U.S. sanctions can not cut Iran's oil sales to zero - Iran adviser

22 September, 2018, 11:51 | Author: Teresa Adams
  • Iran OPEC chief: 'Saudi and Russia are taking oil market hostage'

Bloomberg's report explained that Iranian oil exports reached less than 2 million barrels per day in August, which could push prices to more than $ 80 per barrel.

The focus on oil supply has been reflected in the options market this week, where investors have scooped up large amounts of buy or call options, suggesting they see prices rising. Oil consumption is "robust", but crude use "is beginning to face some headwinds", he said Sunday in an interview in Dubai, without elaborating.

The countries are the world's two largest economies.

Bloomberg US news agency reported on Sunday that Iran's oil exports had declined almost to one third since US President Donald Trump announced the reimposition of sanctions on Tehran following his withdrawal from the nuclear weapons deal in May.

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US oil futures surged almost 2 percent on Wednesday as they were bolstered by a fifth weekly crude inventory drawdown and strong domestic gasoline demand amid ongoing global supply concerns over USA sanctions on Iran that come into force in November.

However, potential supply cuts caused by United States sanctions on Iran, the third-largest producer among the members of oil cartel Opec, are providing some support for oil prices.

Brent crude oil futures gained 25 cents to $78.34 per barrel as of 0727 GMT, reversing a 0.2 percent loss earlier in the session.

"Saudi Arabia and the UAE are turning OPEC into a tool for the U.S. and consequently the organization has not much credit left", Iran's OPEC governor Hossein Kazempour Ardebili told the Shana newswire, affiliated to Iran's Oil Ministry.

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Reuters reported on September 5 that Saudi Arabia wanted oil to stay between $70 and $80 to keep a balance between maximizing revenue and keeping a lid on prices until US congressional elections.

LONDON-Oil prices advanced on Monday on the back of a weaker dollar and continued expectations of a global supply crunch.

USA stock indexes broadly fell on Monday, weighing on oil futures, on expectations that the Trump administration would go ahead with the new tariffs and that Beijing would retaliate.

Novak said OPEC+ would also discuss supply and demand forecasts for the fourth quarter.

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The study was commissioned by Puerto Rico's government, which has accepted the finding as its official death toll. The governor said 16 rivers statewide were at major flood stage and more than 1,100 roads were closed.

Elsewhere, the latest escalation in the tit-for-tat trade war between the United States and China stoked worries over global economic growth and demand for oil. Iran's share of OPEC revenues increased to 10% in 2017 to its highest level since 1999, recovering from declines from 2012 through 2015 that resulted from sanctions targeting Iran's oil exports.

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