Brent crude falls as oversupply fears mount

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If Turkey goes ahead and implements the restrictions demanded by the U.S., Russian Federation will ultimately supply more than 60 percent of Turkey's oil, in addition to already supplying the majority of its natural gas.

Oil companies are planning to make up for the shortfall by increasing purchases from other Middle Eastern suppliers, such as Saudi Arabia, since imports of Iranian crude will likely stop by around October, the sources said.

"The organization's legal team will hold talks in the coming days with law firms including White & Case about the "No Oil Producing and Exporting Cartels Act", one of the people said, asking not to be identified because the information is not public".

A key OPEC committee said Wednesday that compliance with pledged output cuts was 121% in June. The Trump administration is considering a test sale of about 5 million barrels of oil and then releasing about 30 million barrels into the market.

The price of USA crude oil is continuing on its downward path Thursday after a modest rally Wednesday on news that United States demand for gasoline and distillates remains buoyant. The U.S. has added almost 1 million bpd in production since November, thanks to rapid increases in shale drilling.

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Crude prices rose on Friday, but were still set for a weekly drop on concerns about oversupply and the ongoing trade conflict between the United States and China, the world's two biggest oil users.

At 10:40 a.m. EDT on Tuesday, Brent Crude was unchanged for the day at $71.84, and WTI Crude was down 1.15 percent at $67.28.

API warned though that recent tariffs placed on steel and iron imports could harm the oil and gas industry's success.

Still, overnight oil is weak as the USA dollar soars and other commodities get crushed. Taking into consideration those circumstances, on June 29 Turkish Economy Minister Nihat Zeybekci said that "the decisions taken by the USA are not binding for us". Beijing is already the largest buyer of Iranian oil and Tehran's largest trading partner and has criticized Washington's withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May.

Refiners on the East Coast, for instance, don't have easy access to all of that oil from Texas.

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Since the embargo, OPEC has continued using its influence to manage oil prices. If Iranian oil exports decline to 700,000 barrels per day or even lower, its treasury will be swiftly depleted.

Today, API released its monthly statistical report for June of 2018 highlighting that U.S. production of crude oil and natural gas liquids hit its highest level ever. This new mechanism for pricing oil remains outside the United States dollar's institutions, and so not so exposed to United States pressure.

Limited supply has been stabilizing prices.

The WTI-Brent spread remained less than 5 U.S. dollars after the higher Saudi oil exports and stagnant U.S. production. -Chinese trade war that could dampen prices and demand were " oversold".

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