Iran says oil market held "hostage" by Saudi Arabia, Russia

18 September, 2018, 01:05 | Author: Sheri Evans
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Washington re-imposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into force from November 4. In the week of September 7 alone, U.S. crude stocks fell 5.3 million barrels to 396.2 barrels.

Under the deal, Iran undertook to put limits on its nuclear program in exchange for the removal of nuclear-related sanctions.

India was the fourth exporter of goods to Iran over the five months.

The figures showed a 12.19-percent shrink in weight and 10.67-percent decline in value compared with the same period a year ago, according to the report.

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"It seems President Trump has been taken hostage by Saudi Arabia and a few producers when they claimed they could replace 2.5 million barrels per day of Iranian exports, encouraging him to take action against Iran", Kazempour Ardebili was quoted as saying by media.

Iran finally managed to get Dino I and Dune to China out of Kharg Island.

"China is Iran's top, top oil purchaser". To maintain that rate of purchases, five to six supertankers should have left for China in the past 18 days.

Nayara Energy, part owned by Russian oil giant Rosneft, plans to lift 1 million barrels each in September and October, the sources said.

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A slowdown in USA production growth next year comes at a delicate time for oil markets, especially with Iran production being curtailed while uncertainties remain in Venezuela, Libya and Nigeria, all three are OPEC producers.

"We are trying to explain to them that the bigger picture here is we need to work together on putting this pressure onto Iran, and the sales of oil are a critical way to do that". Tanker tracking compiled by Bloomberg indicates that OPEC's fourth-largest exporter is already having to store barrels amid dwindling demand. There are now eight tankers holding 14 million barrels of Iranian crude or condensate, a form of light crude extracted from gas fields, anchored in the Persian Gulf.

Following Chinese President Xi Jinping's call for a boost to national energy security amid trade tensions, the country's crude oil output rose in August for the first time in almost three years. Exports fell 280,000 bpd reaching to 1.9 million bpd from a peak of 2.5 million bpd in May.

The Iranian OPEC governor has voiced skepticism that other producers can add much more oil. As supply cuts are reversed, OPEC's crude oil production in August (excluding Congo, which joined OPEC in June) rose to a 10-month high.

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The prices are relatively lesser than iPhone XS and iPhone XS which are available at starting price of Rs 99,900 and Rs 1,09,900. The iPhone XS's 5.8-inch display is bigger than the screen on the 8 Plus and features 2.7 million pixels and 458 ppi.

Traders said an early rally on Friday was sparked by reports U.S. Secretary of State Michael Pompeo was going to announce new sanctions on Iran. Trump administration's aim is to stop Iranian exports altogether.

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