India preparing for cut in oil imports from Iran

India meets 80% of its crude demand through imports and is the second-largest buyer of Iranian crude after China. Reuters

"We are serious about our efforts to pressure Iran to change its threatening behavior", the official said. American crude exports rose to a record 3 million barrels a day, according to the agency, while concerns remain involving the pipeline bottleneck in the Permian region.

Nobkhat revealed that his government is creating an emergency budget which will be discussed by parliament along with the public budget.

"We already mobilized the Aramco machinery, before coming to Vienna", Saudi oil minister Khalid al-Falih said over the weekend.

Kirill Dmitriev, the CEO of the Russian Direct Investment Fund, said this week the coordination with Saudi Arabia, the de facto leader of OPEC, meant Russia was demonstrating a lead role in energy markets.

Iran had been pushing hard for oil producers to hold output steady as USA sanctions are expected to hit its exports, meaning Tehran had little to gain from OPEC production increases that lower oil prices and cut its revenue.

It can be noted that Trump withdrew the United States from the Iran nuclear deal on May 8 to pursue a maximum pressure campaign against Tehran's nuclear bomb programme. They did not elaborate on how much additional global supply was needed.

The 9.9 million barrel draw was well-above the 2.4 million barrel estimate. The US has directed all countries to stop all their oil imports from Iran by November 4 in a bid to isolate Iran's funding channels.

Epic will not reinstate Fortnite's Playground mode until next week
That's right, Fortnite is having a big event on Saturday and, if you're not in the game, you're going to miss it. "We're sorry we haven't been able to get you in the LTM, and we know waiting is the worst".


Japan slip through on fairplay rule, Latest Football News
Finally, Bednarek broke the deadlock in the 59th minute of the game when he fired the ball into the nets following a free kick from Kurzawa.


Uruguay v Russian Federation 25 June 2018
There is a sense that Uruguay have done the bare minimum needed to top Group A, but the signs are that they are picking up form. Petersburg, Sochi, Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Samara.


"In fact, there is not a single oil producing country from where we don't buy crude today". Iran exported about 1.9 million barrels a day during the first quarter of this year, according to OPEC figures.

USA crude stocks fell almost 10 million barrels last week, the most since September 2016, while gasoline and distillate inventories rose less than expected, the Energy Information Administration said.

Noteworthy, OPEC and a group of non-OPEC countries agreed that they would return to 100 percent compliance with previously agreed oil output cuts, after months of underproduction by OPEC countries.

During the Obama years, India had to show a "significant reduction" and demonstrate it was bringing down oil imports at an average rate of 20% every six months. He said that as of now, the focus of the government in terms of the economy rests on job creation, elimination of poverty, production and the regulation of the market.

By 2019, the oil market will have less than 1 million bpd of spare production capacity, essentially all of it located in Saudi Arabia.

OPEC, the organisation that triggered the oil shock of 1973 by restricting supplies to countries supporting Israel in the Yom Kippur war, once controlled 40 percent to 50 percent of the world's oil supply and commanded the full attention of markets. The company said last week it had made no final decision.

Futures rose 3.2 percent in NY on Wednesday.

Related News:

  • Strawberry Moon Appears Tonight: Here's Who Will Have the Best View

    Strawberry Moon Appears Tonight: Here's Who Will Have the Best View

    That means the moon will appear slightly smaller in the sky and will take a little bit longer to go through Earth's shadow. The eclipse will be visible from eastern South America as it is ending, and from Australia as it is beginning.
    Brazil vs Tunisia, Mexico vs South Korea, Germany vs Sweden Match preview

    Brazil vs Tunisia, Mexico vs South Korea, Germany vs Sweden Match preview

    Having slumped to a shock 1-0 defeat against Mexico in their opening game, Germany had to beat Sweden to avoid elimination. Day 10 at the 2018 World Cup gave us 13 games, three winners and an absolutely insane finish in the last game.
    Trump Faces Trade War Fallout: Layoffs, Stock Declines and Harley's Move Offshore

    Trump Faces Trade War Fallout: Layoffs, Stock Declines and Harley's Move Offshore

    Lovely said Harley and other companies face retaliatory tariffs in Europe and elsewhere if they try to export products. Europe represents Harley's No. 2 market, after the United States, with sales past year approaching 40,000 units.
  • Ronaldo out of World Cup after loss to Uruguay

    Ronaldo out of World Cup after loss to Uruguay

    Rui Patricio of Portugal can not stop Edinson Cavani's goal for Uruguay during the 2018 FIFA World Cup Russia Round of 16 match. Furthermore, both players leave Russian Federation still in search of their first goals in the tournament's knockout stages.
    Apple to amplify its audio-device strategy in 2019

    Apple to amplify its audio-device strategy in 2019

    It will have noise cancellation and water resistance, but the latter will mainly protect the device against rain and perspiration. When Apple launched AirPods in 2016, the earbuds went on sale with limited supply following a delay.
    Japan, Senegal fans help clean up World Cup stadiums

    Japan, Senegal fans help clean up World Cup stadiums

    Colombia's Juan Quintero equalized the score in the 39th minute while Japanese forward Yuya Osako secured Japan's 2-1 win in the 73rd minute.
  • Lakers facing pressure to acquire Kawhi Leonard if they want LeBron

