Market figures show that Iran's oil sales are still powerful only a few days before the U.S. wages a second wave of sanctions that would target the country's oil exports.
In North America, however, there is no oil shortage as U.S. crude oil production C-OUT-T-EIA has increased by nearly a third since mid-2016 to around 11 million barrels per day.
Oil has been caught in the global financial market slump this month, with equities under pressure from the trade fight between the world's two largest economies.
The pressures pushed oil prices to a four-year high at the start of October with Brent crude oil selling for more than $86 per barrel.
He pointed to "weakening global economic growth, the ongoing US-China trade war, monetary policy tightening, fears of a hard Brexit (and) Italy's budget woes" as main reasons for the sell-offs.
The U.S. said Tuesday it is considering sanctions "exemptions" for countries that have majorly cut their dependence on Iranian oil ahead of a key deadline next week. "The second one is global economic growth momentum slowing down", IEA chief Fatih Birol told an energy conference in Singapore.
Prices were pressured as USA inventories were expected to rise for a sixth straight week as other top producers Saudi Arabia and Russian Federation signaled potential output increases.
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That's an increase of 10 million bpd since the start of the decade and means these three producers alone now meet a third of global crude demand.
Iran was selling around 2.8 million barrels per day in June, the CNBC said in a report quoting ClipperData - a provider of crude oil and petroleum product cargo tracking solutions for energy producers, refiners and trading companies.
In May, before President Trump withdrew the USA from the nuclear deal, Iran was exporting roughly 2.5 million barrels per day (bpd).
Data from the U.S. Energy Information Administration last Wednesday revealed that U.S. crude stockpiles rose for a fifth straight week.
"A Saudi pledge to produce as much oil as possible, and the stock market rout, have sharply reduced concerns about the November 4 implementation of USA sanctions against Iran", said Ole Hansen, head of commodity strategy at Saxo Bank.
Washington reintroduced sanctions against Iran's currency trade, metals and auto sectors in August after USA withdrawal from a multinational 2015 deal that lifted sanctions in return for limits on Iran's nuclear program.
This story has been published from a wire agency feed without modifications to the text.