Rouhani first deputy: U.S. can not stop export of Iranian oil

Crude Oil

Crude Oil

"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.

Moreover, Saudi Arabia's Energy Minister Khalid al-Falih said on Tuesday that the Organization of the Petroleum Exporting Countries (OPEC) and its partners are in "produce as much as you can" mode.

NIOC had previously put $79.15 for each barrel of crude oil as the base price for the shipments traded at IRENEX; however, the 280,000 barrels sold on the first session of IRENEX (Oct. 28) were priced $74.85 per barrel.

In this regard, NIOC released an announcement on Saturday, saying, "banks of Pasargad, Tejarat, Tose-e Saderat Iran, Sepah, Saderat, Mellat, Melli and Parsian are qualified to issue guarantees for crude oil trades in the stock market".

Benchmark Brent crude oil was down $1.65 a barrel, or 2.1 percent, at $75.69 by 2:23 p.m. ET.

All of the other parties to the 2015 Joint Comprehensive Plan of Action had urged Washington not to unilaterally withdraw from the pact, and close allies in Europe have moved to create an alternative payment system to circumvent sanctions after Trump refused to heed their calls.

The United States has imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods.

Data from Refinitiv Eikon showed that the three countries produced 33 million barrels of oil a day for the first time in September, an increase of 10million bpd since the start of the decade.

India ranks 77th in ease of doing business rankings
According to the report published Wednesday, Turkey received 74.33 points out of 100, improving 4.34 points since a year ago . Afghanistan improved its score more than any other country after beefing up protection for minority investors.

The next date of offering crude oil at IRENEX has not been announced yet.

With Russia over the weekend stating there's no reason to freeze or cut its oil production levels, and with global economic concerns ever-present in the minds of traders, Monday saw yet another drop in crude prices, with West Texas Intermediate down 55 cents to $67.04 and Brent down 8 cents to $77.54 per barrel.

The second round of USA sanctions reimposed by president Donald Trump in May kick in on November 4.

On May 8, President Donald Trump announced he was pulling the U.S. out of the 2015 Iran nuclear deal and promised to hit Tehran with sanctions on the country's energy oil and financial sectors despite objections from other parties to the agreement.

What's more, EIA said the higher crude oil prices at the end of 2018 and in 2019 will likely support increased global crude oil production. Earlier, private refining companies could only buy crude oil for exports of oil products, officials have said.

U.S. Treasury Secretary Steven Mnuchin said earlier this month that it would be more hard for Iranian oil customers to get waivers from the sanctions than it was during the Obama administration, and the U.S. would issue waivers, if any, only to buyers that have significantly reduced Iranian purchases.

Oil was also being weighed down by signs of rising supply from top producers. -China trade war are stirring demand-growth concerns.

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