    Lakers facing pressure to acquire Kawhi Leonard if they want LeBron

    On the other hand, the Lakers are apparently feeling pressure to find a way to lure James or George (or both) to Los Angeles. My favorite part in this soap opera is that Gregg Popovich is doing everything he can to stiff-arm the Lakers.
    James Harden wins his first NBA Most Valuable Player award

    James Harden wins his first NBA Most Valuable Player award

    James averaged 27.5 points and career-highs in both rebounds (8.6) and assists (9.1) per contest during this past regular season. James finished second with 738 points and 15 first-place votes, while Davis was third with 445 points and no first-place votes.
    Korea still have 1% chance, says Se-jong

    Korea still have 1% chance, says Se-jong

    Durmaz, who shrugged off the comments, said he has "always seen hatred on his social media" accounts. He said one has to have the "balls" to play like the way Germany did and made the comeback.
  • Supreme Court vacancy puts Murkowski in the middle, again

    Supreme Court vacancy puts Murkowski in the middle, again

    Trump said he would make his announcement on July 9, the day before he is scheduled to leave on a presidential trip to Europe. Supreme Court Justice Anthony Kennedy announced his retirement , effective July 31, at the close of the term this week.

    NBCSN to broadcast England-Belgium in World Cup

    The striker is set to face some of his Manchester United teammates when Belgium come up against England in the final Group G game in Kaliningrad on Thursday.
    OnPolitics Today: 'I really don't care' about this jacket

    OnPolitics Today: 'I really don't care' about this jacket

    The migrant children are labelled as "unaccompanied minors" and sent to the government's custody or foster care. First lady Melania Trump on Thursday flew to Texas to visit children displaced by the immigration crisis.


Most liked

Melania Trump visits Phoenix shelter for migrant children
Grisham said the first lady is trying to learn about how her husband's strict immigration policy is playing out on the ground. Melania Trump's fashion-model poise and heavily-accented English make her unique among first ladies in history.

Holders Germany knocked out after 2-0 defeat
The 2006 winners, Italy , crashed out of the group stage in 2010, while that tournament's winners, Spain , did the same in 2014. Loew was appointed national team coach after the 2006 World Cup in Germany , when he was assistant to Juergen Klinsmann.

Cristiano Ronaldo hailed after Edinson Cavani incident
Edinson Cavani was optimistic over a calf injury after scoring twice against Portugal to send Uruguay into the World Cup quarter-finals.

Mexico fans laud South Korea for sealing team's place in last 16
Many favorites went through like Portugal, Spain, Brazil and France, but to say they did so easily would be a huge understatement. That means the two games he featured in ended in losses, with Germany failing to score when he was on the pitch.

Gareth Southgate: Colombia clash is England's biggest in a decade
The loss meant the Three Lions finished second in Group G and now face Colombia in Tuesday's last-16 tie in Moscow. The knockout game is the biggest game for a decade, so we had to make sure our key players were preserved.

Satellite images show North Korea upgrading nuclear facility
Close to 7,700 USA troops remain unaccounted for from the Korean War, and about 5,300 of those were lost in North Korea.

How Luka Doncic got to the Dallas Mavericks
Dirk Nowitzki , has been the face of the Mavericks franchise for 20 years, and his time with the team is almost at its end. LiAngelo wasn't drafted simply because he just doesn't have the tools yet to be an National Basketball Association player.

Over 500 arrested at US Capitol as women protest border separations
President Trump is spending the weekend at his golf club in Bedminster, N.J., and won't be home during the protest. She later tweeted out another video after her arrest. "Their parents shouldn't even be locked up", Fudoli said.

Xi has strong words for Trump: 'In our culture, we punch back'
President Donald Trump intends to block some Chinese companies from investing in U.S. technology. Defense Secretary Jim Mattis arrives at a hotel in Beijing , China , Tuesday, June 26, 2018.

Serbia vs Brazil: Mitrovic ready to inflict WC agony on Selecaos
Brazil has won Group E at the World Cup after defeating Serbia 2-0 on Wednesday in their final group stage match. When Neymar decides to play, Brazil plays well and that was the story at the Spartak stadium .

Egypt and Saudi level at halftime after Salah strike, penalty
The veteran goalkeeper dived to his right and flicked his left hand up to push the shot onto the bar before it was cleared. Egypt will crash out of the World Cup regardless of their result against Saudi Arabia .

Javier Mascherano: Lionel Messi 'desperate' to turn things round with Argentina
The team faced a humiliating win in the second group match against Croatia which resulted in a historic 3-0 loss. Meanwhile, NAIJ.com had earlier reported that Croatia defeated Argentina by 3-0 in a Group D match.

Messi’s birthday party and other titbits from World Cup
They have a manager who likes to press teams, but a squad of players who don't press well. In short, if Argentina fail to beat Nigeria they will crash out of the World Cup .

Koepka repeats as US Open champ
Finau had three straight bogeys from the second to the fourth and Berger dropped two shots in the same period. Recently graduated Seminole Harry Ellis also completed the third and final leg of his Amateur run at the U.S.

States can now force you to pay online sales tax
Until that case is resolved, South Dakota has already enjoined itself from enforcing that law on any out-of-state retailers. Supreme Court ruled in a 5-4 decision Thursday that online retailers can now collect sales taxes on out-of-state purchases.