabia-blames-tanker-attacks-on-rival-iran-227499/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Oil prices rose after United States Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East.

The <a href="https://www.wionews.com/world/us-approves-deployment-of-1000-additional-troops-to-middle-east-amid-iran-tensions-228136">US has blamed Iran for attacks on two tankers</a> in the Gulf of Oman, a charge Tehran has denied as "baseless."

The US&nbsp;has approved the deployment of 1,000 additional troops to the Middle East amid tensions.

United Arab Emirates' (UAE) Minister of State and ADNOC Group CEO Sultan Ahmed Al Jaber has assured India of uninterrupted supply of oil and liquefied petroleum gas despite disruptions in the Strait of Hormuz, Oil Minister Dharmendra Pradhan said on Monday.

United Arab Emirates' (UAE) Minister of State and ADNOC Group CEO Sultan Ahmed Al Jaber has assured India of uninterrupted supply of oil and liquefied petroleum gas despite disruptions in the Strait of Hormuz, Oil Minister Dharmendra Pradhan said on Monday. Pradhan said he discussed collaboration between India and the UAE during a telephone conversation with Jaber. Attacks on two oil tankers last week raised concerns about potential supply disruptions as a fifth of the world's oil passes through the Strait of Hormuz. Gulf of Oman: Saudi Arabia blames tanker attacks on rival Iran Oil prices rose after United States Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East. The US has blamed Iran for attacks on two tankers in the Gulf of Oman, a charge Tehran has denied as "baseless." The US has approved the deployment of 1,000 additional troops to the Middle East amid tensions.

UAE assures supply of oil, LPG despite tanker attacks: Oil minister Dharmendra Pradhan

Japanese Prime Minister Shinzo Abe warned of unintended clashes in the crisis-hit Middle East after meeting the <a href="https://www.wionews.com/world/iran-president-expects-positive-change-if-us-ends-economic-war-226665">Iranian president in Tehran</a> on Wednesday, amid a brewing confrontation between Iran and the United States.

As a US ally that also has good<a href="https://www.wionews.com/world/iran-to-ask-japans-abe-to-mediate-over-us-oil-sanctions-officials-226578"> diplomatic relations with Iran</a>, Japan could be in a unique position to mediate between the Islamic Republic and the United States.&nbsp;

"Armed conflict needs to be prevented at all costs. Peace and stability in the Middle East is indispensable not only for this region but for global prosperity. No one is hoping for war," the Japanese leader said.

"We would like to play the maximum role we can for easing tension. That is what brought me to Iran," said Abe, whose two-day visit is the first by a Japanese leader to Iran since its 1979 Islamic Revolution.&nbsp;

While Abe did not mention Japan`s currently suspended purchases of Iranian oil, Iranian President Hassan Rouhani said that Japan wants to keep buying Iranian oil.&nbsp;

"In our meeting, Mr. Abe said that Japan was interested in continuing buying Iran`s oil," Rouhani told a joint news conference with Abe, broadcast live on state TV.&nbsp;

Earlier, two Iranian officials told Reuters that Tehran would ask Tokyo to mediate between it and Washington to ease oil sanctions on Iran. "America should either lift the unjust oil sanctions or extend the waivers or suspend them," one senior official said.

To slash Iran`s oil exports, Washington has revoked waivers since May that had allowed some countries, including Japan, to continue buying Iranian crude and has effectively ordered countries to stop purchasing Iranian oil or face sanctions of their own.

Despite pushing for imports to continue, Japan has stopped importing oil from Iran for now to avoid U.S. sanctions.

On a visit to Japan last month, U.S. President Donald Trump welcomed Abe`s help in dealing with Iran, highlighting what he called the "very good relationship" between Tokyo and Tehran.

Strains between Washington and Tehran have sharply increased in recent weeks, a year after the United States abandoned a 2015 nuclear agreement between Iran and world powers to curb Tehran’s nuclear programme in exchange for the lifting of sanctions.

"Iran will remain committed to the deal, which is important for the security of the region and the world. Tehran and Tokyo both oppose nuclear weapons," said Rouhani.

Trump cranks up pressure on Iran

Washington, calling the nuclear deal flawed and seeking to push Iran into new negotiations, intensified sanctions from the start of May, ordering all countries and firms to halt imports of Iranian oil or be banished from the global financial system.

It has also dispatched extra armed forces to the region to counter what it describes as Iranian threats.

Iran has warned against any military aggression.

"Iran will never initiate a war but will give a crushing response to any aggression," Rouhani said.

"The source of tensions is America`s staged economic war against Iran. As soon as this war ends, we shall see a very positive development in the region and in the world."

Abe has talked to US regional allies like Israel`s Prime Minister Benjamin Netanyahu and Saudi Crown Prince Mohammed bin Salman, who have supported Trump`s Iran policy.

Iran said in May that after 60 days it would resume its enrichment of uranium beyond the low fissile purity - suitable for civilian nuclear power generation - allowed under the deal, unless other powers stuck to their commitments under the 2015 nuclear deal.&nbsp;

European parties the deal have promised to help Iran find other ways to trade, although with no success so far.&nbsp;

Japan wants to do as much as possible towards peace and stability in the Middle East," Abe said in Tokyo ahead of his departure, according to Iranian TV.

But just hours before Abe`s visit to Iran, Yemen`s Iran-backed Houthi rebels carried out a missile attack on a civilian airport in southern Saudi Arabia which wounded 26 people.

The Western-backed, Sunni Muslim alliance that has been battling the Houthis in Yemen said the attack was proof of Tehran`s support for what it called cross-border terrorism.

Abe will also meet the Islamic Republic`s top authority, Supreme Leader Ayatollah Ali Khamenei.

Japanese Prime Minister Shinzo Abe warned of unintended clashes in the crisis-hit Middle East after meeting the Iranian president in Tehran on Wednesday, amid a brewing confrontation between Iran and the United States.

Japanese Prime Minister Shinzo Abe warned of unintended clashes in the crisis-hit Middle East after meeting the Iranian president in Tehran on Wednesday, amid a brewing confrontation between Iran and the United States. As a US ally that also has good diplomatic relations with Iran, Japan could be in a unique position to mediate between the Islamic Republic and the United States. "Armed conflict needs to be prevented at all costs. Peace and stability in the Middle East is indispensable not only for this region but for global prosperity. No one is hoping for war," the Japanese leader said. "We would like to play the maximum role we can for easing tension. That is what brought me to Iran," said Abe, whose two-day visit is the first by a Japanese leader to Iran since its 1979 Islamic Revolution. While Abe did not mention Japan`s currently suspended purchases of Iranian oil, Iranian President Hassan Rouhani said that Japan wants to keep buying Iranian oil. "In our meeting, Mr. Abe said that Japan was interested in continuing buying Iran`s oil," Rouhani told a joint news conference with Abe, broadcast live on state TV. Earlier, two Iranian officials told Reuters that Tehran would ask Tokyo to mediate between it and Washington to ease oil sanctions on Iran. "America should either lift the unjust oil sanctions or extend the waivers or suspend them," one senior official said. To slash Iran`s oil exports, Washington has revoked waivers since May that had allowed some countries, including Japan, to continue buying Iranian crude and has effectively ordered countries to stop purchasing Iranian oil or face sanctions of their own. Despite pushing for imports to continue, Japan has stopped importing oil from Iran for now to avoid U.S. sanctions. On a visit to Japan last month, U.S. President Donald Trump welcomed Abe`s help in dealing with Iran, highlighting what he called the "very good relationship" between Tokyo and Tehran. Strains between Washington and Tehran have sharply increased in recent weeks, a year after the United States abandoned a 2015 nuclear agreement between Iran and world powers to curb Tehran’s nuclear programme in exchange for the lifting of sanctions. "Iran will remain committed to the deal, which is important for the security of the region and the world. Tehran and Tokyo both oppose nuclear weapons," said Rouhani. Trump cranks up pressure on Iran Washington, calling the nuclear deal flawed and seeking to push Iran into new negotiations, intensified sanctions from the start of May, ordering all countries and firms to halt imports of Iranian oil or be banished from the global financial system. It has also dispatched extra armed forces to the region to counter what it describes as Iranian threats. Iran has warned against any military aggression. "Iran will never initiate a war but will give a crushing response to any aggression," Rouhani said. "The source of tensions is America`s staged economic war against Iran. As soon as this war ends, we shall see a very positive development in the region and in the world." Abe has talked to US regional allies like Israel`s Prime Minister Benjamin Netanyahu and Saudi Crown Prince Mohammed bin Salman, who have supported Trump`s Iran policy. Iran said in May that after 60 days it would resume its enrichment of uranium beyond the low fissile purity - suitable for civilian nuclear power generation - allowed under the deal, unless other powers stuck to their commitments under the 2015 nuclear deal. European parties the deal have promised to help Iran find other ways to trade, although with no success so far. Japan wants to do as much as possible towards peace and stability in the Middle East," Abe said in Tokyo ahead of his departure, according to Iranian TV. But just hours before Abe`s visit to Iran, Yemen`s Iran-backed Houthi rebels carried out a missile attack on a civilian airport in southern Saudi Arabia which wounded 26 people. The Western-backed, Sunni Muslim alliance that has been battling the Houthis in Yemen said the attack was proof of Tehran`s support for what it called cross-border terrorism. Abe will also meet the Islamic Republic`s top authority, Supreme Leader Ayatollah Ali Khamenei.

Japan's Abe warns of unintended armed conflict amid soaring US-Iran tension

The US has said that it is closely working with India to minimise any impact of New Delhi reducing oil imports from Iran as Washington has refused to give waivers to any country from its <a href="https://www.wionews.com/world/the-debate-behind-trumps-move-to-tighten-iran-oil-sanctions-215055">sanctions on the West Asian country</a>.

US State Department spokesperson Morgan Ortagus, while replying to a question in a briefing said, "So we work – we coordinated closely, of course, with them to minimize any negative impact".

She explained that Washington's "goal... is for everyone" to "cease importing Iranian oil entirely" and "we appreciate everyone who has worked with us steadfastly to get to zero".

A couple of weeks ago, Iran's foreign minister Javad Zarif had visited New Delhi and met External Affairs Minister Sushma Swaraj regarding many issues including the import of oil.

On purchase of oil from Iran, Sushma Swaraj told Zarif that a decision on the same will be taken after the elections result keeping in mind "our commercial considerations, energy security and economic interests".

Even though there hasn't been any statement from the Ministry of External Affairs or the petroleum ministry if India has cut oil imports from Iran, Indian envoy to the US, Harsh Vardhan Shringla was quoted as saying that New Delhi has reduced oil import from the West Asian country.

"India had already sharply decreased its imports from Iran and bought one million tonnes (tons) of crude in April, the last month before Washington stepped up its pressure campaign against Tehran and ended all exemptions to sanctions. That's it. After that we haven't imported any," Mr Shringla was quoted by news agency PTI.

The India-Iran bilateral trade during the fiscal year 2016-17 stood at $12.89 billion of which New Delhi imported $10.5 billion worth of goods - mainly crude oil.

The US has said that it is closely working with India to minimise any impact of New Delhi reducing oil imports from Iran as Washington has refused to give waivers to any country from its sanctions on the West Asian country.

The US has said that it is closely working with India to minimise any impact of New Delhi reducing oil imports from Iran as Washington has refused to give waivers to any country from its sanctions on the West Asian country. US State Department spokesperson Morgan Ortagus, while replying to a question in a briefing said, "So we work – we coordinated closely, of course, with them to minimize any negative impact". She explained that Washington's "goal... is for everyone" to "cease importing Iranian oil entirely" and "we appreciate everyone who has worked with us steadfastly to get to zero". A couple of weeks ago, Iran's foreign minister Javad Zarif had visited New Delhi and met External Affairs Minister Sushma Swaraj regarding many issues including the import of oil. On purchase of oil from Iran, Sushma Swaraj told Zarif that a decision on the same will be taken after the elections result keeping in mind "our commercial considerations, energy security and economic interests". Even though there hasn't been any statement from the Ministry of External Affairs or the petroleum ministry if India has cut oil imports from Iran, Indian envoy to the US, Harsh Vardhan Shringla was quoted as saying that New Delhi has reduced oil import from the West Asian country. "India had already sharply decreased its imports from Iran and bought one million tonnes (tons) of crude in April, the last month before Washington stepped up its pressure campaign against Tehran and ended all exemptions to sanctions. That's it. After that we haven't imported any," Mr Shringla was quoted by news agency PTI. The India-Iran bilateral trade during the fiscal year 2016-17 stood at $12.89 billion of which New Delhi imported $10.5 billion worth of goods - mainly crude oil.

