"Cushing is clearly screaming out for crude, with the prompt few months more than $2 backwardated", said Virendra Chauhan, an analyst at Energy Aspects in Singapore.
He added that 1.2 million Iranian barrels a day were off the market the last time Iran was sanctioned, but that was possible because US shale drilling was growing at a rapid pace, demand was lower and Libyan output had come back to the market to make up for some of the Iranian output.
"Questions are being asked as to the extent to which Saudi Arabia will increase its production, to offset shortfalls elsewhere in the market", the analysts said in a report sent to Rigzone. And some of its major European allies have been working to prevent the 2015 deal from falling apart.
MUFG Bank, a leading Japanese bank, said renewed geopolitical supply-side disruptions stemming from Canada, Iran, Libya, Venezuela and the United States, raises the likelihood of oil trade interruptions and with it upside risks to oil prices in the near term.
The purchase was partly to compensate for a decline in Venezuelan heavy grade Merey, said one of the officials. OPEC is seeking a balance between supply and demand, not targeting a crude price, he said.
The South Korean embassy said in a message on Twitter that "the embassy of the Republic of Korea denies any claims that it would not lift any Iranian crude and condensate in July".
South Korea halted all Iranian oil shipments in July for the first time in six years amid United States pressure.
Operation To Rescue Boys Trapped In Thai Cave Resumes
On Sunday, officials decided they could no longer wait, saying conditions were "as flawless as they will be" for a rescue attempt. Two divers are helping each one make his way through very narrow tunnels that twist and turn, and filled with dark muddy water.
Trump administration takes another swipe at 'Obamacare'
Many Trump followers often cheer cuts to Obamacare, not knowing that the Affordable Care Act and Obamacare are one in the same. The payments were created to stop insurers from losing money on very sick patients, who cost the most to treat.
Deschamps Says Henry Facing France ‘Bizarre’
Romelu Lukaku has been directly involved in 20 goals in his last 13 games for Belgium in all competitions (17 goals, 3 assists). France will play against Belgium and Harry Kane's England will contest against Croatia.
Man City Sign African Star For £60m
But the Premier League champions remained keen on Mahrez, who scored 13 goals in 41 appearances for Leicester last season. The midfielder who has been unsettled at Leicester following failed moves last season is now undergoing medicals at City.