The U.S. government has demanded that all countries stop buying Iran's oil from November.
Expectations of the US EIA stockpiles draw buoy oil prices. While Saudi Arabia is facing mounting pressure from Trump to do more, America's oil sanctions on Iran and trade frictions with China are adding to uncertainties with planned USA tariffs on Chinese goods set to start Friday. Back then, the sanctions severely limited Iran's ability to pay for imports of basic goods, which led to a spike in food prices. At the same time, the Saudi's are probably going to try to figure out how to get more oil into the market without causing a rift with its partners.
When asked at a news conference in Bern later on Tuesday whether those comments constituted a threat to interfere with the shipping of neighbouring countries, Rouhani said: "Assuming that Iran could become the only oil producer unable to export its oil is a wrong assumption".
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U.S. President Donald Trump, who recently called on OPEC producers to help reduce oil prices, has raised prices through his tweets, Iranian OPEC Governor Hossein Ardebili was quoted as saying by news agency SHANA on Thursday.
The growing United States pressure on the world to totally stop buying Iranian oil has produced a warning from top Iranian officials that the world economy, and America's economy in particular, would pay a severe price from such a ban.
Venezuelan production fell to 1.36 million bpd by June, compared to just under 2.5 million bpd at the start of a year ago, amid a structural underinvestment in the country.
"Further declines in USA crude oil inventories and the significant outage in Libyan oil supply are helping to keep a floor under the market", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.
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"With contentious midterm USA elections looming, the President continues to strong-arm Saudi Arabia to increase oil supplies which, at least for now, is containing price action below WTI $75 per barrel", said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA.
Brent crude futures LCOc1 were at $77.82 per barrel, up 6 cents from their last close. By withdrawing from the deal, America reimposes economic sanctions on Iran, impacting Tehran's ability to sell its oil on the market. Last month, the group agreed to lift production by about 1 million bpd to offset losses from Venezuela and Iran.
In the global context, however, United States gas is already incredibly cheap.
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