Working to minimise any negative impact: US on India cutting oil imports from Iran

Oil&nbsp;rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.

Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest since April 26.

US West Texas Intermediate crude was 82 cents, 1.3%, higher at $63.58 a barrel. The US&nbsp;benchmark reached $63.81 earlier, the highest since May 1.

<a href="https://www.wionews.com/world/saudis-falih-says-oil-stocks-still-building-but-opec-to-act-if-needed-219637">Saudi Energy Minister Khalid al-Falih </a>said on Sunday there was the consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied&nbsp;oil&nbsp;producers to drive down crude inventories "gently" but he would remain responsive to the needs of a "fragile market."

United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cut was not "the right decision."

Meanwhile, US&nbsp;President Donald Trump threatened Tehran on Sunday, tweeting that a conflict would be the "official end" of Iran, while Saudi Arabia said it was ready to respond with "all strength" and that it was up to Iran to avoid war.

The rhetoric follows last week's attacks on Saudi&nbsp;oil&nbsp;assets and the firing of a rocket on Sunday into Baghdad's heavily fortified "Green Zone" that exploded near the US&nbsp;embassy.

"Al-Falih and the UAE both put paid to suggestions of increasing production over the weekend and then President Trump essentially telling Iran to bring it on, was a perfect short-term storm for&nbsp;oil&nbsp;prices," Greg McKenna, strategist at McKenna Macro, told Reuters by email.

OPEC, Russia and other non-member producers, an alliance known as OPEC+, agreed to reduce output by 1.2 million barrels per day (bpd) from January&nbsp;1 for six months to prevent inventories from increasing and weakening prices.

"This second half, our preference is to maintain production management to keep inventories on their way declining gradually, softly but certainly declining towards normal levels," al-Falih told a news conference after OPEC and other producers met.

Russian Energy Minister Alexander Novak earlier said an easing of cuts had been discussed and the supply situation would be clearer in a month, including from countries under sanctions.

Another bullish signal was the second week of declines in US&nbsp;drilling operations, with energy companies cutting&nbsp;oil&nbsp;rigs to the lowest since March 2018.

The rig count, an early indicator of future output, fell by 3 to 802, General Electric Co's Baker Hughes energy services unit said on Friday.

Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.

Oil rose to multi-week highs on Monday after OPEC indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East. Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest since April 26. US West Texas Intermediate crude was 82 cents, 1.3%, higher at $63.58 a barrel. The US benchmark reached $63.81 earlier, the highest since May 1. Saudi Energy Minister Khalid al-Falih said on Sunday there was the consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories "gently" but he would remain responsive to the needs of a "fragile market." United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cut was not "the right decision." Meanwhile, US President Donald Trump threatened Tehran on Sunday, tweeting that a conflict would be the "official end" of Iran, while Saudi Arabia said it was ready to respond with "all strength" and that it was up to Iran to avoid war. The rhetoric follows last week's attacks on Saudi oil assets and the firing of a rocket on Sunday into Baghdad's heavily fortified "Green Zone" that exploded near the US embassy. "Al-Falih and the UAE both put paid to suggestions of increasing production over the weekend and then President Trump essentially telling Iran to bring it on, was a perfect short-term storm for oil prices," Greg McKenna, strategist at McKenna Macro, told Reuters by email. OPEC, Russia and other non-member producers, an alliance known as OPEC+, agreed to reduce output by 1.2 million barrels per day (bpd) from January 1 for six months to prevent inventories from increasing and weakening prices. "This second half, our preference is to maintain production management to keep inventories on their way declining gradually, softly but certainly declining towards normal levels," al-Falih told a news conference after OPEC and other producers met. Russian Energy Minister Alexander Novak earlier said an easing of cuts had been discussed and the supply situation would be clearer in a month, including from countries under sanctions. Another bullish signal was the second week of declines in US drilling operations, with energy companies cutting oil rigs to the lowest since March 2018. The rig count, an early indicator of future output, fell by 3 to 802, General Electric Co's Baker Hughes energy services unit said on Friday.

Oil surges after OPEC indicates it will maintain output cuts

Oil edged higher to $73 a barrel on Friday, supported by a host of supply cuts and concern of further disruption to Middle East shipments as tensions rise, and was heading for a weekly gain.

<a href="https://www.wionews.com/world/iran-urges-china-russia-concrete-action-to-save-nuclear-deal-219407">US sanctions on Iran</a> have cut the OPEC member's crude exports further in May, adding to supply curbs resulting from an OPEC-led pact. Meanwhile, rising tension in the Middle East this week has raised a concern about additional supply disruption.

Brent crude was up 43 cents to $73.05 a barrel at 1101 GMT. The global benchmark is up about 3 per cent this week, having ended last week steady and fallen the week before. US West Texas Intermediate crude added 60 cents to $63.47.

"The Middle East is acting as a tinderbox for conflict," said Stephen Brennock of oil broker PVM. "So long as this remains the case, the energy complex will continue to be supported by bullish supply-side signals."

The mounting tension overshadowed bearish developments for oil prices this week, such as an unexpected increase in US crude inventories.

A Saudi-led military coalition in Yemen carried out several air strikes on the Houthi-held capital Sanaa on Thursday after the Iranian-aligned movement claimed responsibility for drone attacks on two Saudi oil pumping stations.

Earlier this week, staff were evacuated from the US embassy in Baghdad, while US President Donald Trump ordered the deployment of an aircraft carrier group, B-52 bombers and Patriot missiles to the Middle East.

"When tensions are this high, with the US deploying a sizable military force, even a mistake or a tactical error by Iran could ignite the Middle East powder keg," Stephen Innes, head of trading and market strategy at SPI Asset Management, told Reuters by email.

"There are lots of supply risks with tensions this high."

Besides the drop in Iranian exports, Russian shipments have been disrupted and the North Sea - home to the crude underpinning Brent futures - is seeing tighter supply due to oilfield maintenance and outages.

The market is also awaiting a decision from the Organization of the Petroleum Exporting Countries (OPEC) and other producers over whether to continue with supply cuts that have boosted prices more than 30% so far this year.

A meeting of an OPEC-led ministerial committee in Saudi Arabia this weekend will assess member states' commitment to their deal reducing oil production and may make a recommendation on whether to extend or adjust the pact.

Oil edged higher to $73 a barrel on Friday, supported by a host of supply cuts and concern of further disruption to Middle East shipments as tensions rise, and was heading for a weekly gain.

Oil edged higher to $73 a barrel on Friday, supported by a host of supply cuts and concern of further disruption to Middle East shipments as tensions rise, and was heading for a weekly gain. US sanctions on Iran have cut the OPEC member's crude exports further in May, adding to supply curbs resulting from an OPEC-led pact. Meanwhile, rising tension in the Middle East this week has raised a concern about additional supply disruption. Brent crude was up 43 cents to $73.05 a barrel at 1101 GMT. The global benchmark is up about 3 per cent this week, having ended last week steady and fallen the week before. US West Texas Intermediate crude added 60 cents to $63.47. "The Middle East is acting as a tinderbox for conflict," said Stephen Brennock of oil broker PVM. "So long as this remains the case, the energy complex will continue to be supported by bullish supply-side signals." The mounting tension overshadowed bearish developments for oil prices this week, such as an unexpected increase in US crude inventories. A Saudi-led military coalition in Yemen carried out several air strikes on the Houthi-held capital Sanaa on Thursday after the Iranian-aligned movement claimed responsibility for drone attacks on two Saudi oil pumping stations. Earlier this week, staff were evacuated from the US embassy in Baghdad, while US President Donald Trump ordered the deployment of an aircraft carrier group, B-52 bombers and Patriot missiles to the Middle East. "When tensions are this high, with the US deploying a sizable military force, even a mistake or a tactical error by Iran could ignite the Middle East powder keg," Stephen Innes, head of trading and market strategy at SPI Asset Management, told Reuters by email. "There are lots of supply risks with tensions this high." Besides the drop in Iranian exports, Russian shipments have been disrupted and the North Sea - home to the crude underpinning Brent futures - is seeing tighter supply due to oilfield maintenance and outages. The market is also awaiting a decision from the Organization of the Petroleum Exporting Countries (OPEC) and other producers over whether to continue with supply cuts that have boosted prices more than 30% so far this year. A meeting of an OPEC-led ministerial committee in Saudi Arabia this weekend will assess member states' commitment to their deal reducing oil production and may make a recommendation on whether to extend or adjust the pact.

Oil lifted to $73 by real and threatened supply cuts

US oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth.

Brent crude futures were at $70.85 a barrel at 0021 GMT, up 48 cents, or 0.7 per cent, from their last close. Brent closed little changed in the previous session.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $62.29 per barrel, up 59 cents, or 1 per cent, from their previous settlement. WTI closed the last session down 0.7 percent.

Analysts said oil was drawing support on renewed hopes that a China-US&nbsp;trade deal after US President Donald Trump said he received a "beautiful letter" from Chinese President Xi Jinping.

Trump quoted the letter as saying: "Let's work together let's see if we can get something done."

Still, traders remained on edge as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China at 12:01 a.m. EDT on Friday(0401 GMT on Saturday).

"The outcome of the US-China trade talks remains uncertain," said Alfonso Esparza, Senior Market Analyst at OANDA.

"Global growth forecasts were hit by tariff escalation last year, before a ceasefire and negotiations kicked up a notch."

The trade optimism comes amid efforts by the Organisation of Petroleum Exporting Countries to crimp supply, as well as expectations that demand will rise.

The US&nbsp;Energy Information Administration expects global oil demand to rise by 1.4 million barrels per day (bpd) this year.

US oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth.

US oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth. Brent crude futures were at $70.85 a barrel at 0021 GMT, up 48 cents, or 0.7 per cent, from their last close. Brent closed little changed in the previous session. US West Texas Intermediate (WTI) crude futures were at $62.29 per barrel, up 59 cents, or 1 per cent, from their previous settlement. WTI closed the last session down 0.7 percent. Analysts said oil was drawing support on renewed hopes that a China-US trade deal after US President Donald Trump said he received a "beautiful letter" from Chinese President Xi Jinping. Trump quoted the letter as saying: "Let's work together let's see if we can get something done." Still, traders remained on edge as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China at 12:01 a.m. EDT on Friday(0401 GMT on Saturday). "The outcome of the US-China trade talks remains uncertain," said Alfonso Esparza, Senior Market Analyst at OANDA. "Global growth forecasts were hit by tariff escalation last year, before a ceasefire and negotiations kicked up a notch." The trade optimism comes amid efforts by the Organisation of Petroleum Exporting Countries to crimp supply, as well as expectations that demand will rise. The US Energy Information Administration expects global oil demand to rise by 1.4 million barrels per day (bpd) this year.

Oil rallies on hopes for US-China trade deal

Oil prices dropped on Thursday amid concerns over the <a href="https://www.wionews.com/world/trump-says-he-would-be-happy-to-keep-tariffs-on-chinese-imports-in-place-217051">escalating trade battle between the United States and China</a>, despite a surprise fall in US crude stockpiles.

Brent crude oil futures were at $69.92 a barrel by 0102 GMT, down 44 cents, or 0.63 per cent, from their previous settlement.

US West Texas Intermediate (WTI) crude futures were at $61.67 per barrel, down 45 cents, or 0.72 per cent, from their last close.

The Sino-US&nbsp;trade war has weighed on oil prices this week as heightened tensions between the world's two biggest economies could the global economic outlook.

US&nbsp;President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached.

Higher tariffs are set to take effect on Friday, during Chinese Vice Premier Liu He's two-day visit to Washington from Thursday.

Despite this, oil prices have been supported by signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Both benchmarks have risen more than 30 per cent so far this year.

Global supply has also been tightened by US sanctions on OPEC members Venezuela and Iran.

"From a fundamental point of view, OPEC supply discipline is still in check, and US supplies show tighter markets than expected while Asia demand is still robust," said Stephen Innes head of trading at SPI Asset Management.

"All of which suggests once the trade war-induced sell-offs abate conditions could settle themselves quickly," Innes said.

In a sign that Asia demand remains firm, China's crude imports in April hit a record for the month, at 10.6 million barrels per day (bpd), customs data showed on Wednesday. China is the world's biggest oil importer.

