Oil

OPEC and some allies including Russia are due to meet next month to discuss output policy going forward.

It is easier to trade in domestic currency as India has the option to route payment through one of India'.s state-owned banks.

China'.s crude oil imports from Iran hit a five-year high in April at 792.380 b d or 3.24 million mt. before the expiry of US sanction waivers for Iranian oil May 2. data released Sunday by the General Administration of Customs showed.

Indian New govt plans to hold talks with Iran at the earliest to discuss ways to resume oil imports and is even looking to pay in Indian currency. ThePrint reported on Tuesday.

There is great anxiety in the market today mainly related to supply concerns.

The project has languished in pipeline purgatory as Canada’s federal government. BC. Alberta. indigenous groups. and environmentalists continue to wage war over the controversial project.

In oil futures markets. the trade war effect is better seen beyond the spot market.

Iran is due to offer a large cargo of crude oil to domestic buyers through its energy bourse on Tuesday. in a direct sale to bypass the US unilateral sanctions.

China in April imported 3.24 million tons of crude oil from Iran. or 789.137 bpd. up from March’s 541.100 bpd.

Royal Dutch Shell announced that production has started at Appomattox floating production system months ahead of schedule. opening a new frontier in the deep-water U.S. Gulf of Mexico.