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Iran's Oil Exports Slip for Third Consecutive Month over United States santionsNaija247news

10 August, 2018, 14:46 | Author: Sara Gill
  • Saudi Arabia Reduced Oil Production in July

Oil prices rose more than 1% on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures fell to a almost seven-week low during the session and were last trading down $2.63, or 3.8 percent, at $66.54.

With China, India and Turkey already on board to continue Iranian oil imports, Japan also says it is considering continuing shipments amid warnings that new U.S. sanctions on Tehran could push prices above $90 a barrel. It has not said when it will impose the tariffs.

Indian refiners' interest in USA crude will be welcome news to shale producers looking for buyers outside of China, which is likely to scale back imports as the trade dispute between the administration of President Donald Trump and Beijing escalates.

"Of course, such decisions being taken by the USA side are absolutely unfriendly and can hardly be associated with the. constructive atmosphere achieved at the latest meeting of the two presidents", he was quoted by Russian news agency Tass as saying.

On the 4 hour chart, crude oil is crossing above a solid resistance level of $69.45. The price for Brent crude oil, the global benchmark, was up 0.15 percent as of 9:22 a.m. EDT to $72.39 per barrel.

Experts believe that the USA is pushing the World towards the "Third World War" over global policies, especially Iran. "The reports that Saudi Arabia's production actually dropped in July continue to provide support for the market".


"Many investors were watching oil prices after the United States reimposed sanctions on Iran", said Hussein Sayed, chief market strategist at FXTM. Refiners in China are unlikely to increase purchases of American crude even after the Ministry of Commerce removed oil from its list of United States goods slated for tariffs, according to Michal Meidan, an analyst with Energy Aspects Ltd.

However, Iranian oil exports to its top two customers-China and India-continued to stay high last month. The official selling price for Oman crude oil during July 2018, for the delivery month of September 2018, settled at US$73.17, lower by US$0.44 only compared with June trading prices.

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries.

Crude oil prices are under pressure because a tariff on imported USA crude oil means a drop in demand. "We are going to work with individual countries on a case-by-case basis, but our goal is to reduce the amount of revenue and hard currency going into Iran", a senior USA administration official said on Monday.

Meanwhile, stockpiles of gasoline and distillates, which include diesel and heating oil, rose more than expected.

Saudi Arabia is producing around 10.4 million bpd and could in theory raise output to above 12 million bpd. It is that second round that will have a greater impact on Iran's oil and gas industry.

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