An unexpected drop in US crude inventories kept oil price declines in check. US crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said on Wednesday.

Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles.

Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles. Brent crude oil futures were at $69.92 a barrel by 0102 GMT, down 44 cents, or 0.63 per cent, from their previous settlement. US West Texas Intermediate (WTI) crude futures were at $61.67 per barrel, down 45 cents, or 0.72 per cent, from their last close. The Sino-US trade war has weighed on oil prices this week as heightened tensions between the world's two biggest economies could the global economic outlook. US President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached. Higher tariffs are set to take effect on Friday, during Chinese Vice Premier Liu He's two-day visit to Washington from Thursday. Despite this, oil prices have been supported by signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Both benchmarks have risen more than 30 per cent so far this year. Global supply has also been tightened by US sanctions on OPEC members Venezuela and Iran. "From a fundamental point of view, OPEC supply discipline is still in check, and US supplies show tighter markets than expected while Asia demand is still robust," said Stephen Innes head of trading at SPI Asset Management. "All of which suggests once the trade war-induced sell-offs abate conditions could settle themselves quickly," Innes said. In a sign that Asia demand remains firm, China's crude imports in April hit a record for the month, at 10.6 million barrels per day (bpd), customs data showed on Wednesday. China is the world's biggest oil importer. An unexpected drop in US crude inventories kept oil price declines in check. US crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said on Wednesday.

Oil falls on trade dispute despite surprise drop in US crude inventories

Iran has mobilised all its resources to sell oil in a "grey market", bypassing US sanctions that Tehran sees as illegitimate, state media quoted Deputy Oil Minister Amir Hossein Zamaninia as saying on Sunday.

The United States, which last year withdrew from a 2015 Iran nuclear deal with world powers, has told buyers of Iranian oil to stop purchases by May 1 or face sanctions.

Iran says it will continue to <a href="https://www.wionews.com/world/eu-and-britain-condemn-us-oil-and-nuclear-sanctions-on-iran-215981">export oil in defiance of US sanctions</a>, part of a campaign by Washington aimed at halting Tehran's ballistic missile programme and curbing its regional power.

"We have mobilised all of the country's resources and are selling oil in the 'grey market'," state news agency IRNA quoted Zamaninia as saying.

Zamaninia gave no details about the "grey market", but Iran is widely reported to have sold oil at steep discounts and often through private firms during sanctions earlier this decade.

"We certainly won't sell 2.5 million barrels per day as under the (nuclear deal)," Zamaninia said, giving no figures for current sales.

"We will need to make serious decisions about our financial and economic management, and the government is working on that."

"This is not smuggling. This is countering sanctions which we do not see as just or legitimate," Zamaninia said.

Iran has mobilised all its resources to sell oil in a "grey market", bypassing US sanctions that Tehran sees as illegitimate, state media quoted Deputy Oil Minister Amir Hossein Zamaninia as saying on Sunday.

Iran has mobilised all its resources to sell oil in a "grey market", bypassing US sanctions that Tehran sees as illegitimate, state media quoted Deputy Oil Minister Amir Hossein Zamaninia as saying on Sunday. The United States, which last year withdrew from a 2015 Iran nuclear deal with world powers, has told buyers of Iranian oil to stop purchases by May 1 or face sanctions. Iran says it will continue to export oil in defiance of US sanctions, part of a campaign by Washington aimed at halting Tehran's ballistic missile programme and curbing its regional power. "We have mobilised all of the country's resources and are selling oil in the 'grey market'," state news agency IRNA quoted Zamaninia as saying. Zamaninia gave no details about the "grey market", but Iran is widely reported to have sold oil at steep discounts and often through private firms during sanctions earlier this decade. "We certainly won't sell 2.5 million barrels per day as under the (nuclear deal)," Zamaninia said, giving no figures for current sales. "We will need to make serious decisions about our financial and economic management, and the government is working on that." "This is not smuggling. This is countering sanctions which we do not see as just or legitimate," Zamaninia said.

Iran using all resources to sell oil in 'grey market': Deputy minister

Saudi Arabia's coast guard assisted an Iranian oil tanker with engine trouble off the coast of Jeddah in the Red Sea after Riyadh received a request for help from Iran, the state news agency SPA said on Thursday.

Iran, which confirmed that its vessel had broken down in the area, and Saudi Arabia are arch-adversaries in the Middle East, backing opposite sides in several regional wars.

SPA said the Iranian tanker "Happiness 1" and its 26 crewmembers were found 70 km (43 miles) southwest of Jeddah Islamic Port and the captain had requested a tow due to "engine failure and loss of control".

"The kingdom received an official request for help, through its permanent delegation to the United Nations in New York, from the Iranian charge d'affaires in the Iranian delegation," SPA quoted a coast guard spokesman as saying.

"All necessary precautions were taken for the safety of the crew and to ensure there is no environmental damage and to provide assistance," it added.

The National Iranian Tanker Company (NITC) said the tanker had suffered engine failure but there had been no leak of its contents into the Red Sea, according to SHANA, the Iranian oil ministry's news agency.

"On Tuesday, the vessel, with 26 crew members aboard, was sailing in the Red Sea towards the Suez Canal when its engine failed due to water leakage to the engine room," SHANA said. It said the crew were 24 Iranians and two Bangladeshis.

SHANA said the tanker was now safe with no injuries reported, and there was no environmental damage from the incident.

The United States decided to end all waivers on Iranian oil imports by May 1 after which buyers of oil from the Islamic Republic could face sanctions.

Saudi Arabia's coast guard assisted an Iranian oil tanker with engine trouble off the coast of Jeddah in the Red Sea after Riyadh received a request for help from Iran, the state news agency SPA said on Thursday.

Saudi Arabia's coast guard assisted an Iranian oil tanker with engine trouble off the coast of Jeddah in the Red Sea after Riyadh received a request for help from Iran, the state news agency SPA said on Thursday. Iran, which confirmed that its vessel had broken down in the area, and Saudi Arabia are arch-adversaries in the Middle East, backing opposite sides in several regional wars. SPA said the Iranian tanker "Happiness 1" and its 26 crewmembers were found 70 km (43 miles) southwest of Jeddah Islamic Port and the captain had requested a tow due to "engine failure and loss of control". "The kingdom received an official request for help, through its permanent delegation to the United Nations in New York, from the Iranian charge d'affaires in the Iranian delegation," SPA quoted a coast guard spokesman as saying. "All necessary precautions were taken for the safety of the crew and to ensure there is no environmental damage and to provide assistance," it added. The National Iranian Tanker Company (NITC) said the tanker had suffered engine failure but there had been no leak of its contents into the Red Sea, according to SHANA, the Iranian oil ministry's news agency. "On Tuesday, the vessel, with 26 crew members aboard, was sailing in the Red Sea towards the Suez Canal when its engine failed due to water leakage to the engine room," SHANA said. It said the crew were 24 Iranians and two Bangladeshis. SHANA said the tanker was now safe with no injuries reported, and there was no environmental damage from the incident. The United States decided to end all waivers on Iranian oil imports by May 1 after which buyers of oil from the Islamic Republic could face sanctions.

Saudi Arabia assists Iranian oil tanker in Red Sea, no injuries

<a href="https://www.wionews.com/world/if-us-stops-one-method-for-iran-oil-export-we-will-find-another-way-president-rouhani-214686">US sanctions on Iran</a> could boost oil prices and inflation to a point that hurts the common person in India, the country's ambassador to the United States said on Tuesday after the Trump administration said it would end waivers for <a href="https://www.wionews.com/world/us-oil-sanctions-wont-go-without-response-iran-213205">Iran</a>'s oil buyers.

President Donald Trump's efforts to sink Iran's oil exports to zero will have a direct impact on India, the largest buyer of the oil after China, Harsh Vardhan Shringla, the ambassador, said at a Carnegie Endowment event.

"We are apprehensive that that impact can translate into inflation, (and) higher oil prices," that could affect the common person in India, Shringla said.

Trump's sanctions on Iran are intended to curb its nuclear and ballistic missile programme and reduce its influence in Syria, Yemen and other countries in the Middle East.

Many of India's oil refineries are calibrated to process crude oil from Iran and "it is not possible to suddenly convert those refineries (to run )some other form of crude," Shringla said. Cutting off sales of oil from Iran, with which India has long had business and cultural relations, raises questions about long-term agreements on pricing and quality in the oil business, he said.

The Trump administration surprised Iran's oil customers, including India, China and Turkey, last week by saying no waivers on the sanctions would be granted after May 1, ending six months of exceptions to the sanctions for reductions in purchases.

Trump reimposed the sanctions last year after removing Washington from a 2015 international pact with Tehran designed to curb its nuclear programme.

India's Petroleum and Natural Gas Minister Dharmendra Pradhan said last week that India will get additional supplies from other major oil-producing countries to compensate for the loss of Iranian crude.

But US-based critics of Trump's sanctions have said that over the long term even US allies will tire of having to comply with the measures and that smuggling of the oil could eventually rise.

Shringla, who became ambassador in January after a diplomatic career of 35 years, said India understands Washington has issues with Iran. But excessive use of sanctions can at a certain stage become counterproductive, especially when administered by one country alone, and "affect friend and foe alike," he said.

US sanctions on Iran could boost oil prices and inflation to a point that hurts the common person in India, the country's ambassador to the United States said on Tuesday after the Trump administration said it would end waivers for Iran's oil buyers.

US sanctions on Iran could boost oil prices and inflation to a point that hurts the common person in India, the country's ambassador to the United States said on Tuesday after the Trump administration said it would end waivers for Iran's oil buyers. President Donald Trump's efforts to sink Iran's oil exports to zero will have a direct impact on India, the largest buyer of the oil after China, Harsh Vardhan Shringla, the ambassador, said at a Carnegie Endowment event. "We are apprehensive that that impact can translate into inflation, (and) higher oil prices," that could affect the common person in India, Shringla said. Trump's sanctions on Iran are intended to curb its nuclear and ballistic missile programme and reduce its influence in Syria, Yemen and other countries in the Middle East. Many of India's oil refineries are calibrated to process crude oil from Iran and "it is not possible to suddenly convert those refineries (to run )some other form of crude," Shringla said. Cutting off sales of oil from Iran, with which India has long had business and cultural relations, raises questions about long-term agreements on pricing and quality in the oil business, he said. The Trump administration surprised Iran's oil customers, including India, China and Turkey, last week by saying no waivers on the sanctions would be granted after May 1, ending six months of exceptions to the sanctions for reductions in purchases. Trump reimposed the sanctions last year after removing Washington from a 2015 international pact with Tehran designed to curb its nuclear programme. India's Petroleum and Natural Gas Minister Dharmendra Pradhan said last week that India will get additional supplies from other major oil-producing countries to compensate for the loss of Iranian crude. But US-based critics of Trump's sanctions have said that over the long term even US allies will tire of having to comply with the measures and that smuggling of the oil could eventually rise. Shringla, who became ambassador in January after a diplomatic career of 35 years, said India understands Washington has issues with Iran. But excessive use of sanctions can at a certain stage become counterproductive, especially when administered by one country alone, and "affect friend and foe alike," he said.

India apprehensive Iran sanctions could boost oil, inflation

Russia's pipeline monopoly Transneft is investigating a case of contaminated oil, Russian President <a href="https://www.wionews.com/world/parents-of-novichok-victim-ask-why-uk-settled-ex-spy-in-salisbury-197770">Vladimir Putin</a> said on Saturday, adding that this could lead to a wider inquiry, possibly including law enforcement agencies.

Poland, Germany, Ukraine and some other countries suspended imports of Russian oil via the Druzhba pipeline this week due to the contamination.

Russia said it plans to restore the pipeline to Europe to stability in two weeks.

"I am aware of what happened, but the details are unknown to me because in order to understand what happened there one needs to conduct an investigation," Putin told reporters in Beijing, adding that he briefly exchanged views on the case with Belarusian President Alexander Lukashenko.

The problem arose last week when an unidentified Russian producer contaminated oil with high levels of organic chloride, which is typically used to boost oil output but which must be separated before shipment as it can destroy refining equipment.

Russian Prime Minister Dmitry Medvedev ordered the energy and trade ministries to conduct an inquiry within seven days and prepare proposals on how to avoid a repeat, Interfax news agency reported, citing a government statement which said the results should be sent to the prosecutor's office.

