Iran to Store Its Oil in Fleet of Supertankers

17 September, 2018, 11:56 | Author: Eric Barnett
  • The national flags of Russia and Saudi Arabia are seen during an OPEC meeting in Vienna

Crude oil prices fell Thursday, slipping back from four-month highs as investors focused on emerging market crises and trade disputes possibly denting demand.

In June, India, the largest buyer of Iranian oil after China, said it expects to import less oil from Iran in the coming months because it wants to protect its exposure to the United States financial system. The global benchmark rose on Wednesday to its highest since May 22 at $80.13.

U.S. West Texas Intermediate crude oil was one of the most active futures contracts last week. The concern for Trump and Republican candidates has been higher global oil prices and higher gasoline prices hitting voters in the pocket book and possibly causing voter backlash at the polls.

After a volatile week, Brent was set for a 1.6 percent weekly rise and WTI 1.8 percent.

"As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the USA dollar", the agency said.

Iran believes that U.S. sanctions will be unable to reduce Iranian oil exports to zero.

USA companies in China are being hurt by tariffs in the growing trade war between Washington and Beijing, according to a survey, prompting US business lobbies to urge the Trump administration to reconsider its approach, Reuters reported. Similarly, Brent crude oil dropped 70 cents a barrel to a price of $79.04 a barrel.


"The price action of yesterday confirms $80.00 a barrel as a strong resistance line in Brent", consultancy Petromatrix said in a research note.

Still, supply concerns are supported by data showing that USA crude production fell by 100,000 bpd to 10.9 million barrels per day last week as the industry faces pipeline capacity constraints.

However, prices were able to rebound into the close on Friday after a report said Secretary of State Michael Pompeo was going to give a press conference on new sanctions on Iran.

While OPEC production has increased since then, Saudi Arabia has added less crude than it initially indicated. The sanctions would include targeting Iran's automotive sector, trade in gold, and other key metals.

Iran told OPEC last month that no member country should be allowed to take over another member's share of oil exports, expressing Tehran's concern about Saudi Arabia's offer to pump more oil amid the sanctions that threaten to cut Iranian oil sales.

Kazempour has represented Iran in that position for many years.

Recommended:

  • First Look at Joaquin Phoenix as The Joker Revealed

    First Look at Joaquin Phoenix as The Joker Revealed

    Warner Bros has set October 4, 2019, for its Joker origins movie starring Joaquin Phoenix . De Niro has been cast in the Joker movie, reportedly as a talk show host.
    United States  plant operators prepare for Hurricane Florence

    United States plant operators prepare for Hurricane Florence

    In a call with reporters on Wednesday, Duke officials said a decision on whether to close the Brunswick plant had not been made. Nuclear Energy Institute vice president of nuclear operations, told World Nuclear News in October 2016 after Matthew's impact.
    Tropical Storm Helene heading toward The United Kingdom

    Tropical Storm Helene heading toward The United Kingdom

    Temperatures will perhaps get up to 25-26c in the southeast, with other parts into the low-twenties. Winds are expected to be strongest at sea and along the south and southeast coasts.
  • Democrats call to delay Kavanaugh committee vote, after accuser comes forward

    Democrats call to delay Kavanaugh committee vote, after accuser comes forward

    From the moment Anthony Kennedy retired, Brett Kavanaugh's Supreme Court nomination appeared to be a foregone conclusion. She told the Post: "Now I feel like my civic responsibility is outweighing my anguish and terror about retaliation".
    ‘Challenge accepted’: Cowboys’ Dak Prescott responds to Giants’ trash talk

    ‘Challenge accepted’: Cowboys’ Dak Prescott responds to Giants’ trash talk

    Now he's itching to torch his bitter division rival in the national spotlight and do his first end-zone celebration of 2018. Giants. "I know the Giants, I'm sure, are happy to have him, and he certainly will challenge opponents for years to come".
    Unai Emery reveals all over relationship with Mesut Ozil

    Unai Emery reveals all over relationship with Mesut Ozil

    It was like that with me from the start. "I've been told so many times over the years that this is how Bergkamp played". Playing a top six side and losing 2-1, the other side having had the bulk of the possession and dominating the game.
  • Torres overcomes shaky start to share Evian lead

