US sanctions can not cut Iran's oil sales to zero - Iran adviser

Ardebili and accused Russia Iran and the UAE of welcoming US sanctions on Iran for their own gain

Ardebili and accused Russia Iran and the UAE of welcoming US sanctions on Iran for their own gain

Refineries in the U.S. consumed about 17.7-million barrels a day of crude oil last week while China's refiners used about 11.8-million barrels a day in August, according to government data from the countries, the most among the world's countries.

Ministers from the Organization of the Petroleum Exporting Countries and non-OPEC producers meet on Sunday to discuss compliance with output policies.

The US has also asked Russian Federation and Saudi Arabia to make up for the difference, something which has allowed those to countries to take up "hostage taking policies in the market", according to Iran's OPEC governor Hossein Kazempour Ardebili, the AP report added. "It may also suggest they don't have the ability to make up for the losses that are already stemming from impending USA sanctions on Iran".

US President Donald Trump on Monday said he would impose 10 percent US. tariffs on about $200 billion worth of Chinese imports. Most of the 25 producers in the alliance will attend, according to an OPEC delegate.

USA crude stocks increased by 1.2 million barrels according to the American Petroleum Institute (API), sharply reversing the market forecast of -2.7 million barrels, raising prospects for a widening premium in the Brent versus WTI with crude runs worsening in Europe and Asia.

Brent for November settlement advanced 98 cents to $79.03 on the ICE Futures Europe exchange. The contract traded at a $9.41 premium to West Texas Intermediate for the same month. The contract climbed 94 cents to $69.85 on Tuesday.

Trump pushing for $200 bn tariffs on China
The list of products mostly included industrial equipment to avoid directly hurting US consumers. Envoys from the two countries last met August 22 in Washington but reported no progress.

Mr Barkindo did not, however, address how the global oil industry immediately can replace Iranian crude supplies in an already-tight market.

Under the 2015 nuclear deal, most worldwide sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear programme.

It is also encouraging other oil producers such as Saudi Arabia, other OPEC members and Russian Federation, to pump more to meet any shortfall. A Bloomberg survey of analysts forecasts a 2.5-million-barrel decline in nationwide inventories.

With almost 50 days to go before new U.S. oil sanctions against Iran enter into force, U.S. President Donald Trump has already managed to crush the country's petroleum exports, dealing severe economic damage to Tehran.

Stockpiles of distillate fuels, which include diesel and heating oil, rose by 1.5 million barrels, the API data showed, compared with expectations for a 651,000-barrel gain.

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