Turkey remains defiant as United States ends waivers on Iranian oil

09 May, 2019, 02:44 | Author: Gerard Cortez
  • India's oil imports from Iran down 57% in April

State-run refineries bought a lot of Iranian crude oil to stockpile ahead of the sanction waivers expiry, and this was the key reason for the record Chinese imports last month, Wang Zhao, head of crude oil research at Sublime China Information, told Reuters.

Brent oil is now expected to average $70 per barrel in 2019 and $67 a barrel in 2020.

U.S. West Texas Intermediate (WTI) crude futures were at $62.44 per barrel, 18 cents, or 0.3 percent above their last settlement.

Iran President Hassan Rouhani says the country must counter United States sanctions by continuing to export oil as well as boosting non-oil exports.

According to the official, more than 130 million barrels of oil were exported from Iran's offshore fields in the fiscal year that ended March 20.

U.S. President Donald Trump said on Sunday he would raise tariffs on $200 billion worth of Chinese goods from 10-25 percent by Friday.

However, the South Korean government has temporarily postponed the termination date after the USA re-imposed economic sanctions on Iran in November past year.

Russian Federation says at least 40 dead on burning jet
Video of the crash shows the plane bouncing on the runway and becoming engulfed in flames shortly after making a hard landing. While numerous 78 passengers and five crew managed to escape, an unconfirmed number of people are still unaccounted for.

The sources said based on the rights envisioned in JCPOA's paragraph of 26 on the European Union commitments and also in paragraphs of 36 and 37 which are about dispute resolution mechanism, Iran plans to decrease some of its commitments and resume a number of its nuclear activities that have been ceased under the JCPOA.

Saudi Arabia is expected to keep its crude exports below 7 million barrels per day in June, while output would stay under its production quota under a global deal to cut supply, a Gulf source familiar with Saudi oil plans said.

The freight incentive scheme was supposed to have been terminated at the end of last year as the country's dependence on Middle Eastern crude oil has been easing, while imports from the US, Kazakhstan and other non-OPEC producers rose sharply over the past couple of years.

But under the Trump administration, the US exited the deal and revived sanctions, including an embargo against Iran's economically important oil sector.

US crude oil production is expected to average 12.45 million bpd this year, up from the current 12.3 million bpd, which is already a record, the EIA said.

Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela.

With 80 per cent of India's requirements being met through imports, higher-priced oil from non-Iranian sources can make a big dent in the country's current account deficit and forex reserves.

Recommended:



Popular

Qatar to send $480m to West Bank, Gaza after truce with Israel
The ministry said among those killed on Sunday were a pregnant woman and a four-month-old baby. Israel said one of the buildings included Hamas military intelligence and security offices.

Liverpool reach the Champions League final after sensational comeback against Barcelona
They had chances as Liverpool exposed themselves at the back, but unlike the first leg, they were not clinical in front of goal. Jurgen Klopp's men needed to overturn a 3-0 first-leg defeat after Barcelona appeared to clinch the tie at the Nou Camp.

Boeing Hushed Info About Safety Alert Problems With 737 MAX for YEAR
Boeing has admitted it knew about a missing feature on its 737 Max plans a year before the first of two fatal crashes. However, the statement asserts that the software issue did not adversely affect the airplane's safety or operation.

Her stepfather claims kidnappers knocked him out and abducted her.
Police said they were able to look at the license plate of the vehicle that Vence was driving, which belonged to Maleah's mother. The National Center for Missing Exploited Children described Maleah as African-American with black hair, and brown eyes.

Mujahid: Malaysia condemns Israeli attacks in Gaza | Malaysia
President Trump tweeted out USA backing for Israel, saying: "We support Israel 100 percent in its defense of its citizens". Indeed, by the end of the weekend, the number of rockets fired into Israel from Gaza reached 690, according to the IDF.

Met Gala 2019: Which A-listers will co-host with Anna Wintour?
Of course, the rumors have led to a chain of reactions from the singer's fans who believe there is no Met Gala without Rihanna . Each year, the best and brightest from the worlds of fashion, film, music and beyond descend on the Met for the gala.

Trump Rages Against House Democrats: ‘Mueller Should Not Testify’
Last month, the House Judiciary Committee subpoenaed McGahn seeking documents by Tuesday and for him to testify on May 21. Cicilline said there has not been "compliance yet" from the attorney general. "The American people deserve the truth".

Buffett’s Berkshire turns $21bn profit - but Kraft Heinz numbers missing
Mr Buffett said 3G's management, which is responsible for the day-to-day running of the food company, was doing well operationally.

How to watch the Kentucky Derby
The race officials disqualified Maximum Security for interference and handed the win to second place finisher Country House . The colt was the 9-2 second choice in the market.

Korea fires short-range missiles into East Sea
Last month, North Korea tested a "new tactical guided weapon", reportedly components for a new anti-tank weapon. The U.S. balked at the request, insisting sanctions would not be relaxed until complete denuclearization.