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All tagged exports
◢ Iran's oil minister has accused the United States of using sanctions to "shock" the global oil supply and gain market clout for its booming shale oil production. "I think one of the reasons for sanctions against Iran and Venezuela is opening up the market for American oil sales," Oil Minister Bijan Namdar Zanganeh said in an interview with state TV.
◢ Iran's President Hassan Rouhani struck a defiant stance against US sanctions on Tuesday, renewing his threat to cut off international oil sales from the Gulf. “America should know... it is not capable of preventing the export of Iran's oil," Rouhani said at a televised rally in Semnan province.
◢ The United States will exempt China, India and Japan from oil sanctions on Iran, Secretary of State Mike Pompeo said Monday, while vowing to be "relentless" in pressuring Tehran. Hours after sweeping sanctions were reimposed following the US withdrawal from a denuclearization deal, Pompeo said eight countries would be at least temporarily exempt from the ban on buying Iranian oil due to special circumstances or so as not to disrupt energy markets.
◢ Working from their small offices in Stockholm, analysts at a new watchdog that monitors global oil shipments have been run ragged by Iran's efforts to skirt US sanctions this month. In late October, every single one of Iran's vessels "went dark", switching off their transponders to avoid international tracking systems—a first since TankerTrackers.com began operating in 2016.
◢ The US administration likely will enable some countries to continue importing oil from Iran in the short term, despite Washington's maximum pressure campaign against Tehran, White House national security adviser John Bolton said today. The State Department is expected to provide such exemptions before the full brunt of US sanctions pressure begins on 5 November, even though the scope of waivers is yet undetermined.
◢ Iran sold oil to private buyers through its energy exchange for the first time on Sunday, as part of its efforts to counter the imminent return of US sanctions. Only 280,000 barrels were sold out of one million offered, and went for USD 74.85 per barrel, more than USD 4 below the initial asking price.
◢ The US Energy Information Administration (EIA) is raising its Brent crude price forecast by USD 5/bl to USD 81/bl for the fourth quarter, citing uncertainty over the effects of US sanctions on Iran. US will re-impose restrictions on Iran's oil exports on 5 November, but many buyers already have begun to wind down their purchases of Iranian crude.
◢ Iran on Sunday called on its OPEC partners not to bow to "threats" from US President Donald Trump, as the oil cartel prepared to meet to discuss output levels. "I hope the outcome of this meeting will not be affected by President Trump's threats," Oil Minister Bijan Namdar Zanganeh told SHANA, his ministry's news agency.
◢ Iran faces a potentially crushing loss of oil exports when US sanctions return in November, but the impact could be blunted by its experience of working around embargoes. When Iran faced its toughest international sanctions between 2012 and 2015, analysts say it found a number of creative solutions, from repainting and renaming ships to switching off their tracking devices.
◢ Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday. The "informed source" in Iran's oil ministry did not give details of the discount, but sought to downplay the move as common industry practice. "Discount is part of the nature of the global markets being offered by all oil exporters," the source told IRNA.
◢ Turkey on Friday hosted an American delegation for talks to address concerns about the potential negative impact on its economy of the looming reimposition of US sanctions against Iran. US President Donald Trump decided in May to abandon the 2015 deal agreed with other world powers on Iran's nuclear program and reimpose nuclear-related sanctions against the Islamic Republic.
◢ The United States remains determined to force Iran to change its behavior by cutting its oil exports to zero, the State Department said Monday, despite resistance from importing countries. Brian Hook, the senior official leading negotiations with US allies on a new Iran strategy, said Washington is confident the world has enough spare oil capacity to replace Iranian crude.
◢ Chinese telecom giant ZTE halted trading of its shares in Hong Kong and Shenzhen Tuesday following a US ban on its purchase of sensitive technology, which drew a pledge by China to "safeguard" its companies if necessary. Washington said ZTE had failed to follow through on pledges to punish staff responsible for illegal exports to Iran and North Korea.