Transneft said on Friday that the contamination which led to the suspension of the oil flows to Europe could be deliberate and that a criminal case was opened, Interfax news agency said.

"First of all, of course, it is necessary to conduct an investigation at the level of Transneft itself and to identify the place from which it came from, for what reasons, what it was and so on.

"This investigation is ongoing," Putin said.

"If the internal corporate investigation is not enough, I do not rule out that we will conduct more thorough (investigation) with the help of law enforcement agencies and specialists", Putin said.

Russia's pipeline monopoly Transneft is investigating a case of contaminated oil, Russian President Vladimir Putin said on Saturday, adding that this could lead to a wider inquiry, possibly including law enforcement agencies.

Russia's pipeline monopoly Transneft is investigating a case of contaminated oil, Russian President Vladimir Putin said on Saturday, adding that this could lead to a wider inquiry, possibly including law enforcement agencies. Poland, Germany, Ukraine and some other countries suspended imports of Russian oil via the Druzhba pipeline this week due to the contamination. Russia said it plans to restore the pipeline to Europe to stability in two weeks. "I am aware of what happened, but the details are unknown to me because in order to understand what happened there one needs to conduct an investigation," Putin told reporters in Beijing, adding that he briefly exchanged views on the case with Belarusian President Alexander Lukashenko. The problem arose last week when an unidentified Russian producer contaminated oil with high levels of organic chloride, which is typically used to boost oil output but which must be separated before shipment as it can destroy refining equipment. Russian Prime Minister Dmitry Medvedev ordered the energy and trade ministries to conduct an inquiry within seven days and prepare proposals on how to avoid a repeat, Interfax news agency reported, citing a government statement which said the results should be sent to the prosecutor's office. Transneft said on Friday that the contamination which led to the suspension of the oil flows to Europe could be deliberate and that a criminal case was opened, Interfax news agency said. "First of all, of course, it is necessary to conduct an investigation at the level of Transneft itself and to identify the place from which it came from, for what reasons, what it was and so on. "This investigation is ongoing," Putin said. "If the internal corporate investigation is not enough, I do not rule out that we will conduct more thorough (investigation) with the help of law enforcement agencies and specialists", Putin said.

Vladimir Putin flags wider investigation into contaminated Russian oil

Oil prices fell on Wednesday after a report allayed concerns about tightening supply, ending a rally that took <a href="https://www.google.com/url?q=https://www.wionews.com/business-economy/oil-prices-hit-highest-since-november-as-us-to-tighten-iran-sanctions-212879/amp&amp;sa=U&amp;ved=0ahUKEwiRgKK3vOjhAhUUknAKHb0NCLoQFggaMAc&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw24jA3hkoQCpXSVi94iqTVt">prices to their highest since early November</a> on concerns that OPEC output cuts and sanctions would take too much oil out of the market.

The International Energy Agency (IEA), a watchdog for oil-consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels."

Also weighing on prices, US&nbsp;crude stocks rose by 6.9 million barrels last week, more than expected, data from industry group the American Petroleum Institute showed on Tuesday.

EIA stocks data is due later on Wednesday.

Brent crude futures were at $74.18 per barrel at 0848 GMT, down 33 cents from their last close.

It was the benchmark's first fall after three days of rises, but it is still set for its fifth consecutive weekly gain.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $65.89 per barrel, down 41 cents from their previous settlement - not enough to steer them away from what is set to be their eighth week of gains.

Crude oil prices for spot delivery rallied after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

China, Iran's biggest oil customer, has formally complained about the move.

The spot price surge has put the Brent forward curve into steep backwardation, in which prices for later delivery are cheaper than for prompt dispatch.

The United States has said it saw Saudi Arabia as a partner to balance oil markets.

"The (Saudi) kingdom will be relied upon to work with other producers to keep markets adequately supplied," PVM said in a note.

But some analysts say the market was still fundamentally bullish.

"The factors that could lead to higher prices are overwhelming," said Carsten Fritsch at Commerzbank, adding a push towards $80 a barrel was more likely than a fall below $70.

Saudi Energy Minister Khalid al-Falih said on Wednesday its production in May will not vary greatly from previous months.

He added that Saudi Arabia will aim to stick to its output quota fixed in a deal by the Organization of the Petroleum Exporting Countries (OPEC), Russia and others, but that June numbers will be determined in a couple of weeks depending on customers' needs.

Oil prices fell on Wednesday after a report allayed concerns about tightening supply, ending a rally that took prices to their highest since early November on concerns that OPEC output cuts and sanctions would take too much oil out of the market.

Oil prices fell on Wednesday after a report allayed concerns about tightening supply, ending a rally that took prices to their highest since early November on concerns that OPEC output cuts and sanctions would take too much oil out of the market. The International Energy Agency (IEA), a watchdog for oil-consuming countries, said in a statement on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels." Also weighing on prices, US crude stocks rose by 6.9 million barrels last week, more than expected, data from industry group the American Petroleum Institute showed on Tuesday. EIA stocks data is due later on Wednesday. Brent crude futures were at $74.18 per barrel at 0848 GMT, down 33 cents from their last close. It was the benchmark's first fall after three days of rises, but it is still set for its fifth consecutive weekly gain. US West Texas Intermediate (WTI) crude futures were at $65.89 per barrel, down 41 cents from their previous settlement - not enough to steer them away from what is set to be their eighth week of gains. Crude oil prices for spot delivery rallied after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington. China, Iran's biggest oil customer, has formally complained about the move. The spot price surge has put the Brent forward curve into steep backwardation, in which prices for later delivery are cheaper than for prompt dispatch. The United States has said it saw Saudi Arabia as a partner to balance oil markets. "The (Saudi) kingdom will be relied upon to work with other producers to keep markets adequately supplied," PVM said in a note. But some analysts say the market was still fundamentally bullish. "The factors that could lead to higher prices are overwhelming," said Carsten Fritsch at Commerzbank, adding a push towards $80 a barrel was more likely than a fall below $70. Saudi Energy Minister Khalid al-Falih said on Wednesday its production in May will not vary greatly from previous months. He added that Saudi Arabia will aim to stick to its output quota fixed in a deal by the Organization of the Petroleum Exporting Countries (OPEC), Russia and others, but that June numbers will be determined in a couple of weeks depending on customers' needs.

Oil prices fall from a six-month high on signs the market not as tight as feared

India will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Tuesday.

The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which had allowed Iran's eight biggest buyers, most of them in Asia, to continue to import limited volumes.

Pradhan said on Twitter that India has put in place a robust plan for adequate supply of crude oil to refineries.

"Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products," he said.

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Govt has put in place a robust plan for adequate supply of crude oil to Indian refineries.There will be additional supplies from other major oil producing countries;Indian refineries are fully prepared to meet the national demand for petrol,diesel &amp; other Petroleum products
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Reuters last week reported that Indian refiners are increasing their planned purchases from the nations of the Organization of the Petroleum Exporting Countries (OPEC), Mexico and the United States to hedge against loss of Iranian oil.

Refiners in India, the world's third-biggest oil importer and Iran's top oil client after China, had almost halved their Iranian oil purchases since November when petroleum sanctions went into effect. At the time, the United States granted waivers from sanctions, known as significant reduction exceptions (SRE), for six months to countries that purchased some amounts of Iranian crude, including India.

US President Donald Trump said on Monday that Saudi Arabia and other OPEC nations could "more than make up" for any drop in Iranian oil supplies to global markets now that the waivers are ended.

Saudi Arabia, the world's biggest oil exporter, said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market.

India will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Tuesday.

India will get additional supplies from other major oil producing countries to compensate for the loss of Iranian oil, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Tuesday. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which had allowed Iran's eight biggest buyers, most of them in Asia, to continue to import limited volumes. Pradhan said on Twitter that India has put in place a robust plan for adequate supply of crude oil to refineries. "Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products," he said. Govt has put in place a robust plan for adequate supply of crude oil to Indian refineries.There will be additional supplies from other major oil producing countries;Indian refineries are fully prepared to meet the national demand for petrol,diesel & other Petroleum products — Chowkidar Dharmendra Pradhan (@dpradhanbjp) April 23, 2019 × Reuters last week reported that Indian refiners are increasing their planned purchases from the nations of the Organization of the Petroleum Exporting Countries (OPEC), Mexico and the United States to hedge against loss of Iranian oil. Refiners in India, the world's third-biggest oil importer and Iran's top oil client after China, had almost halved their Iranian oil purchases since November when petroleum sanctions went into effect. At the time, the United States granted waivers from sanctions, known as significant reduction exceptions (SRE), for six months to countries that purchased some amounts of Iranian crude, including India. US President Donald Trump said on Monday that Saudi Arabia and other OPEC nations could "more than make up" for any drop in Iranian oil supplies to global markets now that the waivers are ended. Saudi Arabia, the world's biggest oil exporter, said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market.

India to get extra oil from major producers to make up for Iran loss: Minister

India has said that it is engaging with the US regarding the waiver it got to purchase oil from Iran after the American sanctions came into effect last year. India got 6 months wavier on importing Iranian oil and this will come to end on May 4.

The Ministry of External Affairs spokesperson Raveesh Kumar said, "We are engaging with the US...we have continued to engage with the US administration. The wavier lapses on the 4th of May, let us wait and see what happens. But, the important thing is we will continue our engagement with the US to see if we are taking care of our energy security"

The US State Department in October 2018 announced a wavier for select countries, including India, to buy oil from Iran ahead of the US sanctions that came into effect from November 4, 2018.

India imports a large quality of oil from the West Asian country and Tehran plays an important role in India's connectivity to Afghanistan via the Chabahar port.&nbsp;

The US is keen that countries reduce there oil imports from Iran. At his United Nations General Assembly speech, US President Donald Trump said, "we’re working with countries that import Iranian crude oil to cut their purchases substantially".

India has said that it is engaging with the US regarding the waiver it got to purchase oil from Iran after the American sanctions came into effect last year. India got 6 months wavier on importing Iranian oil and this will come to end on May 4.

India has said that it is engaging with the US regarding the waiver it got to purchase oil from Iran after the American sanctions came into effect last year. India got 6 months wavier on importing Iranian oil and this will come to end on May 4. The Ministry of External Affairs spokesperson Raveesh Kumar said, "We are engaging with the US...we have continued to engage with the US administration. The wavier lapses on the 4th of May, let us wait and see what happens. But, the important thing is we will continue our engagement with the US to see if we are taking care of our energy security" The US State Department in October 2018 announced a wavier for select countries, including India, to buy oil from Iran ahead of the US sanctions that came into effect from November 4, 2018. India imports a large quality of oil from the West Asian country and Tehran plays an important role in India's connectivity to Afghanistan via the Chabahar port. The US is keen that countries reduce there oil imports from Iran. At his United Nations General Assembly speech, US President Donald Trump said, "we’re working with countries that import Iranian crude oil to cut their purchases substantially".

India is engaging with United States for second Iran oil waiver: MEA 

<a href="https://www.wionews.com/world/venezuela-has-suspended-oil-exports-to-india-russia-and-china-main-destinations-azerbaijan-energy-ministry-204333">Venezuela has suspended oil exports to India, Russia and China main destinations: Azerbaijan energy ministry</a>

Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations, Azerbaijan's energy ministry said on Tuesday, citing Venezuela's oil minister.

<a href="https://www.wionews.com/world/european-union-building-in-brussels-evacuated-over-bomb-threat-204327">European Union building in Brussels evacuated over bomb threat</a>

Police today evacuated the European Union (EU) building in Brussels over a phone call threatening to blow up the building, reports said.

At least forty people have been evacuated at the EU headquarters, reports added.

<a href="https://www.wionews.com/world/european-union-building-in-brussels-evacuated-over-bomb-threat-204327">Gathering all details of Utrecht attack: Turkey President Erdogan</a>

Turkish intelligence services are investigating the gun attack in the Netherlands to determine whether it was a terror attack or a possible family dispute, President Recep Tayyip Erdogan said Monday.

<a href="https://www.wionews.com/world/reincarnation-of-the-dalai-lama-should-follow-national-rules-china-204287">Video: Reincarnation of the Dalai Lama should follow national rules, says China</a>

China Tuesday rejected the Dalai Lama's assertions that his successor could be from India and a nominee by Beijing would not be respected, saying the next spiritual leader of Tibetan Buddhism has to be approved by the Communist government.

