Bakhit al-Rashidi
Global oil markets are currently stable, Kuwait's Oil Minister Bakhit al-Rashidi said on Tuesday, adding that he expects such stability to continue until the end of the year.
Rashidi told reporters in Kuwait City that the upcoming OPEC meeting next month will look at whether the oil market needs more crude and if there is a build up in inventories.
OPEC and its allies are set to meet in Vienna on Dec. 6-7 to decide their oil supply policy and agree a long-term mechanism to manage the market beyond 2018.
A U.S. waiver to sanctions on Iran allows China to buy 360,000 barrels per day (bpd) of oil from the Islamic Republic for 180 days, two sources familiar with the matter told Reuters on Tuesday.The waiver includes conditions, including requiring the disclosure of counter-parties and settlement methods, one of the sources said.China purchased an average of 655,000 bpd from Iran during the January-September period, according to Chinese customs data.Turkish FM says dangerous to isolate Iran
US waiver allows China to buy 360,000 bpd of Iran oil for 180 days
U.S. President Donald Trump said Monday he is cautious about the effects his sanctions will have on global oil markets, saying the penalties will be imposed gradually."I don’t want to drive the oil prices in the world up," he said addressing reporters shortly after the U.S. reinstated all of the sanctions it lifted as part of a nuclear accord world powers struck with Iran."I’m not looking to be a great hero and bring it down to zero immediately," he said, referring to global imports of Iranian oil. "I could get the Iran oil down to zero immediately, but it would cause a shock to the market. I don’t want to lift oil prices."The U.S. earlier announced that eight countries -- China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey -- are being granted temporary six month waivers from the economic penalties targeting imports of Iranian crude. Iran is OPEC's third largest oil exporter.US's Bolton says more sanctions on Iran comingSenior official says Iran not concerned about reimposed US sanctionsSecretary of State Mike Pompeo said the exemptions are intended to ensure oil markets continue to be well-supplied.Pompeo said each country which received waivers “has already demonstrated significant reductions of the purchase of Iranian crude over the past six months," adding two of the eight have reduced imports of Iranian crude to zero."We continue negotiations to get all of the nations to zero," he said.Trump unilaterally withdrew the U.S. from the 2015 Joint Comprehensive Plan of Action in May, setting the stage for Washington to reimpose all of the sanctions it lifted as part of the agreement.All of the other signatories -- China, the European Union, France, Germany, Iran, Russia and the United Kingdom -- have remained in the deal.The accord provided Iran with billions of dollars in relief from international sanctions in exchange for sweeping curbs on and inspections of its nuclear program.Airbus China CEO says 'no winner' from US-China trade war
Trump wary of sanctions effect on oil prices