Pompeo Allows Sanctions Exception for Iran Port Development

Share
Pompeo Allows Sanctions Exception for Iran Port Development

"The focus for now remains on the waivers issued to eight countries, allowing them to continue the purchase of Iranian barrels temporarily", said Stephen Innes, Singapore-based head of trading for Asia Pacific at Oanda Corp.

Oil prices were stable on Thursday, supported by rumblings from within OPEC that production curbs may become necessary again to prevent a return of global oversupply.

In May 2016, India, Iran and Afghanistan inked a pact which entailed establishment of Transit and Transport Corridor among the three countries using Chabahar Port as one of the regional hubs for sea transportation in Iran, besides multi-modal transport of goods and passengers across the three nations. There's also the risk of antagonising the kingdom's key geopolitical ally, US President Donald Trump. Now, with the U.S. midterm elections over and crude futures wilting in the face of another historic shale oil surge, the cartel will discuss a change of course this weekend.

Brian Hook, the State Department's special representative on Iran policy, said that the U.S. sanctions extended to insurers and underwriters.

Saudi Arabia and other producers gathering in Abu Dhabi this weekend face a worrying prospect: Even though USA sanctions on Iran are removing significant amounts of crude from world markets, a fresh surge of American shale oil threatens to unleash a new surplus in 2019. "Mr. Trump's administration must understand that its anti-Iran policies won't bear fruit and therefore have to be changed", Zarif said.

The State Department reminded the global shipping and insurance industries Wednesday that as part of the Trump administration's "maximum pressure campaign" to get Iran to change its behavior, insuring Iranian tankers will now incur penalties under US sanctions reinstated this week.

Shale has plenty of potential to surprise. The Energy Information Administration just increased its 2019 production forecast by 300,000 barrels a day to 12.06 million.

Then there are political considerations.

A ministerial committee of some OPEC members and allies will on Sunday meet in Abu Dhabi to discuss the market and outlook for 2019.

In response to USA sanctions, Iran and its trade partners have been negotiating the reduction of the U.S. dollar's share in mutual trade.

The Saudis may also struggle to persuade the rest of OPEC to back a deal pledging production cuts.

Russia, the most important non-Opec partner in the coalition, has ramped up output to a post-Soviet record and President Vladimir Putin has said he's comfortable with prices in a $65 to $75 a range, giving some downside from the current level of $72 in London. Others may have grown tired of having their production policy steered by the kingdom.

He said that the United States, whose military patrols the Gulf and is allied with Iran's rival Saudi Arabia, did not want incidents. "They have over-balanced the market", and have no choice but to cut by about 1 million barrels a day, he said.

Share

Advertisement

Related Posts

Driver Charged With Killing 2 Children In Park Slope Crosswalk Found Dead
She won for best featured actress in a musical in 2015 and had been due to play the same role in London's West End this summer. But in May she was arrested at her home and charged with manslaughter, criminally negligent homicide and assault.

Gary Anderson Claimed His First Coral UK Open Title
A Few Information About Gary Anderson Gary Anderson is a professional darts player who was born in 1970 in Musselburgh. He’s 24 years younger than Gary Anderson, so we can agree that the experience made the difference in this case.

Justice is served as new Judge Dredd figure preorders are now open
Despite the hefty price tag of $799.99, there is a 15% discount available for customers who pay in full or opt into a payment plan.

3 Secrets of Innovation Development by Max Polyakov
Also, the investor should never forget that even the biggest amount of invested resources doesn’t guarantee a success. One of the recent examples is the mass closing of brick-and-mortar shops in the USA because of Amazon’s popularity.

Mass shooting at California bar: USA media reports
Several witnesses told ABC 7 the man was armed with a handgun opened fire inside the Borderline Bar & Grill in Thousand Oaks. Garo Kuredjian said at a news conference early Thursday that a sheriff's deputy was also shot and taken to a hospital.

Plzen vs. Real Madrid live stream
Real Madrid has undergone significant change since its last Champions League outing, a 2-1 win over Plzen on October 23. Another clean sheet should also be a badly needed boost of confidence for the injury-hit defence.

Richard Sherman reacts to Dez Bryant signing with New Orleans Saints
Similarly, the team understood that a solid defense could key on Thomas in the postseason and leave them fighting with one hand. Bryant retweeted a person congratulating him on landing with the Saints , who lost receiver Ted Ginn Jr . for the year.

Justices nix case on net neutrality
It actually petitioned the Supreme Court to erase history and wipe out an earlier court decision upholding open internet policies. Circuit Court of Appeals, heard arguments in May but hasn't ruled.

Pete Davidson Made Last Minute Call to Mention Ariana Grande on 'SNL'
It was posted in good fun, something Ariana herself got a good laugh out of when she saw it later in the day. She's a wonderful, strong person and I genuinely wish her all the happiness in the world".

Online Casinos that Accept UK Players
Since the UK has grown to become a thriving gambling market, numerous gaming destinations have popped up that provide the service. Since the UK is regarded as the online gaming hub of the world, gamblers in the region are in no short supply of casino options.

© 2015 ExpressNewsline. All Rights reserved.