<a href="https://www.wionews.com/sports/watch-man-performs-emotional-haka-dance-to-pay-tribute-to-new-zealand-mosque-shooting-victims-204322">Watch: Man performs emotional 'haka dance' to pay tribute to New Zealand mosque shooting victims</a>

New Zealanders have shown a unique way of mourning and paying respects to those killed in horrifying gun attacks on two Christchurch mosques. In the shooting, over 50 people lost their lived on March 15.&nbsp;

Venezuela has suspended oil exports to India, Russia and China main destinations: Azerbaijan energy ministry Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations, Azerbaijan's energy ministry said on Tuesday, citing Venezuela's oil minister.

Venezuela has suspended oil exports to India, Russia and China main destinations: Azerbaijan energy ministry Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations, Azerbaijan's energy ministry said on Tuesday, citing Venezuela's oil minister. European Union building in Brussels evacuated over bomb threat Police today evacuated the European Union (EU) building in Brussels over a phone call threatening to blow up the building, reports said. At least forty people have been evacuated at the EU headquarters, reports added. Gathering all details of Utrecht attack: Turkey President Erdogan Turkish intelligence services are investigating the gun attack in the Netherlands to determine whether it was a terror attack or a possible family dispute, President Recep Tayyip Erdogan said Monday. Video: Reincarnation of the Dalai Lama should follow national rules, says China China Tuesday rejected the Dalai Lama's assertions that his successor could be from India and a nominee by Beijing would not be respected, saying the next spiritual leader of Tibetan Buddhism has to be approved by the Communist government. Watch: Man performs emotional 'haka dance' to pay tribute to New Zealand mosque shooting victims New Zealanders have shown a unique way of mourning and paying respects to those killed in horrifying gun attacks on two Christchurch mosques. In the shooting, over 50 people lost their lived on March 15.

News brief: Big stories of the day

The <a href="http://www.wionews.com/opinions/venezuela-crisis-donald-trumps-threats-to-nicolas-maduro-evoke-history-of-us-intervention-in-latin-america-200063">United States</a> is pressing India to stop buying oil from <a href="http://www.wionews.com/world/juan-guaido-nicolas-maduro-rallies-set-as-venezuela-struggles-with-blackout-202146">Venezuelan </a>President <a href="http://www.wionews.com/world/venezuelas-guaido-tells-nicolas-maduro-pressure-just-beginning-calls-for-civic-strike-201425">Nicolas Maduro</a>’s government, Washington’s top envoy for Venezuela said, as the Trump administration this week threatened more US sanctions to cut off Maduro’s financial lifelines.

“We say you should not be helping this regime. You should be on the side of the Venezuelan people,” Elliott Abrams told Reuters in an interview.

The Trump administration has given the same message to other governments, Abrams said and has made a similar argument to foreign banks and companies doing business with Maduro.

Abrams described the US approach as “arguing, cajoling, urging”.

The talks with India come as the US and its regional allies, who back Venezuelan Opposition leader Juan Guaido, threaten more sanctions to cut off revenue streams to Maduro’s government and force him to step down.

Washington views Guaido as Venezuela’s legitimate leader and has imposed sanctions on the country’s oil sector and announced asset freezes and visa bans targeting top government officials.

The Indian market is crucial for Venezuela’s economy because it has historically been the second-largest cash-paying customer for the Opec country’s crude, behind the US, which through sanctions against Maduro has handed control of much of that revenue to Guaido.

Washington wants India to do the same.

Oil shipments to China, another major importer of Venezuelan oil, do not generate cash because they go to pay off billions of dollars in loans made to Caracas by Beijing.

Any move by the US to prevent purchases of Venezuelan crude would be part of a strategy known as “secondary sanctions,” in which Washington applies penalties to companies not based in the United States.

That strategy, and even the threat of using it was vital in Washington’s pressure campaign to cut off revenue to Iran, which eventually helped force Tehran to negotiate a nuclear deal with six world powers in 2015.

But it has drawn criticism from some foreign governments that argue that the US should not be able to force its policy decisions on firms in other countries.

US National Security Advisor John Bolton this week put foreign banks “on notice” that they risked US sanctions for hiding Venezuelan assets. “If that leads to people to cooperate voluntarily, we’re glad,” Abrams said.

Asked whether India had agreed to stop buying oil from Maduro’s government, Abrams said: “I don’t want to characterise the discussions, which continue.”

The issue will be discussed on Tuesday during US-India diplomatic consultations in Washington, an Indian official said, adding that India “was very cognizant of the US position” on Venezuela.

Abrams said there were no signs that Maduro is open to negotiations to end the political impasse with Guaido, emphasising that any talks would need to be reached among Venezuelans.

Manuel Quevedo, Venezuela’s oil minister, attended a conference in New Delhi in mid-February seeking to “double” the country’s crude exports to India while boosting Venezuelan imports of Indian refined products. He also said he was open to barter payments.

But Venezuela’s exports to India remained relatively stable in the month since the Trump administration slapped sanctions on Venezuela’s state-run oil company PDVSA, meaning shipments were not nearly enough to make up for the fall in US sales.&nbsp;

The United States is pressing India to stop buying oil from Venezuelan President Nicolas Maduro’s government, Washington’s top envoy for Venezuela said, as the Trump administration this week threatened more US sanctions to cut off Maduro’s financial lifelines.

The United States is pressing India to stop buying oil from Venezuelan President Nicolas Maduro’s government, Washington’s top envoy for Venezuela said, as the Trump administration this week threatened more US sanctions to cut off Maduro’s financial lifelines. “We say you should not be helping this regime. You should be on the side of the Venezuelan people,” Elliott Abrams told Reuters in an interview. The Trump administration has given the same message to other governments, Abrams said and has made a similar argument to foreign banks and companies doing business with Maduro. Abrams described the US approach as “arguing, cajoling, urging”. The talks with India come as the US and its regional allies, who back Venezuelan Opposition leader Juan Guaido, threaten more sanctions to cut off revenue streams to Maduro’s government and force him to step down. Washington views Guaido as Venezuela’s legitimate leader and has imposed sanctions on the country’s oil sector and announced asset freezes and visa bans targeting top government officials. The Indian market is crucial for Venezuela’s economy because it has historically been the second-largest cash-paying customer for the Opec country’s crude, behind the US, which through sanctions against Maduro has handed control of much of that revenue to Guaido. Washington wants India to do the same. Oil shipments to China, another major importer of Venezuelan oil, do not generate cash because they go to pay off billions of dollars in loans made to Caracas by Beijing. Any move by the US to prevent purchases of Venezuelan crude would be part of a strategy known as “secondary sanctions,” in which Washington applies penalties to companies not based in the United States. That strategy, and even the threat of using it was vital in Washington’s pressure campaign to cut off revenue to Iran, which eventually helped force Tehran to negotiate a nuclear deal with six world powers in 2015. But it has drawn criticism from some foreign governments that argue that the US should not be able to force its policy decisions on firms in other countries. US National Security Advisor John Bolton this week put foreign banks “on notice” that they risked US sanctions for hiding Venezuelan assets. “If that leads to people to cooperate voluntarily, we’re glad,” Abrams said. Asked whether India had agreed to stop buying oil from Maduro’s government, Abrams said: “I don’t want to characterise the discussions, which continue.” The issue will be discussed on Tuesday during US-India diplomatic consultations in Washington, an Indian official said, adding that India “was very cognizant of the US position” on Venezuela. Abrams said there were no signs that Maduro is open to negotiations to end the political impasse with Guaido, emphasising that any talks would need to be reached among Venezuelans. Manuel Quevedo, Venezuela’s oil minister, attended a conference in New Delhi in mid-February seeking to “double” the country’s crude exports to India while boosting Venezuelan imports of Indian refined products. He also said he was open to barter payments. But Venezuela’s exports to India remained relatively stable in the month since the Trump administration slapped sanctions on Venezuela’s state-run oil company PDVSA, meaning shipments were not nearly enough to make up for the fall in US sales.

Urge India to stop buying oil from Venezuela's Nicolas Maduro government: US top envoy

India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about <a href="http://www.wionews.com/india-news/india-is-major-buyer-of-iran-oil-us-says-it-may-not-waive-sanctions-after-may-189907">extending a waiver of US&nbsp;sanctions</a> past early May, two sources in India with knowledge of the matter said.

India has reduced its purchases of Iranian oil, but has been in talks on extending a sanctions waiver, known as a significant reduction exception, a senior India official said in January.

The talks come just as trade tensions rise between Washington and New Delhi. The United States is planning to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.

India is the biggest beneficiary of the Generalized System of Preferences, which dates from the 1970s, and ending its participation would be the strongest punitive action that Washington has taken against the country since President Donald Trump took office.

Amid this, New Delhi is asking Washington to be allowed to still buy Iranian oil at current levels of around 1.25 million tonnes per month, equal to about 300,000 bpd, the sources said.

The United States reimposed sanctions against Iran last November in a dispute over Tehran's nuclear and missile ambitions, after President Donald Trump pulled Washington out of a 2015 nuclear deal between Iran and six world powers.

Although the United States granted Iran's biggest oil customers - China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece - waivers that have allowed them to continue limited imports, Washington is putting pressure on governments to eventually reduce purchases of Iranian oil to zero. The first round of waivers expires around May 4.

Vincent Campos, a spokesman at the US&nbsp;State Department's energy bureau, would not confirm that India was asking the United States to renew its waiver, but said talks are ongoing with the eight consumers of Iran's oil that received waivers in November with the aim of eventually cutting imports to zero.

"We continue to have bilateral discussions" with each of the countries, including India, Campos said.

A US&nbsp;State Department official is this week visiting South Korea, Iran's fourth largest oil customer in Asia, to talk about sanctions, Seoul said.

David Peyman, a deputy assistant secretary for counter threat finance and sanctions, met on Wednesday with Hong Jin-wook, an official specializing in African and Middle Eastern affairs at South Korea's foreign ministry.

Peyman offered "to continue to closely consult on the extension of sanctions exemption and Korean companies’ technical issues regarding trade with Iran," a statement from Seoul's foreign ministry said.

The US&nbsp;State Department did not immediately respond to questions about their talks.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), exported almost 3 million bpd of oil at its pre-sanctions peak, but that has dwindled to around 1.25 million bpd since the start of the year, shipping data from Refinitiv showed.

Talks with Washington on extending the waiver slowed due to the US&nbsp;government shutdown that extended through January, one of the Indian sources said. Talks have now resumed and India wants to get clarity before general elections scheduled in May, the source said.

No immediate comment was available from India's oil or external affairs ministries.

Iran was India's seventh biggest oil supplier in January, as compared with its position as third-biggest a year ago before the reimposition of sanctions.

India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a waiver of US sanctions past early May, two sources in India with knowledge of the matter said.

India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a waiver of US sanctions past early May, two sources in India with knowledge of the matter said. India has reduced its purchases of Iranian oil, but has been in talks on extending a sanctions waiver, known as a significant reduction exception, a senior India official said in January. The talks come just as trade tensions rise between Washington and New Delhi. The United States is planning to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States. India is the biggest beneficiary of the Generalized System of Preferences, which dates from the 1970s, and ending its participation would be the strongest punitive action that Washington has taken against the country since President Donald Trump took office. Amid this, New Delhi is asking Washington to be allowed to still buy Iranian oil at current levels of around 1.25 million tonnes per month, equal to about 300,000 bpd, the sources said. The United States reimposed sanctions against Iran last November in a dispute over Tehran's nuclear and missile ambitions, after President Donald Trump pulled Washington out of a 2015 nuclear deal between Iran and six world powers. Although the United States granted Iran's biggest oil customers - China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece - waivers that have allowed them to continue limited imports, Washington is putting pressure on governments to eventually reduce purchases of Iranian oil to zero. The first round of waivers expires around May 4. Vincent Campos, a spokesman at the US State Department's energy bureau, would not confirm that India was asking the United States to renew its waiver, but said talks are ongoing with the eight consumers of Iran's oil that received waivers in November with the aim of eventually cutting imports to zero. "We continue to have bilateral discussions" with each of the countries, including India, Campos said. A US State Department official is this week visiting South Korea, Iran's fourth largest oil customer in Asia, to talk about sanctions, Seoul said. David Peyman, a deputy assistant secretary for counter threat finance and sanctions, met on Wednesday with Hong Jin-wook, an official specializing in African and Middle Eastern affairs at South Korea's foreign ministry. Peyman offered "to continue to closely consult on the extension of sanctions exemption and Korean companies’ technical issues regarding trade with Iran," a statement from Seoul's foreign ministry said. The US State Department did not immediately respond to questions about their talks. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), exported almost 3 million bpd of oil at its pre-sanctions peak, but that has dwindled to around 1.25 million bpd since the start of the year, shipping data from Refinitiv showed. Talks with Washington on extending the waiver slowed due to the US government shutdown that extended through January, one of the Indian sources said. Talks have now resumed and India wants to get clarity before general elections scheduled in May, the source said. No immediate comment was available from India's oil or external affairs ministries. Iran was India's seventh biggest oil supplier in January, as compared with its position as third-biggest a year ago before the reimposition of sanctions.

