techkenyot.com
techkenyot.com November 20, 2018


India Yet To Take A Decision On Iran Oil Imports

11 July 2018, 03:40 | Hattie Nash

A gas station in the Bronx

Trump’s order for OPEC to reduce prices is insulting – Iranian oil minister

Washington's withdrawal from the landmark Iran nuclear deal was widely criticized across the world.

Indications are growing that show the USA can not rely on Saudi Arabia for too long to make up for the missing Iranian oil supplies once American sanctions are re-imposed against the country.

Zanganeh said that exerting pressure as such was against the principles of the Organization of the Petroleum Exporting Countries (OPEC) in which both Saudi Arabia and Iran are founding members.

The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame. The kingdom was also said to have increased daily output by about half a million barrels in June.

OPEC agreed in June on a modest increase in oil production starting in July after its leader, Saudi Arabia, persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.

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Hossein Kazempour Ardebili, Iran's ambassador to the OPEC, said the strong rhetoric by Trump against OPEC and oil producers could soon push up crude prices to as high as 100 US dollars per barrel.

Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases. Zanganeh said Iran's stance on this issue was clear.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

"We estimate that every million bpd shift in supply and demand balances would push the oil price by $17 bpd on average".

Iran snapped back at the accusation of OPEC price gauging, accusing Trump of creating market uncertainty and raising oil prices with his tweets.

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The oil minister also said that Iran, which is Opec's third-largest producer, has not changed its oil production and exports amid growing U.S. pressure.

South Korea has bought almost 296,000 barrels of oil from Iran in the first five months of the year, and is the biggest buyer of Iranian oil after China and India.

Baker Hughes energy services firm said in its report on Friday that U.S. crude prices jumped to their highest since November 2014 earlier this week.

The message also reads that "the Korean government is negotiating with the United States to get exemptions from the restrictions on Iranian oil purchases".

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