PLATTS - India's oil ministry has instructed state-run refiners such as Indian OilCorp., Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. toscout for alternative sources to Iranian oil.
REUTERS - U.S. light crude oil CLc1 was 20 cents lower at $73.25 a barrel at 0730 GMT. On Thursday, the contract hit its highest since November 2014 at $74.03 per barrel. Brent crude LCOc1 was unchanged at $77.85 a barrel.
PLATTS - "I think you're going to see a settling-down of the market -- people feeling comfortable that Saudi Arabia, Russia and the United States, we've got substantial production," Perry said, while acknowledging pipeline constraints in Texas that are holding back Permian Basin oil exports.
WSJ - Iran exports more than 2 million barrels a day of oil. President Donald Trump in May withdrew from a nuclear deal with Iran and reimposed sanctions that seek to force companies not to buy any Iranian oil.
REUTERS - Brent crude futures LCOc1 had climbed 61 cents, or 0.8 percent, from their last close to $76.92 per barrel by 0650 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $70.88, up 35 cents, or 0.5 percent.
REUTERS - “We met. We discussed energy issues, among other things. We touched upon questions related to sanctions,” Novak said in a press briefing in Washington. “We can’t sidestep these difficult questions, so of course we touched upon them during our contact.”
ARAB NEWS - The United States warned countries that they must stop buying Iranian oil before Nov. 4 or face a renewed round of American sanctions.
AOG - Sheikh Abdullah said: “This agreement strengthens the already close ties between the UAE and the Kingdom of Saudi Arabia and between the UAE and India. The UAE is unwavering in its commitment to its strategic multi-lateral relationships with both Saudi Arabia and India, as well as being a reliable partner in India’s energy security. We look forward to exploring further opportunities to expand our energy partnerships and to collaborating on new, broader, opportunities that will further strengthen and deepen the long-standing economic links between our three countries.”
REUTERS - Norway, which shares an Arctic border with Russia, lacks a “credible plan” how to meet NATO’s spending target, U.S. President Donald Trump said in a letter to the country’s prime minister, the Norwegian daily VG reported on Tuesday.
REUTERS - Brent crude futures LCOc1 were at $74.22 per barrel at 0455 GMT, down 1.8 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $68.42 a barrel, down 0.2 percent, supported more than Brent by a slight drop in U.S. drilling activity and a Canadian supply outage.