Amid rising trade tensions with US, India seeks to extend Iran oil sanctions waiver

India's diesel consumption may rise to a record this year on increasing infrastructure spending by the current government as it tries to hold off challengers in general elections that will be held over April and May.

Surging diesel consumption in India, the world's third-largest oil user, underscores the country's importance as a driver of global oil demand. Amid increasing concerns that crude demand growth may slip in 2019 because of slowing economic growth, India's burgeoning fuel consumption may help underpin oil and fuel prices.

Analysts at Fitch Solutions and consultants Wood Mackenzie forecast India's diesel demand to rise in 2019 by 5.7 per cent and 6.4 per cent, respectively, from 2018. The country consumed a record 6.9 million tonnes of diesel a month in 2018, or about 1.7 million barrels per day (bpd), data from the Ministry of Petroleum showed.

"There is strong energy demand which is bound to happen because of different sectors... We are a diesel driven economy," said Sanjiv Singh, chairman of Indian Oil Corp, the country's top refiner.

"The bottom-line remains that energy demand is bound to grow. We're seeing GDP at more than 7 per cent, (and) ... a lot of urbanization," Singh added.

India's economy is expected to grow by 7.2 per cent in the 2018/2019 financial year, which runs from April to March, versus 6.7 per cent the previous year, according to government data.

"Tied to a constructive GDP outlook - and alongside the country's positive demographics, low vehicle penetration and loose monetary policy - is our forecast for rapid growth in vehicle sales, which again will be positive for diesel," said Peter Lee, an analyst at Fitch Solutions, adding that diesel cars account for nearly a quarter of new vehicles in India.

According to 2015 data, the latest available, from the International Organization of Motor Vehicle Manufacturers, India held 22 cars per 1,000 people versus 821 cars per 1,000 people in the United States.

Election boom

Election rallies, the deployment of polling officers and security officers will add to the diesel demand boost from infrastructure projects that the ruling Bharatiya Janata Party have planned ahead of the polls.

The country's interim budget unveiled earlier this month allocated 190 billion rupees ($2.67 billion) for building roads in the countryside, where two-thirds of Indians live.

"Increased travel activity for campaigning and implementation of infrastructure projects ahead of the elections will bolster diesel demand in the first half of 2019," said Aman Verma, a research analyst at Wood Mackenzie.

During the last general elections in 2014, monthly diesel sales averaged 6.2 million tonnes during the polling months, 7 per cent higher than the monthly average sales that year.

The implementation of a nationwide goods and services tax (GST) has also been beneficial for diesel demand.

"The GST has led to the removal of interstate taxes. This is a structural shift, resulting in increased demand for heavy and medium-duty trucks to achieve economies of scale and operational efficiency," Wood Mackenzie's Verma said.

The sales of commercial vehicles, which largely run on diesel, rose to a record last year, and Jan. 2019 sales climbed to 87,600, a record high for this time of the year, according to data on Refinitiv Eikon.

India's diesel expansion will likely continue despite rising air pollution concerns, especially in the capital of New Delhi. The country's fuel standards have improved, removing much of the sulphur from the diesel pool.

By April, the New Delhi capital region will adopt the so-called Bharat VI standard that is equal to the most stringent European standard, which the rest of the country will adopt next year.

Diesel consumption also faces increasing competition from electric vehicles (EV). The Indian government has set a target of EVs making up 30 per cent of new car and motorcycle sales by 2030 from less than 1 per cent today.

At the moment though EVs are not making much of an impact in India. Electric car sales actually declined by 40 per cent to a mere 1,200 units in the financial year 2018 over the financial year 2017, although electric two-wheeler sales rose 138 per cent to 54,800 units during the same period, according to Wood Mackenzie.

India's diesel consumption may rise to a record this year on increasing infrastructure spending by the current government as it tries to hold off challengers in general elections that will be held over April and May.

India's diesel consumption may rise to a record this year on increasing infrastructure spending by the current government as it tries to hold off challengers in general elections that will be held over April and May. Surging diesel consumption in India, the world's third-largest oil user, underscores the country's importance as a driver of global oil demand. Amid increasing concerns that crude demand growth may slip in 2019 because of slowing economic growth, India's burgeoning fuel consumption may help underpin oil and fuel prices. Analysts at Fitch Solutions and consultants Wood Mackenzie forecast India's diesel demand to rise in 2019 by 5.7 per cent and 6.4 per cent, respectively, from 2018. The country consumed a record 6.9 million tonnes of diesel a month in 2018, or about 1.7 million barrels per day (bpd), data from the Ministry of Petroleum showed. "There is strong energy demand which is bound to happen because of different sectors... We are a diesel driven economy," said Sanjiv Singh, chairman of Indian Oil Corp, the country's top refiner. "The bottom-line remains that energy demand is bound to grow. We're seeing GDP at more than 7 per cent, (and) ... a lot of urbanization," Singh added. India's economy is expected to grow by 7.2 per cent in the 2018/2019 financial year, which runs from April to March, versus 6.7 per cent the previous year, according to government data. "Tied to a constructive GDP outlook - and alongside the country's positive demographics, low vehicle penetration and loose monetary policy - is our forecast for rapid growth in vehicle sales, which again will be positive for diesel," said Peter Lee, an analyst at Fitch Solutions, adding that diesel cars account for nearly a quarter of new vehicles in India. According to 2015 data, the latest available, from the International Organization of Motor Vehicle Manufacturers, India held 22 cars per 1,000 people versus 821 cars per 1,000 people in the United States. Election boom Election rallies, the deployment of polling officers and security officers will add to the diesel demand boost from infrastructure projects that the ruling Bharatiya Janata Party have planned ahead of the polls. The country's interim budget unveiled earlier this month allocated 190 billion rupees ($2.67 billion) for building roads in the countryside, where two-thirds of Indians live. "Increased travel activity for campaigning and implementation of infrastructure projects ahead of the elections will bolster diesel demand in the first half of 2019," said Aman Verma, a research analyst at Wood Mackenzie. During the last general elections in 2014, monthly diesel sales averaged 6.2 million tonnes during the polling months, 7 per cent higher than the monthly average sales that year. The implementation of a nationwide goods and services tax (GST) has also been beneficial for diesel demand. "The GST has led to the removal of interstate taxes. This is a structural shift, resulting in increased demand for heavy and medium-duty trucks to achieve economies of scale and operational efficiency," Wood Mackenzie's Verma said. The sales of commercial vehicles, which largely run on diesel, rose to a record last year, and Jan. 2019 sales climbed to 87,600, a record high for this time of the year, according to data on Refinitiv Eikon. India's diesel expansion will likely continue despite rising air pollution concerns, especially in the capital of New Delhi. The country's fuel standards have improved, removing much of the sulphur from the diesel pool. By April, the New Delhi capital region will adopt the so-called Bharat VI standard that is equal to the most stringent European standard, which the rest of the country will adopt next year. Diesel consumption also faces increasing competition from electric vehicles (EV). The Indian government has set a target of EVs making up 30 per cent of new car and motorcycle sales by 2030 from less than 1 per cent today. At the moment though EVs are not making much of an impact in India. Electric car sales actually declined by 40 per cent to a mere 1,200 units in the financial year 2018 over the financial year 2017, although electric two-wheeler sales rose 138 per cent to 54,800 units during the same period, according to Wood Mackenzie.

India's diesel demand to hit record high in 2019 as country goes to polls

When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, US oil producing companies came well prepared.

US giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various US crude grades and why they were suitable to replace part of Asia's long-standing supplies from the Middle East, Africa and Russia.

As the oil industry gathers in London this month for the annual IP Week, US crude producers may have every reason to toast the success of their campaign in Europe, as well as Asia.

Only a few years ago, before the hydro-fracking and shale revolution overturned the economics of US oil production, the United States was the world's largest oil importer by far and prohibited exports of oil by law.

Now shipments of US crude into Europe have just hit a new record. January imports were 630,000 barrels per day, still - behind Russia and Iraq but above other OPEC producers including Nigeria and Libya.

Higher US crude exports have been helped by lower supplies of Iranian and Venezuelan crude, which Washington has put under sanctions, scaring buyers across the world.

In the whole of 2018, US supplies to Europe doubled to 430,000 bpd, according to Refinitiv Eikon flows data. That represented 6 per cent of overall imports or equal to the levels of Iranian oil imports to Europe before the United States imposed fresh sanctions on Tehran.

"US crude is a real headache. It puts a lot of pressure on regional light grades. In fact, prices for all grades are affected because it is such a significant extra supply," said a trader with a European trader selling Russian oil.

Pressure will likely only increase as for 2019 US crude oil production is expected to average 12.06 million bpd, up 1.18 million bpd from last year, according to US government.

Future predictions say the United States could produce as much as 15 million bpd of crude and up to 20 million bpd of total oil liquids, giving it complete self-sufficiency as it would fully cover its consumption of 18-19 million bpd.

Booming US production has prompted OPEC and major non-OPEC producers like Russia to slash output by 3-4 per cent since 2017 to prop up prices. The pact has helped double prices to $60 per barrel but at the expense of a market share loss to US firms.

"Welcome to the free market," said a US-based executive of an international trading firm. "Local producers either need to drop their pricing to compete or find other markets".

Competition is particularly acute in northwest Europe, where Britain and the Netherlands imported 6.5 and 5.1 million tonnes of US crude in 2018 respectively.

BP, Litasco, Equinor, Total and ExxonMobil were among the main buyers in the Baltic replacing North Sea barrels with US grades, traders say.

"WTI is the new dated Brent," said a senior crude trader referring to the US and European benchmarks.

BP takes US oil to its Gelsenkirchen refinery in Germany while Poland's PKN Orlen said in January it would cut Russia's Urals purchases from Kremlin oil major Rosneft by 30 per cent and partially replace it with US barrels. In Britain, the main US oil buyers are Essar Oil and Exxon Mobil, traders said.

In the Mediterranean, buyers of US barrels - Italy, Spain, France - tend to use them to replace light Caspian CPC Blend, Russia's Urals and Iranian oil, traders said.

Greece's Hellenic Petroleum added WTI to its list of preferred crude options alongside Urals and CPC as did Turkey's Tupras. In Italy, US oil flows to Kuwait Petroleum's Milazzo refinery and the Swiss Varo Energy's plant.

WTI was by far the most popular US grade among European buyers in 2018, followed by Midland Eagle Ford, Bakken and Mars.

As the world moves to tighter marine fuel regulations, which will increase demand for light barrels, demand for US oil - which is predominantly light - will only rise.

"I expect US crude to become even more popular in Europe. It seems that whatever is happening to oil markets these days, the US benefits," said a trader with large European major.

When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, US oil producing companies came well prepared. US giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various US crude grades and why they were suitable to replace part of Asia's long-standing supplies from the Middle East, Africa and Russia.

