Tuesday, 23 October, 2018

Brent crude drops below $83 on expectations Iran will maintain some exports

US considers sanction waivers on countries reducing imports of Iranian oil US reconsiders 'zero tolerance' policy on Iran oil imports
Rhonda Young | 08 October, 2018, 16:53

CME Group Chairman and CEO Terry Duffy tells FOX Business' Neil Cavuto that USA businesses are adapting to current oil prices.

White House National Security Adviser John Bolton said on Thursday that the administration's goal was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero".

US President Donald Trump's administration is considering sanction waivers for countries that are reducing their imports of Iranian oil, a US government official said on Friday. According to CNBC, Pradhan said India may use rupees rather than dollars to buy the oil, in an attempt to skirt the sanctions.

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The United States plans to impose new sanctions targeting Iran's oil sector on November 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile program.

Brent crude, the global benchmark, was down $1.38 to $82.78 per barrel at 1041 GMT.

That is the longest streak of weekly cuts since October a year ago.

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USA crude was down $1.14 at $73.20.

"This is one of the single biggest supportive factors for crude", said analysts at JBC Energy of the U.S.re-imposition of Iran sanctions. "Having said that, it may well be that we are already in the most supportive phase coming from this change and the effect will soon begin to ease".

WASHINGTON - The Trump administration signaled for the first time on Friday it will consider sanctions waivers for countries that have significantly reduced, but not completely eliminated, their intake of Iranian oil. Saudi Arabia and its allies have raised output to offset declining supply from the Persian Gulf nation and the kingdom can tap its spare capacity immediately to boost production further, the Saudi crown prince said in an interview. From May through early August Brent crude oil prices fell from $80 to $70 as economic growth concerns overruled fears that the market was inadequately supplied.

Kim, Pompeo agree to 2nd US-North Korea summit 'at earliest date'
The US Secretary of State will conclude his tour of the region with a visit to China, were he was due to meet officials on Monday. They also said the two sides agreed to hold a second round of negotiations between the USA and North Korea as early as possible.

Zanganeh accused Tehran's regional rival Saudi Arabia of bowing to USA pressure, saying such remarks had no "real impact on the market" but were part of a psychological war launched against Iran.

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