Trump administration to reinstate all Iran sanctions
02 November, 2018, 17:41 | Author: Ted Wilson
"We still expect that the global oil market will be in deficit in 4Q18", the USA bank said.
In the United States, crude production has established itself well over 11 million bpd, and the U.S.is now running neck and neck with Russian Federation for the title of top producer.
Oil prices LCOc1 rallied this year to a four-year high above $85 per barrel on fears Washington may want to cut Iranian oil exports to zero.
Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter the planned sanctions.
India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports.
Under the law, the USA president must periodically issue a "determination" on whether there is sufficient supply in the market from non-Iranian sources for countries to significantly cut their Iranian purchases. The National Iranian Oil Company (NIOC) has reportedly leased some storage capacity at Dalian.
With Saudi Arabia pumping out 10.65 million bpd so far in October, combined output from the top three oil producers is now higher than ever, at 33.41 million bpd, meaning that Russian Federation, the United States and Saudi Arabia alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption.
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It was unclear how much crude those eight countries would be allowed to buy from Iran, whose oil exports have plummeted from an average of more than 2.5 million barrels per day to around 1.5 million bpd in recent weeks.
The United States is preparing to impose new sanctions on Iran's oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers earlier this year.
"Our goal remains to get to zero oil purchases from Iran as quickly as possible".
"This is something that we're going to ask others to help us with and we're going to maintain this pressure on this regime".
"The United States is in the midst of an internal process to consider significant reduction exceptions for individual countries, but that is only on a case-by-case basis", State Department's Deputy Spokesperson Robert Paladino told reporters. "The United States government now is in the middle of an internal process to consider significant reduction exemptions for individual countries". However, Essar-Nyara, sources said, has been buying some Iranian oil on the spot market. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).
Federica Mogherini believes that despite the new rollout of sanctions, trade between Europe and Iran will continue in defiance of Mr. Trump.
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