Iran dismisses United States efforts to ban Iranian oil as ‘futile’

Iran dismisses United States efforts to ban Iranian oil as ‘futile’

Iran dismisses United States efforts to ban Iranian oil as ‘futile’

A senior State Department official said this week that countries will need to cut their imports of Iranian oil to zero from November and exemptions are unlikely.

The editorial board of a leading Irish newspaper slammed on Thursday those calling for a boycott of next year's Eurovision.

Following last week's pledge of more oil from OPEC, Russia is now standing next to Saudi Arabia as a major influence in the market, an analytics analyst said.

In Mumbai, petroleum minister Dharmendra Pradhan told reporters that for a "healthy energy mix", India could "get oil from anywhere".

Firms will need to get the best possible deal since the United States has multiple sources of crude oil. "The rest depends on geopolitics and those decisions will be taken based on the situations..." Trump ordered the reimposition of USA sanctions against Iran that were suspended under the accord.

Iran sanctions could become one key issue in the US-India diplomatic ties that has hit a low lately.

Sources said the dialogue would be rescheduled "soon" but bringing four top ministers together on a single day is proving to be a challenge. An official stated that the expectation is for all purchases of Iranian oil to go to zero by November 4, without any waivers of conditions. The official added that the group had not yet visited China or India.

"For Iran, we continue to assume that Iranian supplies will fall by 500,000bpd by the end of this year, while for Venezuela we are estimating that production will fall to 1.2 million bpd, from around 1.5 million bpd now".

For someone who has claimed to be unhappy about rising oil prices the Trump administration sure has a amusing way of showing it, or taking steps to achieve it.

Iran had been pushing hard for oil producers to hold output steady as USA sanctions are expected to hit its exports, meaning Tehran had little to gain from OPEC production increases that lower oil prices and cut its revenue.

The rally comes days after OPEC and other supply-cutting countries led by Russian Federation reached a deal officials said was partly created to prevent market overheating.

Meanwhile, Brent crude rose to $77.85 a barrel.

At the current rate for Urals, the Russian benchmark for the price of oil, the extra barrels pledged b Novak would yield about $12 million per day.

Japan has also made some sacrifices as it withdrew from the Azadegan oil field, one of the largest in the Middle East which Japan developed, due to the impact of US sanctions on Iran.

To boost its sales to India, Iran recently offered virtually free shipping and an extended credit period of 60 days.

High sulphur crude from the Middle-East particularly from Saudi Arabia and Kuwait can easily replace the quantities being bought from Iran, he said. "Finding replacement barrels is not a problem, but it has to give the best economic value", a third source in New Delhi said.

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