Exports have shrunk from over 2.5 million bbl/d since the U.S. withdrew from a nuclear deal with Iran and reimposed sanctions in 2018. Still, Iran has been working to get around the measures and keep exports flowing.
Authorities in the United States and Brazil are investigating improper payments to officials at Petrobras, Brazil's state-run oil company, as part of Brazil's far-reaching corruption probe, known as Car Wash.
Vessel-tracking and port data compiled by Refinitiv indicates China will import 867,300 bbl/d of U.S. crude oil in September, exceeding 653,870 bbl/d in August and 693,500 bbl/d in July.
OPEC member Libya is exempt from cutting oil output under a deal by OPEC and allies, known as OPEC+. A restart in Libya supply could force other producers to make further reductions to support prices.
The comments by Prince Abdulaziz bin Salman, OPEC's most influential minister, came after a virtual meeting of a key panel of OPEC and allies, led by Russia, known as OPEC+.
Moves to flout deal terms on oil cuts damage reputation of OPEC+, Saudi Arabia’s energy minister says.
The United Arab Emirates has emerged as a major laggard in delivering oil output cuts in August, figures used by OPEC+ showed on Sept. 16.
German finance minister made the offer in early August, before the sanctions were imposed.
Oil prices gained ahead of Hurricane Sally's expected landfall on the U.S. Gulf Coast. Brent crude futures gained 92 cents, or 2.3%, to settle at $40.53/bbl, while WTI crude rose $1.02, or 2.7%, to settle at $38.28/bbl.