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United States will 'absolutely' sanction European companies that do business with Iran

05 July, 2018, 01:00 | Author: Melinda Barton
  • Iran to allow private sector to export oil, beat US sanctions

Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections.

USA crude stockpiles are forecast to have declined 5 million barrels last week, according to a Bloomberg survey ahead of government data to be released on Thursday.

Ellen Wald, an energy expert and President of Transversal Consulting told The National that Mr Trump "is clearly concerned about gasoline prices rising too much in the USA and that the administration's policy towards Iran - which could remove up to 2.5 million barrels per day from the market - will cause oil and gasoline prices to spike".

The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day. "We are working to minimize disruptions to the global market but we are confident there is sufficient global spare oil capacity".

Late last week, Iran's Oil Minister Bijan Zangeneh urged the Organization of Petroleum Exporting Countries (OPEC) to prevent some of its members from increasing output without arriving at a consensus.

Brian Hook, the senior official leading negotiations with USA allies on a new Iran strategy, said Washington is confident the world has enough spare oil capacity to replace Iranian crude.

Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.


Oil prices climbed down from their 3 ½ year high to reach US$73 per barrel, with Brent trading at US$76.96 Tuesday afternoon.

Libya's National Oil Corporation declared "force majeure", or unforeseeable circumstances, as the country's continued struggles with internal conflicts see approximately 850,000 barrels per day after losing control of Zueitina and Hariga ports this week.

The move lower is attributable to Saudi Arabia's willingness to increase demand at the request of US President Donald Trump.

Inventories at Cushing fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

"A fall in the price per barrel won't serve the interests of the big oil producers", Kaddour stressed.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya. "But as with our other sanctions, we are not looking to grant waivers or licenses".

Hook declined to say if the kingdom can offer that additional supply, but the United States is "working to minimize disruptions to the global market", Hook said.

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