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Worse still, Iran was clearly in no mood to be seen rewarding Trump, who had been putting pressure on Opec to raise production ahead of mid-term elections in the United States in November.

After US warned China and India to cut its crude imports from Iran, oil ministry sources say that it is yet to get an official communication from the US on its sanction imposed on Iran.

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

Iran's Oil Minister Bijan Zanganeh reportedly stormed out of a key meeting with his Opec peers as the rift deepened.

The Saudi Arabian Oil Minister won the day by managing to paper over the cracks among Opec members and clinch a deal that appears to have satisfied everyone.

Earlier this week, a senior U.S. State Department official said the country will not grant any waivers on imports of Iranian oil by the November 4 deadline to allies, pushing up oil prices globally.

As the USA threatens Iran to impose sanctions after pulling away from the 2015 Iran Nuclear Deal, Iran says it will bring the U.S. to its knees in the ongoing battle of wills. It was only a few days ago that Saudi Arabia and its coalition partners said that they would add 1 mb/d of supply back onto the market, with many of them acknowledging that, in reality, the figures would be closer to 600,000 bpd because of the inability of so many producers to ratchet up output.

The 9.9 million barrel draw was well-above the 2.4 million barrel estimate.

As the USA piles up pressure on countries to cut oil imports from Iran by 4 November, India on Thursday said it will take all necessary steps including engagements with relevant stakeholders to ensure its energy security, even as the government has asked oil firms to start exploring alternative sources.

Crude closes at a 3 1/2 year high amid shrinking stockpiles in the USA, disruptions at Libyan ports and other worldwide supply risks.

Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday to raise the level of oil production, which will add almost a million barrels per day to the market.

Following last week's pledge of more oil from OPEC, Russia is now standing next to Saudi Arabia as a major influence in the market, an analytics analyst said. The decision likely means that any country with spare capacity will be able to boost production.

Oil prices extended gains on Wednesday after official data showed a much-bigger-than-expected decline in USA crude stockpiles. The future of Iranian crude exports was also in doubt.

Rapidly draining American surpluses are compounding real and envisioned supply interruptions in Canada, Iran, Venezuela and North Africa. The latest news were that Libyan National Army had passed control of the country's oil ports to a non-officially recognized National Oil Corporation affiliated with the eastern government of the country based in Benghazi.


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