Iran announces plan to circumvent USA oil sanctions

Andrew Cummings
July 3, 2018

That official, who spoke without attribution, said, "Without question, they should be reducing".

Information provider Genscape said USA crude inventories at Cushing had fallen in the week, traders said.

"We are working to minimize disruptions to the global market but we are confident there is sufficient global spare oil production capacity", Brian Hook told reporters.

According to the Associated Press, peaceful protests began in Khorramshahr, Abadan and other areas of Iran's oil-rich Khuzestan province on Friday, but over the weekend, protesters began throwing stones and confronting security forces in at least one city. "How this really is going to play out seems to be up in the air".

"He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

The White House has since walked back the claim that Salman agreed to Trump's request.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May. On Fox, Trump directed blame at the Organisation of Petroleum Exporting Countries, of which Saudi Arabia is a member.

USA production has soared 30 per cent in the past two years, to 10.9 million bpd, meaning the world's three biggest oil producers now churn out nearly 11 million bpd each, meeting a third of global oil demand.

Also weighing on oil demand are trade disputes between the United States and other major economies including China, the European Union, India and Canada.

"Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy", U.S. bank JPMorgan said.

The State Department has not released the itinerary of the visit but the delegation is expected to make stops in Riyadh and Abu Dhabi before heading to Europe in a bid to to prepare the groundwork with Gulf and transatlantic allies for reimposing sanctions on Iran.

Speaking in a ceremony to celebrate the national day of industry and mine, the official said that Iranian crude will be offered on the bourse and the private sector can export it, IRNA reported.

As a result of those sanctions, companies that do business with Iran could face penalties from the U.S. It was previously unclear if the U.S. would penalize European nations that chose to remain in the Obama-era agreement.

Other reports by iNewsToday