Tag: Iran

Iran will not comply with US sanctions

Iran will not comply with US sanctions

Iran will not comply with the “fully illegal” US sanctions imposed on Tehran, according to the country’s oil minister Bijan Zanganeh. Speaking at a joint news conference in Baghdad with Iraqi Oil Minister Thamer al-Ghadhban, Zanganeh said Iran would not disclose the extent or destination of its oil exports while […]

Oil sees first yearly loss since 2015

Oil sees first yearly loss since 2015

Oil prices ended last year with full-year losses for the first time since 2015 after a chaotic fourth quarter, which saw investors flee the market due to concerns over a supply glut and mix signals over US sanctions on Iran. Over the year, US West Texas Intermediate Crude (WTI) future […]

OPEC agrees on 1.2m bpd cut

OPEC agrees on 1.2m bpd cut

OPEC has defied US President Donald Trump’s calls to maintain low prices by agreeing to a 1.2 million barrel per day cut to production over six months, sending crude prices higher. The deal was pushed forward in Vienna after two days of discussions, where the bloc’s de facto leader Saudi […]

US to let eight countries to continue to buy Iranian oil

US to let eight countries to continue to buy Iranian oil

The US Government has granted eight countries permission to continue buying Iranian oil following the imposition of new sanctions on the Islamic republic next week. The biggest importers of Iranian crude, all of which are in Asia, have been requesting sanction waivers that will allow them to continue to purchase […]

EU scrambles to create trade vehicle for Iranian oil

EU scrambles to create trade vehicle for Iranian oil

Last month the European Union set out its plans to form a special-purpose body to deal with transactions that include Iranian oil and European goods in a bid to avoid US sanctions on Iran, however the bloc is struggling to create the vehicle as EU members are reluctant to host […]

Brent crude dropped on growing supply

Brent crude dropped on growing supply

The FTSE 100 edged 0.203pc higher at 7,040.57 led by oil giant BP, up 3.25pc, after it announced it doubled its third quarter profits on the year. Brent crude dropped 0.71pc to $76.79 on concerns that the US-China trade dispute could dent economic growth and signs that global supply continues […]

Saudi Arabia and Russia extend oil pact

Saudi Arabia and Russia extend oil pact

Saudi Arabia and Russia have agreed to extend their partnership to maintain oil stability, according to Saudi Energy Minister Khalid al-Falih. “Saudi Arabia and Russia will interfere together, along with the heads of the other producing states, to prevent the market form falling out of balance,” the minister said during […]

US concerned Iran will bypass sanctions by going through Russia

US concerned Iran will bypass sanctions by going through Russia

The US has been said to be concerned that Russia could help Iran avoid US sanctions on its oil by buying it from Tehran and selling it on as a Russian commodity. America is set to introduce stringent sanctions on Iran early next month that are aimed at bringing Iranian […]