Japan's JXTG to restart oil imports from Iran

08 November, 2018, 18:13 | Author: Myra Gill
  • Iranian Foreign Minister Mohammad Javad Zarif speaks at the Iranian Parliament in Tehran Iran

Later at another press conference, the State Department said its goal is to go down to zero oil import from Iran and during the next six months, it will monitor the diplomatic progress and the price of oil to ensure that the imposition of the sanctions was calibrated in the right way. The U.S. government forecast the nation's oil output will increase at a record pace this year, while industry data signaled American crude inventories rose last week.

As noted in a Center for Strategic and International Studies (CSIS) report released before the exemptions were announced, Japan and South Korea have both zeroed out their imports from Iran.

The port provides key supply route to landlocked Afghanistan.

The United States is warning other countries not to allow Iranian oil tankers into their territorial waters or ports, saying such access may run afoul of us sanctions and not only incur penalties, but also result in catastrophic economic and environmental damage should an accident occur. The group led by Saudi Arabia will gather in Abu Dhabi this weekend as they face a fresh surge of USA shale oil threatening to unleash a new surplus in 2019.

"We have chose to issue temporary allotments to a handful of countries responsible to the specific circumstances and to ensure a well supplied oil market".

US West Texas Intermediate (WTI) crude oil futures were at $61.69 per barrel at 0221 GMT, 2 cents above their last settlement.

The foreign minister further stated that while previous US Presidents have also displayed "disrespectful attitudes" towards Iran, they have eventually changed their stance, and said the Trump administration will have to do the same. Total volume traded was nearly double the 100-day average. The contract fell 1.4 percent to close at $72.13 on Tuesday. The global benchmark crude traded at a US$10.13 premium to WTI for the same month. The output will average 10.9 million barrels a day this year, up from 9.35 million in 2017, the biggest gain on record, according to the Energy Information Administration.

Meanwhile, US crude inventories rose by 5.8 million barrels in the week ending November 2, to 431.79 million barrels, the EIA said.

Japan leading crude oil wholesaler JXTG Holdings Incorporation says it is preparing to resume imports from Iran after the U.S. issued a waiver for Tokyo to continue its purchases of oil from the Islamic Republic.

The Hindustan Times had earlier reported Chabahar had been possibly given an exemption as it had not figured in the comprehensive list of 700 sanctioned Iranian individuals and entities - 400 from the earlier rounds of sanctions and 300 new - that was published by the U.S. treasury department on Monday.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. Off-topic, inappropriate or insulting comments will be removed.


  • Tesla names Robyn Denholm as new chairwoman to replace Elon Musk

    Tesla names Robyn Denholm as new chairwoman to replace Elon Musk

    Aside from her work at Telstra, she has also spent time at technology majors including Juniper Networks and Sun Microsystems. The 55-year-old Australian will temporarily step down as chair of Tesla's audit committee until she quits Telstra.
    Nadal confirms his absence from ATP finals - USA

    Nadal confirms his absence from ATP finals - USA

    The 32-year-old took to social media to announce that ongoing abdominal and ankle injuries have brought his season to an end. So yes, the Swiss legend, Roger Federer and the invincible man from Serbia, Novak Djokovic hold the crest at the tournament.
    Rockstar addresses missing gang member bug in Red Dead Redemption 2

    Rockstar addresses missing gang member bug in Red Dead Redemption 2

    Saying there is a lot to do in Red Dead Redemption 2 is a wild understatement of monumental proportion. Luckily, Rockstar Games is on the case!
  • New Breaking Bad film confirmed

    New Breaking Bad film confirmed

    It seems as though AMC wants to create giant spinoffs of their most famous projects, and I am not buying it so far. If true, " Greenbriar " joins a clutch of TV shows making the transition to a feature-length film format.
    Former Cowboy Dez Bryant agrees to deal with Saints

    Former Cowboy Dez Bryant agrees to deal with Saints

    We have yet to mention Alvin Kamara , Mark Ingram or the league's best offensive line, which now resides in New Orleans. When asked where Bryant might fit best a few months ago, Cowboys' quarterback Dak Prescott called it.
    Speculation mounts that Meghan Markle's mum will move to UK