    Torres overcomes shaky start to share Evian lead

    The South Korean's two career LPGA wins are more than the other three combined, though Martin won the 2014 Women's British Open. The world No. 21 birdied her final two holes for a first-round 65 at a course where she feels "at home".
    Top Dem says Trump is 'terrified' of what Manafort could reveal

    Top Dem says Trump is 'terrified' of what Manafort could reveal

    Eisen noted that Trump is likely the only target that Manafort could offer information to investigators, he noted. Manafort was present at a June 2016 meeting at Trump Tower between Trump campaign members and a Russian lawyer.
    Israeli Missiles Target Iran Arms Depot Near Damascus Airport

    Israeli Missiles Target Iran Arms Depot Near Damascus Airport

    The Israeli military would not confirm the claim, saying it does not comment on foreign reports. No information about damage or casualties on the ground is available so far.
  • Brett Kavanaugh: accuser of Trump's Supreme Court pick goes public

    Even after Feinstein sent the allegation to the FBI, Senate Democrats weren't littering the news with calls to denounce Kavanaugh. Ford contends that Kavanaugh and a friend , both of whom she described as "stumbling drunk", corralled her into a bedroom.
    Super Typhoon Mangkhut hits China; over 2.45 million people evacuated

    Super Typhoon Mangkhut hits China; over 2.45 million people evacuated

    Mangkhut has now reached mainland China, where China's Guangdong province has already evacuated 2.45 million people. After blowing past the Philippines , the typhoon lashed Hong Kong and other parts of southern China on Sunday.

    Reward offered for information on needles in strawberries

    Consumers have been urged to chop up or throw out berries purchased in the past week as police seek a culprit. Queensland premier Annastacia Palaszczuk has issued the reward over concerns for growers as well as consumers.


Popular

Hurricane Florence looks absolutely wild from the International Space Station
Meanwhile, many were experiencing a complete blackout as the storm damaged infrastructure, utility poles and transmission lines. Governor Cooper said there have been "several hundred" rescue operations and "there are still some people they need to get to".

Vikings vs. Packers: My stupid prediction
According to referee Tony Corrente, the flag was thrown because Matthews "lifted him and drove him into the ground". That was negated by the roughing call, despite Matthews avoiding putting all of his weight on the quarterback.

Browns' Gordon (hamstring) out vs. Saints
The Saints cut their deficit to 12-10 when Brees and wide receiver Michael Thomas connected for a 2-yard touchdown with 8:41 left. The Browns led 12-3 heading into the fourth quarter, but blew a chance to extend their advantage early in the final quarter.

Fournette questionable for game against Patriots
Manning said the Jaguars dictated some of his throws to Beckham because they play a safety in a center field position a lot. In the season opener against the Jaguars, he posted 106 rushing yards on carries with a touchdown in his debut.

John Kerry blasts Pres. Trump's withdrawal from Paris climate pact
His administration is also seeking to boost methane emissions and roll back California's strict vehicle emissions standards. The summit came with 2018 on pace to be the fourth hottest year on record globally.

Woman accusing Brett Kavanaugh of sexual misconduct comes forward
From the moment Anthony Kennedy retired, Brett Kavanaugh's Supreme Court nomination appeared to be a foregone conclusion. Now he is being accused of sexual harassment by a former classmate he went to high school with in the early 1980s.

MA gas-blast: Residents allowed home after fires and explosions
The company a subsidiary of NiSource , a utility company that serves more than three million customers in seven states. The governor and Columbia Gas of MA president Steve Bryant have quibbled over the utility's level of preparedness.

'Historic storm' lashes Carolinas with heavy rain, floods
Virginia, in fact, has issued mandatory evacuations for coastal areas of the state. " Your time is running out ", he warned. Listen to local officials, and make sure you heed their advice.

Henri Bendel to close after more than 100 years
The company's flagship store on New York's 5th Avenue, steps away from Trump Tower, is a landmark in Manhattan. The store's namesake founder was a women's hatmaker from Louisiana who set up shop in NY in 1895.

Saints rally to come back against Browns, win first game of 2018
Gordon missed the majority of training camp, taking time to make a concerted effort to improve his mental and physical health. The Cleveland Browns , in perhaps the most post-1999 Browns result ever, tied with the Pittsburgh Steelers last Sunday.