Monday, 24 September, 2018

USA aims to reduce Iran’s oil revenue to zero

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran
Elsie Buchanan | 03 July, 2018, 21:19

"Continuation of exporting oil is symbol of victory against the USA sanctions and I hope we would witness this great victory through planning by the Oil Ministry", the vice president explained.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour. It comes as Mr. Trump pulled the US out of Tehran's nuclear deal with world powers in May.

The restart of those sanctions has global energy buyers nervous as to who will replace those barrels.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya.

The U.S. wants to reduce Iran's oil revenue to zero, the State Department director of policy planning said Monday.

"Banking sanctions will also snap back on November 4th, and we will be aggressively enforcing these provisions to lock up Iran's assets overseas and deny the Iranian regime access to its hard currency", Mr Hook said.

But the United States official, Brian Hook, also said that keeping prices stable in the absence of Iranian crude is also important.

The official warned countries including China and India, who are key buyers of Iranian oil, that they should stop purchasing crude from the country before the November deadline or face United States sanctions. We are also working with oil market participants, including producers and consumers, to ensure market stability.

Wild brawl erupts between Australia, Philippines during World Cup basketball qualifier
We didn't want it to happen". "Physically our players are fine, they're - you know - bruised and battered ", said Moore. The game eventually resumed in farcical fashion with Philippines fielding three players against Australia's five.


Commodities analysts are projecting a 20%-25% spike in the price of oil, which is already at high levels.

Saudi Arabia interprets the vague OPEC statement from the June meeting to ease compliance rates as implying that there will be indirectly a reallocation of quotas within the cartel.

Saudi Arabia, the world's top crude exporter, said on Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market. If Trump decides to act upon his threat of sanctions, many Indian companies may lose business from the US.

Some major importers of Iranian crude have sent mixed signals on their willingness to abide U.S. sanctions, particularly as inventories remain low.

Notable countries that import Iranian crude include Turkey, India, China and South Korea.

"It seems they do not understand what they are saying when they say Iran will not be allowed to export even a single drop of oil", Rouhani said in remarks aired by Iranian state television.

The Treasury Department said the sanctions on Iran would take effect in 90-day and 180-day periods - after August 6 and November 4. But he says the U.S. "is prepared to work with countries that are reducing their imports on a case-by-case basis".

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