When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, US oil producing companies came well prepared. US giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various US crude grades and why they were suitable to replace part of Asia's long-standing supplies from the Middle East, Africa and Russia. As the oil industry gathers in London this month for the annual IP Week, US crude producers may have every reason to toast the success of their campaign in Europe, as well as Asia. Only a few years ago, before the hydro-fracking and shale revolution overturned the economics of US oil production, the United States was the world's largest oil importer by far and prohibited exports of oil by law. Now shipments of US crude into Europe have just hit a new record. January imports were 630,000 barrels per day, still - behind Russia and Iraq but above other OPEC producers including Nigeria and Libya. Higher US crude exports have been helped by lower supplies of Iranian and Venezuelan crude, which Washington has put under sanctions, scaring buyers across the world. In the whole of 2018, US supplies to Europe doubled to 430,000 bpd, according to Refinitiv Eikon flows data. That represented 6 per cent of overall imports or equal to the levels of Iranian oil imports to Europe before the United States imposed fresh sanctions on Tehran. "US crude is a real headache. It puts a lot of pressure on regional light grades. In fact, prices for all grades are affected because it is such a significant extra supply," said a trader with a European trader selling Russian oil. Pressure will likely only increase as for 2019 US crude oil production is expected to average 12.06 million bpd, up 1.18 million bpd from last year, according to US government. Future predictions say the United States could produce as much as 15 million bpd of crude and up to 20 million bpd of total oil liquids, giving it complete self-sufficiency as it would fully cover its consumption of 18-19 million bpd. Booming US production has prompted OPEC and major non-OPEC producers like Russia to slash output by 3-4 per cent since 2017 to prop up prices. The pact has helped double prices to $60 per barrel but at the expense of a market share loss to US firms. "Welcome to the free market," said a US-based executive of an international trading firm. "Local producers either need to drop their pricing to compete or find other markets". Competition is particularly acute in northwest Europe, where Britain and the Netherlands imported 6.5 and 5.1 million tonnes of US crude in 2018 respectively. BP, Litasco, Equinor, Total and ExxonMobil were among the main buyers in the Baltic replacing North Sea barrels with US grades, traders say. "WTI is the new dated Brent," said a senior crude trader referring to the US and European benchmarks. BP takes US oil to its Gelsenkirchen refinery in Germany while Poland's PKN Orlen said in January it would cut Russia's Urals purchases from Kremlin oil major Rosneft by 30 per cent and partially replace it with US barrels. In Britain, the main US oil buyers are Essar Oil and Exxon Mobil, traders said. In the Mediterranean, buyers of US barrels - Italy, Spain, France - tend to use them to replace light Caspian CPC Blend, Russia's Urals and Iranian oil, traders said. Greece's Hellenic Petroleum added WTI to its list of preferred crude options alongside Urals and CPC as did Turkey's Tupras. In Italy, US oil flows to Kuwait Petroleum's Milazzo refinery and the Swiss Varo Energy's plant. WTI was by far the most popular US grade among European buyers in 2018, followed by Midland Eagle Ford, Bakken and Mars. As the world moves to tighter marine fuel regulations, which will increase demand for light barrels, demand for US oil - which is predominantly light - will only rise. "I expect US crude to become even more popular in Europe. It seems that whatever is happening to oil markets these days, the US benefits," said a trader with large European major.

With Iran squeezed out, US oil takes on new rivals in Europe

There are times when one is constrained to divert one’s gaze from proximate neighbourhood towards distant regions-home to countries that are closely tied to our national interest.&nbsp;

Recent political upheaval in Venezuela deserves more serious attention than it has received. Many Indians are not even aware of the fact that India is the third largest importer of Venezuelan oil after the US and China. It has assumed even greater significance in our energy security calculations after the US has imposed sanctions on it in the wake of the dramatic political coup that has taken place in Caracas. Many Indians have much too hastily started celebrating thinking that the US sanctions will create a glut in the market and Venezuela will be forced to sell its oil at reduced prices and against rupees. The issue is far more complex.&nbsp;

First of all, there is no reason to believe that the US shall not threaten countries that continue to deal with Venezuela with secondary sanctions like they did in the case of Iran. This would leave India on the wrong foot, and once again at the mercy of POTUS Trump to avail of some respite.&nbsp;

We have in recent years allowed our ‘special’ strategic relationship with the US to dominate our relationship with countries we import oil from. Those who think that the cut imposed on oil imports from besieged Iran would be compensated by additional imports from Venezuela are not being realistic at all.&nbsp; 
 
Then there is the ‘Chinese Complication’. Venezuelans can’t be expected to give priority to India over their number two buyer. China is not going to be deterred by US bullying in pursuit of its energy security. Trump has declared a trade war against China but it has refused to blink. It is confident that the US companies and consumers feeling the pinch harder will persuade their government to reconsider its policy. (Ironically, support for Trump hasn’t registered a sharp decline so and there has been no explosive deterioration as some analysts had predicted.)

The arrest of the daughter of the founder of Huewei, herself one of the highest place company executives, in Canada enraged the Chinese enough to retaliate swiftly by arresting a former Canadian diplomat and announcing that it will not commute the death sentence awarded to a Canadian national into imprisonment for life.&nbsp;

India would do well to remember that the US shall continue to tread more cautiously where China is concerned. It realises that India, always willing to please the new found Super Power ‘Friend’ will do its bidding without overt arm twisting.&nbsp;

It is in the larger geopolitical context that we should consider recent Chinese statement that there should be no double standards in case of admission to new members to the Nuclear Fuel Suppliers Group. This cartel has 48 members and only China’s stubborn resistance has blocked India’s entry. China would like its longtime ally and protege to be treated at par with India. There should be no need to point out that Pakistan has acquired nuclear weapons through piracy flouting the non-proliferation regime while India has behaved as a responsible nuclear weapon state ever since its Peaceful Nuclear Explosion (Implosion) in Pokhran.

Our much hyped special relationship with the US rests on the cornerstone of agreement on peaceful uses of nuclear energy. Not much progress has been made since the UPA years towards the realisation of rapid economic development through clean energy. Neither new found friend (US) nor time tested ally (Russia) has exerted enough to remove the Chinese obstacle. This issue too is entwined with our energy security. 
 
Only China and Russia along with Cuba and a handful of socialist countries have condemned US recognition of what many see as usurper propped up by the US-driven compulsive to change regimes. How long are we going to let others choose or friends and foes is the question.

China is next door and Venezuela very far across oceans but both of them underline the same dilemma.&nbsp; 
 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

&nbsp; &nbsp;

There are times when one is constrained to divert one’s gaze from proximate neighbourhood towards distant regions-home to countries that are closely tied to our national interest.

There are times when one is constrained to divert one’s gaze from proximate neighbourhood towards distant regions-home to countries that are closely tied to our national interest. Recent political upheaval in Venezuela deserves more serious attention than it has received. Many Indians are not even aware of the fact that India is the third largest importer of Venezuelan oil after the US and China. It has assumed even greater significance in our energy security calculations after the US has imposed sanctions on it in the wake of the dramatic political coup that has taken place in Caracas. Many Indians have much too hastily started celebrating thinking that the US sanctions will create a glut in the market and Venezuela will be forced to sell its oil at reduced prices and against rupees. The issue is far more complex. First of all, there is no reason to believe that the US shall not threaten countries that continue to deal with Venezuela with secondary sanctions like they did in the case of Iran. This would leave India on the wrong foot, and once again at the mercy of POTUS Trump to avail of some respite. We have in recent years allowed our ‘special’ strategic relationship with the US to dominate our relationship with countries we import oil from. Those who think that the cut imposed on oil imports from besieged Iran would be compensated by additional imports from Venezuela are not being realistic at all. Then there is the ‘Chinese Complication’. Venezuelans can’t be expected to give priority to India over their number two buyer. China is not going to be deterred by US bullying in pursuit of its energy security. Trump has declared a trade war against China but it has refused to blink. It is confident that the US companies and consumers feeling the pinch harder will persuade their government to reconsider its policy. (Ironically, support for Trump hasn’t registered a sharp decline so and there has been no explosive deterioration as some analysts had predicted.) The arrest of the daughter of the founder of Huewei, herself one of the highest place company executives, in Canada enraged the Chinese enough to retaliate swiftly by arresting a former Canadian diplomat and announcing that it will not commute the death sentence awarded to a Canadian national into imprisonment for life. India would do well to remember that the US shall continue to tread more cautiously where China is concerned. It realises that India, always willing to please the new found Super Power ‘Friend’ will do its bidding without overt arm twisting. It is in the larger geopolitical context that we should consider recent Chinese statement that there should be no double standards in case of admission to new members to the Nuclear Fuel Suppliers Group. This cartel has 48 members and only China’s stubborn resistance has blocked India’s entry. China would like its longtime ally and protege to be treated at par with India. There should be no need to point out that Pakistan has acquired nuclear weapons through piracy flouting the non-proliferation regime while India has behaved as a responsible nuclear weapon state ever since its Peaceful Nuclear Explosion (Implosion) in Pokhran. Our much hyped special relationship with the US rests on the cornerstone of agreement on peaceful uses of nuclear energy. Not much progress has been made since the UPA years towards the realisation of rapid economic development through clean energy. Neither new found friend (US) nor time tested ally (Russia) has exerted enough to remove the Chinese obstacle. This issue too is entwined with our energy security. Only China and Russia along with Cuba and a handful of socialist countries have condemned US recognition of what many see as usurper propped up by the US-driven compulsive to change regimes. How long are we going to let others choose or friends and foes is the question. China is next door and Venezuela very far across oceans but both of them underline the same dilemma. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

India should be wary of the US-sponsored crisis in Venezuela

The United States announced <a href="http://www.wionews.com/world/us-calls-on-world-to-pick-a-side-on-venezuela-europeans-set-to-recognize-guaido-193131">sanctions against Venezuela's state oil company</a> Monday in a coordinated effort with the main opposition leader to cripple embattled President Nicolas Maduro's power base.

The measures against state-owned PDVSA were presented as a way of preventing the leftist strongman from looting the coffers in his economically ruined country before he is replaced by the man Washington says is the rightful interim president — opposition leader Juan Guaido.

"The purpose of sanctions is to change behavior," Treasury Secretary Steven Mnuchin told reporters at the White House.

"So when there is a recognition that the company is the property of, the rightful rulers, the rightful leaders, then indeed that money will be available to Guaido."

Guaido, who heads the National Assembly legislature and has named himself acting president, issued his own statement, saying he was taking "orderly control of our republic's assets abroad" to prevent a departing Maduro from trying "to empty the coffers."

Venezuela was once a Latin American success story and has the world's largest oil reserves, but has been driven into the ground during years of hardline leftist rule.

With millions short of food and other basic resources, there is widespread discontent. However, so far, Maduro has retained the backing of the powerful armed forces, as well as support from Russia and China.

Washington has moved decisively to seek the exit of Maduro by recognizing Guaido and urging the military to switch loyalties.

President Donald Trump's national security advisor, John Bolton, called for security forces "to accept the peaceful, democratic and constitutional transfer of power."

"We've seen Venezuelan official and military personnel heeding this call," he added, citing the defection this weekend of the country's military attache to Washington.

Bolton also would not rule out the use of US troops.

"The president has made it clear on this matter that all options are on the table," he told reporters.

Pope's 'bloodbath' fears 
Guaido called for a two-hour strike Wednesday "to demand that the armed forces side with the people" ahead of a "big national and international rally" on Saturday.

His remarks came as the death toll in last week's protests rose to 35, according to NGO workers, with the government security forces accused of killing another eight in "extra-judicial executions."

Following a trip to Panama, <a href="http://www.wionews.com/world/dont-fight-in-front-of-the-kids-pope-francis-190061">Pope Francis</a> said he was afraid the escalating crisis would become "a bloodbath."

United Nations Secretary-General Antonio Guterres, meanwhile, offered to step in, saying he could provide "good offices to facilitate dialogue and negotiation between the parties."

Along with China and Russia, Turkey and leftist regional allies Bolivia, Cuba and Mexico still back Maduro.

But a dozen Latin American countries have recognized Guaido and six European nations -- Britain, France, Germany, the Netherlands, Portugal and Spain -- have said they would follow suit unless Maduro calls elections by February 3.

- US: PDVSA must drop Maduro - 
Mnuchin said PDVSA must cut itself off from Maduro in order to see sanctions dropped.

"The path to sanctions relief for PDVSA is through the expeditious transfer of control to the interim president or a subsequent, democratically elected government," he said.

PDVSA's US-based subsidiary Citgo will be able to continue operations, as long as its earnings are deposited into a blocked account in the United States.

Guaido, who declared himself acting president Wednesday, said he will begin the process of naming new boards for PDVSA and Citgo to "start recovering our industry that is going through a dark time."

Lawmakers will be asked to take "the necessary measures to guarantee the greatest transparency and control of the use" of the assets, Guaido added.

"We took this decision to ensure that Citgo stays in the hands of Venezuelans."

An angry Maduro nevertheless accused the United States of trying to "steal Citgo" and pledged to file legal action over the new sanctions.

Since being elected head of the National Assembly legislature last month, Guaido has managed to rally a previously disunited opposition.

Maduro has been in charge since 2013 but his re-election in May was branded illegitimate by the European Union, United States and Organization of American States.

Several opposition leaders had been forced into exile, jailed or barred from standing in the election, leading the opposition to boycott the poll.

