Iran to only trade with countries that import its oil

by Ben Pena July 8, 2018, 1:41
Iran to only trade with countries that import its oil

The recent strength in oil prices has in part been spurred by a US announcement that it plans to reintroduce sanctions against Iran, OPEC's third-largest producer, from November, targeting oil exports.

NEW YORK, July 5 (Reuters) - Oil was mixed on Thursday, with USA crude slipping and Brent futures little changed after data showed an unexpected build in US crude oil stockpiles.

"The OPEC monopoly must remember that gas prices are up and they are doing little to help..."

West Texas Intermediate crude for August delivery traded at US$74.35 a barrel on the New York Mercantile Exchange, up 21 cents, at 10:43 am in London.

Trump has lashed out at OPEC producers to reduce prices, making a claim - later backtracked by the White House - in a tweet on Saturday that Saudi Arabia had agreed to increase oil output by up to 2 million barrels.

U.S. light crude jumped 90 United States cents, or 1.2%, to $74.84 a barrel, its highest since November 2014, before easing back to $74.59, up 65c, by 8.10am GMT.

Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran. "REDUCE PRICING NOW!" Trump wrote on Twitter.

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"Every day, Mr. Trump has a new message or remark that causes concern in the market, or he gives OPEC members orders that are very insulting", or demands other countries increase their production, Zanganeh said.

Opec, together with a group of non-Opec producers led by Russian Federation, reduced output in 2017 to prop up the market.

In the wake of threats from the United States (US) to reduce its oil revenue to zero, Iran has flouted plans of purchasing goods only from countries that import its oil.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to US sanctions.

"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the USA decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook.

An Iranian Revolutionary Guards commander, meanwhile, said Wednesday Tehran might block oil shipments through the Strait of Hormuz, a major route for transporting crude in the Arabian Gulf.

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