Tuesday, 18 December, 2018

Supertankers loaded with Iranian crude headed for China

Content image- Phnom Penh Post An Iranian woman walks past a mural depicting a gun painted on the wall of the former US embassy in the capital Tehran on August 7. ATTA KENARE AFP
Kelvin Reese | 18 September, 2018, 01:10

The official admitted that Iranian oil exports would drop, but reiterated Iran's position that the USA sanctions would not succeed in cutting off all of the country's oil sales.

Iran's oil exports are down by nearly a third since President Donald Trump said in April that the U.S. would withdraw from the nations' nuclear deal and reimpose sanctions.

The energy information administration and the International Energy Agency, a global group of oil-consuming nations, had predicted that the USA would eventually pass Russian Federation and Saudi Arabia but possibly not until 2019.

The United States is renewing sanctions on Iran after withdrawing from a nuclear deal forged in 2015 between Tehran and world powers.

Washington has said it wants to cut Iran's oil exports to zero following the reimposition of a second set of sanctions on 4 November.

However, bringing it down to zero by November is a tall ask given that oil from elsewhere is bound to be more expensive than the discounted rates being offered by Iran, and the fact most Indian refineries are geared for the kind of oil that Iran supplies.

However, prices were able to rebound into the close on Friday after a report said Secretary of State Michael Pompeo was going to give a press conference on new sanctions on Iran.

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Gordon missed more than three weeks of training camp this summer while receiving treatment tied to his struggle with addiction. NFL Network insider Ian Rapoport reported earlier that Gordon also preferred to be traded to the Cowboys or the 49ers.

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Apple said the EKG feature will be available to USA customers later this year, an indication that it may not be ready for launch. The feature gained an onstage endorsement from Ivor Benjamin, a cardiologist who is president of the American Heart Association.

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Cooper said 126 shelters are open across the state, with more than 12,000 people already staying at them, as of Thursday evening. The primary road through town was mostly empty, except for police cars and emergency vehicles that appeared to be on patrol.

In defiance of warnings from the European Union, the JCPOA signatories and many global players, Trump signed an executive order on August 6 re-imposing a first round of sanctions on Iran, which were lifted under the nuclear deal, to levy "maximum economic pressure" on the Islamic Republic.

The sanctions would include targeting Iran's automotive sector, trade in gold, and other key metals.

Brent crude LCOc1 however pulled back on the reports of additional tariffs, dropping 5 cents a barrel to $78.12 by 1:03 p.m. EDT.

Under the United States pressure to lower oil prices, the OPEC and its allies agreed in June to boost production, having participated in a supply-cutting deal in place since 2017. It was the first time in more than 20 years that the USA out produced Saudi Arabia.

While OPEC production has increased since then, Saudi Arabia has added less crude than it initially indicated.

While Saudi Arabia initially refused to cut output, oil's plunge from more than $100 a barrel in 2014 to less than $30 in 2016 sparked another major change in oil markets. London-based Energy Aspects consultants Amrita Sen and Michal Meidan said on 10 September that even if the kingdom has started the Khurais field expansion, which has a capacity of 0.3 million barrels a day, it's probably ramping up to that level only slowly.

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