Saturday, 21 July, 2018

Iran Aims to Keep Oil Exports Flowing Despite US Sanctions

Iran announces plan to circumvent US oil sanctions Trump blasts Europe for 'unfair' trade policies in Fox News interview as he says his parents were born in the EU
Orlando Vargas | 04 July, 2018, 06:31

Last month President Donald Trump withdrew the United States from the landmark Iran nuclear deal, re-imposing USA sanctions that had been suspended in return for curbs on Tehran's nuclear programme. The Saudi leader said he was ready to raise output if needed, the White House said in a statement.

An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May.

"We will surely do something to thwart the USA rallying cry that Iranian oil (exports) must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.

Some 50 worldwide companies had announced their intention to leave the Iranian market, particularly in energy and financial sectors, as the United States moved to reimpose the sanctions against Iran, Hook said.

London Brent crude fell 55 cents, or 0.7 percent, to $78.68, after gaining more than 5 percent last week.

Trump has been calling on members of the Organization of Petroleum and Exporting Countries and Russian Federation to increase oil production.

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Geoffrey Craig, the oil futures editor at Platts, said the drain on US inventory levels is in part because of higher domestic exports, which set a record for the week ending June 22 at 3 million barrels per day. West Texas Intermediate, the USA benchmark for the price of oil, was up 1.51 percent to $75.06 per barrel, its highest level since November 2014.

"The Trump administration's plan for Iran sanctions is now abundantly clear".

The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day. "We are also working with oil market participants, including producers and consumers, to ensure market stability".

Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016. "Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level". Trump has imposed tariffs on steel and aluminum in response to what he calls unfair trade practices from Europe, Canada, and other allies around the world, who have responded with retaliatory sanctions in kind.

"I want to wait until after the election", he said. All comments are subject to editorial review.

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