Iraq To Stop Oil Exports To Iran In Compliance With US Sanctions

FileOPEC-Non-OPEC States Ready to Boost Oil Output- Saudi Minister

This month, according to Reuters, estimates of Iranian crude exports have varied by more than 1 million bpd, which is enough to cover Turkey's oil demand.

WTI had traded at $69.61 per barrel on Monday, Oct. 22, before it fell sharply during the past week.

"A Saudi pledge to produce as much oil as possible, and the stock market rout, have sharply reduced concerns about the November 4 implementation of US sanctions against Iran", said Ole Hansen, head of commodity strategy at Saxo Bank.

Consultancy JBC Energy said the oil price weakness was "probably driven by the wider negative market sentiment amid speculation about additional USA tariffs on Chinese imports, should upcoming talks fail to produce the desired results".

Trump's goal by exerting energy sanctions on Iran was to minimize the country's sources of income in the current economic war against Iran, he said.

The sanctions have triggered a black-market fueled by Iranian tankers - or "ghost ships" - that dismantle their vessel tracking systems, according to regional observers, making it extremely hard to estimate how much Iranian oil is on the market at any given moment.

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Speaking at a ceremony in Tehran, Es'haq Jahangiri claimed that as a result of "planning" and "mechanisms" deployed by President Hassan Rouhani's government, the USA will not reach its goal of completely cutting off Iran's oil exports.

Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market. Meanwhile, Brent further increased 0.74 dollars to 77.63 USA dollars per barrel.

The OPEC+ producer group, led by Saudi Arabia and non-OPEC member Russian Federation, agreed in June to lift oil supplies, but Opec said last week it may have to reimpose output cuts as global inventories rise.

Following US President Donald Trump's decision to quit the historic Iran nuclear deal on May 8, the US vowed to reimpose sanctions lifted under the accord against Iran and inflict punishments like secondary sanctions on nations that have business links with Iran. Previously private oil companies could buy oil only to export oil, officials said.

US sanctions on Iranian crude oil exports would take effect on November 4, prompting more countries to cut imports from Iran. Saying that the United States won't sell crude oil from the Strategic Petroleum Reserve (SPR), Secretary Perry also noted that he was "comfortable that the world supply can absorb the sanctions that are coming".

U.S. Treasury Secretary Steven Mnuchin said earlier this month that it would be more hard for Iranian oil customers to get waivers from the sanctions than it was during the Obama administration, and the U.S. would issue waivers, if any, only to buyers that have significantly reduced Iranian purchases.

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