Crude Oil Prices Slump 20% From October Highs, Enter Bear Market

Forty years of American hostility’ Iran releases video responding to new US sanctions

The report was largely in line with analyst expectations that this week would see another substantial build in crude oil inventories of 2.050 million barrels. That meeting is billed for December 6 and Dec 7 in Vienna.

Elsewhere in the briefing, Kumar commended the United States move to allow his country to develop an Iranian port for trade with Afghanistan.

The measure announced on Monday was "interim" and only allowed the continuation of the three non-proliferation projects "under the strictest scrutiny to ensure transparency and maintain constraints on Iran" Efe quoted the State Department as saying.

He noted that the committees should immediately stop their work.

With the granting of the waivers, it's likely that Iran will be able to keep its exports at least around 1.1 million bpd, and possibly even as high as the 2 million bpd of recent months.

Russian Federation and Saudi Arabia, top producers in an OPEC-led alliance, started bilateral talks on a return to production cuts next year, Russia's TASS news agency reported, citing an unnamed source.

Producers including Saudi Arabia and Russian Federation had opened the taps earlier this year following unprecedented political pressure from Trump.

Early on Monday the U.S. imposed its "toughest ever" sanctions on Iran that it had earlier lifted after the signing of the nuclear agreement in July, 2015 between Tehran and Russia, China, the UK, France, Germany and the US.

"We appreciate that the United States recognized the role which this Port will play to bring strategic and long term benefits to Afghanistan as well as enhance Afghanistan's connectivity with the outside world", the MEA spokesman said.

Mousavian also believes, however, that the first round of sanctions served to unite Iran's disparate political factions against US policy in the region, while the second round could provide Iran with an opportunity to reduce its traditional dependence on oil and gas.

The original aim of the sanctions was to cut Iran's oil exports as much as possible, to quash its nuclear and ballistic missile programs, and curb its support for militant proxies, particularly in Syria, Yemen and Lebanon.

Worldwide oil customers should brace for pain as US sanctions on Iran take hold, the Islamic Republic's oil minister has warned, arguing that waivers Washington granted to eight major oil-importing countries are not enough to keep global markets stable.

Iran late previous year inaugurated the port on the Indian Ocean which provides a key supply route to landlocked Afghanistan and allows India to bypass its arch-rival Pakistan.

The record U.S. production has been a moderating factor of oil prices, although oil got a bump on Thursday after record Chinese crude imports eased concerns that a slowdown in the world's No.2 economy could stoke an emerging fuel glut. Washington has granted 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

The main downward pressure is coming from rising supply.

Iran's oil minister on Thursday predicted a painful time ahead for global oil customers as USA sanctions take hold, saying waivers that Washington granted to eight major oil-importing countries are not enough for market demands.

EIA said in a report that USA crude oil output during last week was 11.6 million barrels per day, up by 400,000 barrels per day from the previous week, or up by 2 million barrels per day year over year.

Earlier, WTI dropped to fresh 8-month lows in the vicinity of $61.00.

Iranian filmmakers and celebrities have responded to the sanctions by launching a social-media campaign with the Twitter hashtag #SanctionsTargetMe. Including condensate, an ultra-light form of crude, shipments peaked around 3 million bpd in mid-2018, according to trade data in Refinitiv Eikon.