The United States announced sanctions against Venezuela's state oil company Monday in a coordinated effort with the main opposition leader to cripple embattled President Nicolas Maduro's power base.

The United States announced sanctions against Venezuela's state oil company Monday in a coordinated effort with the main opposition leader to cripple embattled President Nicolas Maduro's power base. The measures against state-owned PDVSA were presented as a way of preventing the leftist strongman from looting the coffers in his economically ruined country before he is replaced by the man Washington says is the rightful interim president — opposition leader Juan Guaido. "The purpose of sanctions is to change behavior," Treasury Secretary Steven Mnuchin told reporters at the White House. "So when there is a recognition that the company is the property of, the rightful rulers, the rightful leaders, then indeed that money will be available to Guaido." Guaido, who heads the National Assembly legislature and has named himself acting president, issued his own statement, saying he was taking "orderly control of our republic's assets abroad" to prevent a departing Maduro from trying "to empty the coffers." Venezuela was once a Latin American success story and has the world's largest oil reserves, but has been driven into the ground during years of hardline leftist rule. With millions short of food and other basic resources, there is widespread discontent. However, so far, Maduro has retained the backing of the powerful armed forces, as well as support from Russia and China. Washington has moved decisively to seek the exit of Maduro by recognizing Guaido and urging the military to switch loyalties. President Donald Trump's national security advisor, John Bolton, called for security forces "to accept the peaceful, democratic and constitutional transfer of power." "We've seen Venezuelan official and military personnel heeding this call," he added, citing the defection this weekend of the country's military attache to Washington. Bolton also would not rule out the use of US troops. "The president has made it clear on this matter that all options are on the table," he told reporters. Pope's 'bloodbath' fears Guaido called for a two-hour strike Wednesday "to demand that the armed forces side with the people" ahead of a "big national and international rally" on Saturday. His remarks came as the death toll in last week's protests rose to 35, according to NGO workers, with the government security forces accused of killing another eight in "extra-judicial executions." Following a trip to Panama, Pope Francis said he was afraid the escalating crisis would become "a bloodbath." United Nations Secretary-General Antonio Guterres, meanwhile, offered to step in, saying he could provide "good offices to facilitate dialogue and negotiation between the parties." Along with China and Russia, Turkey and leftist regional allies Bolivia, Cuba and Mexico still back Maduro. But a dozen Latin American countries have recognized Guaido and six European nations -- Britain, France, Germany, the Netherlands, Portugal and Spain -- have said they would follow suit unless Maduro calls elections by February 3. - US: PDVSA must drop Maduro - Mnuchin said PDVSA must cut itself off from Maduro in order to see sanctions dropped. "The path to sanctions relief for PDVSA is through the expeditious transfer of control to the interim president or a subsequent, democratically elected government," he said. PDVSA's US-based subsidiary Citgo will be able to continue operations, as long as its earnings are deposited into a blocked account in the United States. Guaido, who declared himself acting president Wednesday, said he will begin the process of naming new boards for PDVSA and Citgo to "start recovering our industry that is going through a dark time." Lawmakers will be asked to take "the necessary measures to guarantee the greatest transparency and control of the use" of the assets, Guaido added. "We took this decision to ensure that Citgo stays in the hands of Venezuelans." An angry Maduro nevertheless accused the United States of trying to "steal Citgo" and pledged to file legal action over the new sanctions. Since being elected head of the National Assembly legislature last month, Guaido has managed to rally a previously disunited opposition. Maduro has been in charge since 2013 but his re-election in May was branded illegitimate by the European Union, United States and Organization of American States. Several opposition leaders had been forced into exile, jailed or barred from standing in the election, leading the opposition to boycott the poll.

US goes after Venezuela's oil to hit Maduro

Japan has started the process of importing Iranian oil, which was suspended due to <a href="http://www.wionews.com/world/us-to-give-iran-oil-sanctions-waiver-to-eight-countries-including-india-south-korea-japan-report-175107">US sanctions</a>, the governor of Iran's central bank said on Monday.

The resumption of oil imports comes after Tokyo was granted a waiver from US sanctions that went into effect in November. Iran is the fourth-largest oil producer among the members of the Organization of the Petroleum Exporting Countries.

"After China, South Korea, India and Turkey, Japan also started the process of importing Iranian oil," Abdolnaser Hemmati was quoted as saying by the state news agency IRNA.

Iran's oil exports have fallen sharply since US President Donald Trump said in May 2018 the United States would withdraw from a pact curtailing Iran's disputed nuclear programme and reimpose sanctions on Tehran.

However, exemptions have been granted to Iran's biggest oil clients - Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey - which allow them to import some oil for another 180 days.

Iranian oil accounted for 5.3 per cent of Japan's total crude imports in 2018.

Japan has started the process of importing Iranian oil, which was suspended due to US sanctions, the governor of Iran's central bank said on Monday. The resumption of oil imports comes after Tokyo was granted a waiver from US sanctions that went into effect in November.

Japan has started the process of importing Iranian oil, which was suspended due to US sanctions, the governor of Iran's central bank said on Monday. The resumption of oil imports comes after Tokyo was granted a waiver from US sanctions that went into effect in November. Iran is the fourth-largest oil producer among the members of the Organization of the Petroleum Exporting Countries. "After China, South Korea, India and Turkey, Japan also started the process of importing Iranian oil," Abdolnaser Hemmati was quoted as saying by the state news agency IRNA. Iran's oil exports have fallen sharply since US President Donald Trump said in May 2018 the United States would withdraw from a pact curtailing Iran's disputed nuclear programme and reimpose sanctions on Tehran. However, exemptions have been granted to Iran's biggest oil clients - Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey - which allow them to import some oil for another 180 days. Iranian oil accounted for 5.3 per cent of Japan's total crude imports in 2018.

Iran says Japan has started process of importing Iranian oil

US oil prices inched higher on Friday after a report from the Organisation of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply.

US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel at 0026 GMT, up 32 cents, or 0.6 per cent, from their last settlement. WTI futures closed down 0.4 per cent on Thursday.

International Brent crude oil futures had yet to trade, after closing up 1.1 per cent in the previous session.

OPEC cut oil output sharply in December before a new accord to limit supply took effect on January 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.

"The OPEC+ production cuts (that stared this month) will be paramount to keeping the market tight and supporting prices," ANZ said in a research note. The body is making cuts along with other major producers such as Russia.

OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.&nbsp;

But tempering that support for prices, OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.

US oil prices inched higher on Friday after a report from the Organisation of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply.

US oil prices inched higher on Friday after a report from the Organisation of the Petroleum Exporting Countries showed its production fell sharply last month, easing fears about prolonged oversupply. US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel at 0026 GMT, up 32 cents, or 0.6 per cent, from their last settlement. WTI futures closed down 0.4 per cent on Thursday. International Brent crude oil futures had yet to trade, after closing up 1.1 per cent in the previous session. OPEC cut oil output sharply in December before a new accord to limit supply took effect on January 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand. "The OPEC+ production cuts (that stared this month) will be paramount to keeping the market tight and supporting prices," ANZ said in a research note. The body is making cuts along with other major producers such as Russia. OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years. But tempering that support for prices, OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.

Oil prices edge up as OPEC says its crude output fell sharply in December

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains.

US West Texas Intermediate (WTI) crude futures were at $50.78 per barrel at 0041 GMT, up 27 cents, or 0.5 per cent, from their last settlement.

International Brent crude oil futures had yet to trade.

"The impact of OPEC+ cuts, Iran sanctions and lower month-on-month growth in US production should help to support oil prices from current levels," US bank JP Morgan said in a note.

The Middle East dominated producer club of the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.

Meanwhile, the United States last November re-imposed sanctions against Iran's oil exports. Although Washington granted sanctions waivers to Iran's biggest oil customers, mostly in Asia, the Middle Eastern country's exports have plummeted since.

However, Tuesday's slight oil price increases came after crude futures fell by more than 2 per cent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown.

"Given the heightened macro risk anxiety, any support from supply-side correction could be limited," JP Morgan said.

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains. US West Texas Intermediate (WTI) crude futures were at $50.

Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains. US West Texas Intermediate (WTI) crude futures were at $50.78 per barrel at 0041 GMT, up 27 cents, or 0.5 per cent, from their last settlement. International Brent crude oil futures had yet to trade. "The impact of OPEC+ cuts, Iran sanctions and lower month-on-month growth in US production should help to support oil prices from current levels," US bank JP Morgan said in a note. The Middle East dominated producer club of the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut. Meanwhile, the United States last November re-imposed sanctions against Iran's oil exports. Although Washington granted sanctions waivers to Iran's biggest oil customers, mostly in Asia, the Middle Eastern country's exports have plummeted since. However, Tuesday's slight oil price increases came after crude futures fell by more than 2 per cent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown. "Given the heightened macro risk anxiety, any support from supply-side correction could be limited," JP Morgan said.

Oil prices edge up on supply cuts, but weakening economic outlook caps gains

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.

International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 per cent, to $52.52 per barrel.

Traders said the declines came on lingering concerns over the health of the global economy.

"If we experience an economic slowdown, crude will underperform due to its correlation to growth," said Hue Frame, portfolio manager at Frame Funds in Sydney.

Most analysts have downgraded their global economic growth forecasts below 3 per cent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt.

For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week.

Despite Friday's price falls, Brent and WTI are set for weekly gains of more than 7 and 8 per cent respectively.

Beyond global economics, oil markets are receiving support from supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018.

A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Consultancy JBC Energy this week said it was likely that US crude oil production was already "significantly above 12 million bpd" by January 2019.

Given the overall supply and demand balance, Swiss bank Julius Baer said it was "price neutral" in its oil forecast.

"We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further US shale production growth," said Norbert Ruecker, head of commodity research at the bank.

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb. International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 per cent, from their last close. US West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 per cent, to $52.52 per barrel. Traders said the declines came on lingering concerns over the health of the global economy. "If we experience an economic slowdown, crude will underperform due to its correlation to growth," said Hue Frame, portfolio manager at Frame Funds in Sydney. Most analysts have downgraded their global economic growth forecasts below 3 per cent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt. For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week. Despite Friday's price falls, Brent and WTI are set for weekly gains of more than 7 and 8 per cent respectively. Beyond global economics, oil markets are receiving support from supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018. A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd. Consultancy JBC Energy this week said it was likely that US crude oil production was already "significantly above 12 million bpd" by January 2019. Given the overall supply and demand balance, Swiss bank Julius Baer said it was "price neutral" in its oil forecast. "We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further US shale production growth," said Norbert Ruecker, head of commodity research at the bank.

Oil slips on economic worries, but still set for strong weekly gain

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively.

Petrol was sold in Delhi at Rs 68.29 on Sunday, while diesel at Rs 62.16. In Mumbai, petrol and diesel prices were at Rs 74.16 per litre and Rs 65.12 per litre, respectively.

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In Mumbai, petrol &amp; diesel priced at Rs 74.16/litre &amp; Rs 65.12/litre. In Delhi, petrol &amp; diesel priced at Rs 68.50/litre &amp; Rs 62. 24/litre, respectively. <a href="https://t.co/E0PVdOgLCX">pic.twitter.com/E0PVdOgLCX</a>
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On December 31, diesel and petrol prices reached their lowest level of 2018. In order to protect its revenues from auto fuel taxes, the Karnataka government on Friday revised the rate of sales tax on petrol and diesel to 32 per cent and 21 per cent from 28.75 per cent and 17.73 per cent, respectively.

The highest price was recorded in October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Further, Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.&nbsp;

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively.

Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively. Petrol was sold in Delhi at Rs 68.29 on Sunday, while diesel at Rs 62.16. In Mumbai, petrol and diesel prices were at Rs 74.16 per litre and Rs 65.12 per litre, respectively. In Mumbai, petrol & diesel priced at Rs 74.16/litre & Rs 65.12/litre. In Delhi, petrol & diesel priced at Rs 68.50/litre & Rs 62. 24/litre, respectively. pic.twitter.com/E0PVdOgLCX — ANI (@ANI) January 7, 2019 × On December 31, diesel and petrol prices reached their lowest level of 2018. In order to protect its revenues from auto fuel taxes, the Karnataka government on Friday revised the rate of sales tax on petrol and diesel to 32 per cent and 21 per cent from 28.75 per cent and 17.73 per cent, respectively. The highest price was recorded in October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan. Further, Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.

Fuel prices witness fresh hike, petrol at Rs 68.50 in Delhi

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