Oil Prices Rise As US Sanctions Loom

12 October, 2018, 12:41 | Author: Frank Williams
  • Saudi Arabia unable to replace lost Iranian oil – Iran’s oil minister

Iranian Oil Minister Bijan Zanganeh on Monday called a Saudi claim that the kingdom could replace Iran's crude exports "nonsense". They checked into two hotels in Istanbul, the paper said.

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed.

The new round of reimposed sanctions, expected to be implemented on November 4, have already halved Iran's exports and some reports say it go to as low as 1 mb/d in November or about 40% of average export volume in 2017.

Based on Iran's fleet capacity, it seems the country can handle all its oil shipments, because transporting oil cargoes to its farthest markets takes about a month and a half of its fleet time.

"The market and the increase of prices are the best evidence that the market faces a shortage and it is anxious about a severe shortage of oil supply", Zangeneh added.

Khashoggi had written a series of columns for the Washington Post that were critical of Saudi Arabia's assertive Crown Prince Mohammed bin Salman, who has led a widely publicised drive to reform the Sunni monarchy but has also presided over the arrests of activists and businessmen.

In an attempt to compel Iran to agree to a new accord, Trump reinstated sanctions that targeted the Iranian government's purchase of USA dollars, Iran's trade in gold and other precious metals, and its automotive sector.

The tough stance by the USA government raised the stakes on the loss of exports from Iran than was foreseen previously said one analyst in Switzerland.

While the White House said it wanted to cut oil exports from Iran to zero, Saudi Arabia and Iran said that was not likely to happen.

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Oil prices have extended a rally on expectations the sanctions will test the Organization of the Petroleum Exporting Countries and other producers.

President Donald Trump said the U.S.is "demanding" answers from its close ally, but he did not disclose any details.

"Overall with regard to those sanctions that will take effect on November 4th - and you're referring to the oil sanctions for Iran and countries that choose to continue purchasing oil from Iran - we have conversations with many partners and allies around the world about those sanctions", she said on Thursday.

United States sanctions against Iran will kick in from November 4, which will block payment routes.

Under the terms of the act, a report must be made in 120 days with a decision on he imposition of sanctions on whoever was responsible.

Worries about crude supply from the Middle East have given prices some support.

Pradhan also added the country was considering evolving a different payment system to buy Iran's oil and that it could pay using Indian rupees. Last month, the U.S. had made this ban on China. "This is an obvious fact".

Speaking at the "The Energy Forum" in New Delhi on Monday, he said the world's third-largest oil importer did not know whether it would receive a waiver from USA sanctions.

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