Iran vows to foil United States bid to block oil exports

04 July, 2018, 06:28 | Author: Frank Williams
  • Iran announces plan to circumvent US oil sanctions

Crude oil prices rose on Tuesday with the US benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya.

Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.

An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May.

WASHINGTON-The Trump administration will consider requests for waivers from economic sanctions against Iran on a "case-by-case" basis, a senior State Department official said Monday, a step back from threats to insist on zero imports by a November 4 deadline.

The United States exited from the nuclear deal between Iran and world powers in May and said it would reimpose economic sanctions on the Islamic republic and its business partners by November 4.

The price for Brent crude oil, the global benchmark for the price of oil, was up 1.32 percent as of 9:15 a.m. EDT to $78.32 per barrel.

Donald Trump is urging oil producing countries except Iran to boost output.

More news: Trump orders flags flown at half-staff to honor Capital Gazette victims

Iran vowed Sunday to defeat USA efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the global oil market. West Texas Intermediate, the US benchmark for the price of oil, was up 1.51 percent to $75.06 per barrel, its highest level since November 2014.

The premium of near-term USA oil over long-dated contracts increased as analysts forecast continued shrinking supplies in the key Cushing, Oklahoma, supply hub.

"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week".

OPEC pledged to relax compliance with an agreement that helped balance an oversupplied market, but that might not be enough to address a looming deficit of around 2 million barrels per day.

Saudi Arabia has been pumping around 10 million bpd in recent months and sources close to its oil policy have said it could raise output to 11 million bpd.

A recent decision by the Organization of the Petroleum Exporting Countries (OPEC) to increase the cartel's own production by 1 million barrels a day has yet to tamp down prices. Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence. Trump has imposed tariffs on steel and aluminum in response to what he calls unfair trade practices from Europe, Canada, and other allies around the world, who have responded with retaliatory sanctions in kind. Off-topic, inappropriate or insulting comments will be removed.

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