    Speculation mounts that Meghan Markle's mum will move to UK

    Meghan and Harry will wait a number of days before they reveal the newborn's name, it has been claimed. It looks like the Royal Family will be adding a seat to their Christmas table this holiday season.
  • Trump frames midterms as 'tremendous success'

    Trump frames midterms as 'tremendous success'

    The Democratic gains were fuelled by women, young and Hispanic voters, a Reuters/Ipsos Election Day poll found. But he will have to deal with a GOP-controlled Senate, as well as President Trump's potential veto pen.
    Trump administration asks high court to fast-track DACA case

    Trump administration asks high court to fast-track DACA case

    The high court doesn't typically take cases before federal appeals courts rule on them. The court did not disclose how individual justices voted in the California case.
    Carragher On

    Carragher On "The Only Chance" That Liverpool Can Win The Title

    With the win, City goes on top of the league table, two points above second-placed Chelsea who are level on points with Liverpool but ahead on goal difference.
  • Trump threatens ‘war-like posture’ if Democrats investigate him

    Trump threatens ‘war-like posture’ if Democrats investigate him

    Trump has long felt aggrieved by the special counsel's investigation into Russian interference in the 2016 presidential election. The Republican president also clashed repeatedly with reporters at the White House, ordering them to be quiet.
    Ariana Grande's Full Performance of 'Thank U, Next' Is Here

    Ariana Grande's Full Performance of 'Thank U, Next' Is Here

    The split happened in the wake of the overdose death of another of the singer's ex-boyfriends, Mac Miller , in September 2018. Listen to Newsbeat live at 12:45 and 17:45 every weekday on BBC Radio 1 and 1Xtra - if you miss us you can listen back here.
    NBC says it will stop airing Trump immigrant ad

    NBC says it will stop airing Trump immigrant ad

    On Facebook's platform, the ad reached millions of viewers before the social network made a decision to stop running it Monday. When he was asked if he thought the ad was offensive, he responded , " A lot of things are offensive ".


White House suspends credentials for CNN's Jim Acosta
So, as the president said that the question was racist, and I - he was literally having white nationalists at the White House. As for Acosta, he was given no prior warning that his press pass was being revoked other than Sanders's tweet .

Andy Robertson confident Liverpool can win away to Paris Saint-Germain
Liverpool are second in their group behind Napoli although the sides have the same number of points. Red Star made it 2-0 just seven minutes later when Pavkov fired home from 25 yards out.

Indonesian flight delayed due to stinky fruit
He said he talked to an "officer" on the flight who told him that the plane was going to take off anyway. Eventually, they were all asked to leave the plane while the crew unloaded the durian.

Mass shooting at California country and western bar
A sheriff's captain says eleven people were shot late Wednesday when a suspect opened fire in a crowded Southern California bar. He said he heard from people inside that they were hiding in bathrooms and the attic of the bar.

Driver charged in death of actress' toddler kills herself
But in May she was arrested at her home and charged with manslaughter, criminally negligent homicide and assault. Dorothy Bruns , 44, was found dead in her Staten Island home by a friend on Tuesday afternoon.

Real Madrid’s projected XI vs Viktoria Plzen: Vinicius extremely probable to start
Viktoria Plzen will face Real Madrid in Group G rematch in the Champions League on Wednesday. Bale came close to scoring a second in stoppage time but was denied by the woodwork.

Manchester United snatch 2-1 win at Bournemouth
No matter how many minutes to the end of the game, we have the feeling that anything can happen. And I think he's good enough to start.

FDA Approves Powerful Opioid Pill That’s 10 Times Stronger Than Fentanyl
US regulators on Friday approved a fast-acting, super-potent opioid tablet as an alternative to IV painkillers used in hospitals. Dsuvia is an unnecessary opioid, they say, and its size and potency will appeal to people looking to sell or misuse it.

''Sit down. You are very rude
WOW - Trump unloads on Jim Acosta , says "CNN should be ashamed of themselves having you working for them". 'That's enough . Acosta repeatedly presses Sanders in her rare briefings to clarify quotes and policy from the president.

Several New York women win big on Election Day
She is also a fierce abortion opponent, with an A rating from the National Right to Life movement during her time in the House. The congresswoman defeated Democratic ex-governor Phil Bredesen by closely aligning her bid with President Donald Trump .