Oil

Iran is one of the world’s largest oil producing countries.

During the last round of sanctions. Iran'.s oil supplies fell by around 1 million barrels per day (bpd).

Ahead of official numbers. API data shows sizable declines in US crude inventories.

After the last round of sanctions were announced in 2011. Saudi Arabia boosted its production.

Imports for the first four months of 2018 rose 8.9 percent versus the same period a year ago to 151.43 million tonnes. or 9.21 million bpd.

Traders are also nervously awaiting Trump'.s decision on whether or not to continue with the Iran nuclear deal. which he has in the past derided.

U.S. output will likely rise further this year. towards or past Russia'.s 11 million bpd. as its energy firms keep drilling for more.

Iran appears to be ramping up its oil exports ahead of the likely sanctions.

The Sanchi was carrying the equivalent of nearly 1 million barrels of ultra-light crude. plus its own fuel. to South Korea.

Sanchi was carrying 36.000 tonnes (almost one million barrels) of condensate.