"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.
George Clooney hospitalized after motorcycle crash in Italy
According to the site, George was said to be hit by a auto which suddenly changed direction at a spot close to a hotel. Clooney, the husband of leading human-rights lawyer Amal Clooney , has a home on the Italian mainland at Lake Como .
Serena sets sights on eighth Wimbledon title
Williams needs to beat two seeded opponents to win her 24th major title, tying Margaret Court's record for Grand Slam wins. The victor of the Williams and Giorgi match battles Bertens or Goerges in the semifinals. "She's great player.
Belgium is the most exhaustive team in all aspects: Lloris
Let us know your thoughts - and if you threw the remote at the TV during Alli's celebrations - by posting a comment below. When I played against him (in the Champions League in February 2017) he had played only 10 matches and I didn't know him.
Trump to Announce His Supreme Court Nominee Tonight
The White House said Trump has interviewed four potential picks, all of whom are federal appeals court judges . Departing his New Jersey golf club on Sunday afternoon, Trump told reporters he was still making up his mind.
Abe to visit flood-hit western Japan as deaths reach 176
Another nine are missing. "He always used to come to our house to play games and things", a teenaged neighbor told NHK. Three weeks later, she is one of at least 158 people who died after the historic deluge in western Japan last week.