Thursday, 15 November, 2018

Engaged With The US On Iran Oil Issue, Says Foreign Ministry

Iran's Foreign Minister Zarif speaks during a news conference in Istanbul Iran's Foreign Minister Javad Zarif speaks during a news conference in Istanbul Turkey
Elsie Buchanan | 02 November, 2018, 14:12

According to an Economic Times report, the U.S. has broadly agreed to grant India a waiver from Iran sanctions, which would allow Indian oil companies to continue to import about 1.25 million tonnes of oil a month till March from Tehran.

Saudi Arabia increased output by 150,000 barrels to 10.68 million a day last month, the highest in Bloomberg data going back to 1962, while Iran's production slipped by 10,000 barrels a day to 3.42 million, the lowest since March 2016.

Already, through its pressure campaign, the USA has managed to reduce Iran's oil exports from 2.7 million to 1.6 million barrels a month, according to internal US estimates.

Turkey, a key destination for Iranian crude, may be among countries that are getting an exemption, Energy Minister Fatih Donmez told reporters in Ankara on Friday. However, Essar-Nyara, sources said, has been buying some Iranian oil on the spot market.

The Schork Report Publisher Stephen Schork on the outlook for oil.

"The waivers granted to these eight countries shows that the market needs Iran's oil and it can not be pulled out of the market".

Iran's biggest oil customers - all in Asia - have been seeking sanctions waivers to allow them to continue buying some of its oil.

But the rally petered out in recent weeks amid market fears about a slowing global economy and as expectations grew that Iran would be allowed still to export significant amounts.

Indonesia dismisses Lion Air director, technicians after plane crash
Rumors have also been swirling as to what could cause a almost new Boeing aircraft carrying 189 people to crash in good weather. It is thought to be the fuselage of the Lion Air flight that plunged into the Java Sea after taking off from Jakarta on Monday.


On Tuesday, Brent crude fell by $2.25 a barrel to a low of $75.09 before recovering slightly to around $75.89 as of 8:10pm Nigerian time.

"We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive", Clayton Allen of Height Securities said in a note on Friday.

According to the Iranian Oil Ministry, 60 percent of the country's oil exports go to Asian countries, including China and India - the two top clients - as well as South Korea and Japan, and the remaining 40 percent to European countries including Turkey.

The United States is preparing to reimpose sanctions on Iran's oil industry on November 5 after withdrawing from Tehran's nuclear deal with world powers.

While European powers believe the deal has been successful and have sought to preserve trade with Iran, most major companies have chosen to exit the country rather than incur the wrath of United States authorities.

USA hardliners want to press ahead on SWIFT, but others argue to keep the option as a bargaining card with the Europeans and say that SWIFT access remains useful in tracking Iranian transactions.

Among other countries closely connected to Iran's energy system is Iraq, which imports gas via a pipeline. "Administration officials used to tell us it's OK to give Iran concessions on SWIFT because they would force oil exports down to zero", the source said.

Recommended

Chinese intelligence officers charged in USA aviation hacking Chinese intelligence officers charged in USA  aviation hacking The conspiracy also used two insiders working for the French aerospace company to operate as moles, according to the indictment. The malware, called Sakula , was created to exploit vulnerabilities in the Internet Explorer web browser.

SRK greets hundreds of fans outside Mannat on 53rd birthday SRK greets hundreds of fans outside Mannat on 53rd birthday Produced by Gauri Khan , Red Chillies Entertainment and Colour Yellow Productions film will be released this year on December 21. Meanwhile, some industry celebs have already enjoyed a special screening of the Zero trailer, which includes Aamir Khan.

Trump political ad assailed as 'sickening,' racially divisive Trump political ad assailed as 'sickening,' racially divisive Under current law, campaign ads are generally required to include disclaimers that clearly state who paid for the ads. Democratic National Committee Chairman Tom Perez characterized the ad as "distracting, divisive Donald at his worst".

Mourinho’s Next Club Revealed If He Leaves Manchester United Mourinho’s Next Club Revealed If He Leaves Manchester United Merson told Sky Sports . "These games are the ones we can grab by the scruff of the neck and take to Man United ", he said. Bournemouth have only beaten United once since they were promoted from the Championship in 2015.

Nasa declares planet hunter Kepler Space Telescope dead Nasa declares planet hunter Kepler Space Telescope dead Nasa has switched off the Kepler space telescope permanently after announcing that it had "exceeded all expectations". Now 94 million miles from Earth, Kepler should remain in a safe, stable orbit around the sun.

North Korea prepares nuclear test site for inspectors North Korea prepares nuclear test site for inspectors In this October 7, 2018, photo provided by the North Korean government, North Korean leader Kim Jong Un , center left, and U.S. HRW called for North Korea to "acknowledge the problem of sexual violence" and ensure that it was "treated as a crime".

Brazos County sex offenders check in on Halloween night Brazos County sex offenders check in on Halloween night Sheriff Long posted the signs, hoping to warn the community to avoid the sex offenders' homes this Halloween. Pinellas, Hillsborough, and Polk counties have the highest number of registered sex offenders in our area.

Pentagon sending 5,200 troops to border week before midterms Pentagon sending 5,200 troops to border week before midterms McAleenan said the formation of multiple large groups - like the migrant caravans - present new security threats. On Monday, more than 100 migrants lined up at a gas station parking lot to wait for rides.

Khashoggi murder: Turkey gives official details of Saudi writer's death Khashoggi murder: Turkey gives official details of Saudi writer's death The kingdom has since admitted he was murdered at the Saudi consulate in Istanbul , blaming a "rogue operation". The evidence for this came from a joint Saudi-Turkish task force, broadcaster al-Ekhbariya said.

United States may send 15000 troops to border United States  may send 15000 troops to border Migrants from El Salvador and Guatemala have also joined the caravans. "They look like they're ready to fight", Marin said. If migrants travel towards the border crossing in San Diego, the trip could be twice as long.

Incineroar Makes Its Super Smash Bros. Ultimate Debut Incineroar Makes Its Super Smash Bros. Ultimate Debut Battle locally or online with other Super #SmashBrosUltimate players however you like with the game's many matchmaking options. But the Master Hands transform into looping beams of light that carry away the characters , turning them into spirits.

US plans tariff on remaining Chinese imports if Trump-Xi talks fail US plans tariff on remaining Chinese imports if Trump-Xi talks fail The slowdown in the second largest economy in the world occurs on the background of a trade war between the USA and China. Bloomberg reported on Monday that the U.S. is preparing tariffs on all remaining Chinese imports if the talks fail.

Iran Starts Oil sales to Private Exporters to Beat US Sanctions Iran Starts Oil sales to Private Exporters to Beat US Sanctions West Texas Intermediate (WTI) crude futures were at $66.99 a barrel, down 5 cents from their last settlement. USA supply data also showed a sixth straight weekly rise in domestic crude inventories.

Take-Two Has Second Largest Video Game Launch of All Time Take-Two Has Second Largest Video Game Launch of All Time During the first three days of marketing the game, the latter has a reported 725 million around the world . Red Dead Redemption 2 is, unsurprisingly, off to a fantastic start.

Google sacks 48 people over sexual misconduct claims Google sacks 48 people over sexual misconduct claims The suit also consisted of an email which Rubin sent to a woman, in which he wrote, "You will be happy being taken care of". According to some of those interviewed by the paper, Google was flexible in how it enforced its sexual harassment policy.