Saudi Arabia Reduced Oil Production in July

China rejects US demand to reduce Iran oil imports report

According to Reuters, oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau.

In June, the USA state department said that countries buying oil from Iran should bring down to zero their Iranian crude imports by the time Washington re-imposes sanctions on November 4.

Under pressure from U.S. President Donald Trump to reassure markets, the kingdom was said to have been preparing to pump 10.8 million or 11 million barrels a day. Brent crude futures fell 31 cents, to $73.14/Bbl at 2:25 p.m. ET.

"US oil exports are still relatively small, but China had quickly emerged as the second largest destination for U.S. oil exports after Canada", Ralph Leszczynski, Banchero Costa's head of research in Singapore tells TradeWinds.

Outside the USA, top crude exporter Saudi Arabia pumped about 10.29-million barrels a day of crude in July, two Opec sources said on Friday, down about 200,000 barrels a day from a month earlier.

When pressed by CNBC to answer the questions she was raising, Croft replied, "I think this market will tighten at the end of this year", and added that Venezuelan production continues to fall and will be a contributing factor.

According to data compiled by the agency, China boosted its purchases of Iranian oil in July, snapping up more than a third of the country's total exports. "Bloomberg tanker tracking in July shows the country's crude and condensate exports have already fallen by about 430,000 barrels a day, or 15%, from their April peak".

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Despite the rising prices on Monday, traders said one relief to markets was an announcement by Saudi Arabia at the weekend that oil shipments through the Red Sea shipping lane of Bab al-Mandeb had been resumed.

Sukrit Vijayakar, director of energy consultancy Trifecta, said the escalating trade dispute between the United States and China was also holding back crude prices.

Sinopec's trading unit, Unipec, has not booked new purchases of US crude oil at least until October, one of Reuters' sources said.

Meanwhile, a refusal by China to cut Iranian oil purchases would deal a blow to Trump's efforts to isolate the Islamic Republic after his withdrawal from the 2015 nuclear accord.

Whilst exports of crude from the United States to China have grown exponentially in recent years, Leszczynski says the volumes are still pretty small from China's point of view.

In January-July, India's oil imports from Iran rose by more than 17 percent to about 612,000 bpd, the data showed.

The strain between China and the US derive from a similar attack by Trump, who levied a global tariff on steel and aluminum imports in March.

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