Kiyoko Metzler Associated Press Published 2:00 p.m. UTC Aug 30, 2018 Vienna – Iran continues to comply with the nuclear deal reached in 2015 with major powers even after the withdrawal of the United States, the United Nations’ atomic watchdog said Thursday in a confidential report. In the quarterly report distributed to member states and seen by The Associated Press, the International Atomic Energy Agency said Iran has stayed with key limitations set in the so-called Joint Comprehensive Plan of Action, or JCPOA. The conclusion comes as the other signatories to the landmark 2015 deal – Germany, Britain, France, Russia and China – continue to try and salvage it after President Donald Trump decided to pull the U.S. out unilaterally in May. The deal exchanges economic incentives for nuclear guarantees. Since the American withdrawal and re-imposition of sanctions, Iran’s economy has already started to struggle and its currency has plummeted in value. The … [Read more...] about IAEA says Iran continues to meet nuclear obligations
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Now you see it, now you don’t: oil surplus vanishes ahead of Iran…
LONDON (Reuters) - An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices. FILE PHOTO: Motor oil bottles are seen in the packaging plant at American Refining Group Inc., the oldest continuously operated refinery in the United States founded in 1881, in Bradford, Pennsylvania, U.S. October 6, 2017. REUTERS/Brendan McDermid/File Photo Iran’s oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S. sanctions in early November, which in turn has helped drain a glut of unsold oil. The millions of unsold barrels of crude that had pooled around northwest Europe, the Mediterranean and West Africa over July and August are rapidly draining. A months-long surplus in the West African market that depressed prices to their lowest in months has almost vanished. Traders had said just one … [Read more...] about Now you see it, now you don’t: oil surplus vanishes ahead of Iran…
Iran says it will block Middle East oil exports if it can’t ship
Ladane Nasseri, Bloomberg 3:53 am CDT, Thursday, August 30, 2018 The Strait of Hormuz, seen here with fishing boats near the town of Khasab, Oman, is the conduit for 40 percent of the world’s oil-tanker traffic. The Strait of Hormuz, seen here with fishing boats near the town of Khasab, Oman, is the conduit for 40 percent of the world’s oil-tanker traffic. Photo: Kamran Jebreili / Associated Press Photo: Kamran Jebreili / Associated Press Image 1 of / 1 Caption Close Image 1 of 1 The Strait of Hormuz, seen here with fishing boats near the town of Khasab, Oman, is the conduit for 40 percent of the world’s oil-tanker traffic. The Strait of Hormuz, seen here with fishing boats near the town of Khasab, Oman, is the conduit for 40 percent of the world’s oil-tanker traffic. … [Read more...] about Iran says it will block Middle East oil exports if it can’t ship
Oil rises on Iran sanctions, lower U.S. fuel inventories
By Christopher Johnson LONDON (Reuters) - Oil prices rose on Thursday, extending gains on growing evidence of serious disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories. Benchmark Brent crude oil <LCOc1> was up 30 cents a barrel at $77.44 by 0745 GMT. U.S. light crude <CLc1> was 30 cents higher at $69.81. Brent has risen by almost 10 percent over the last two weeks on widespread perceptions that the global oil market is tightening and may run short in the next few months as U.S. sanctions restrict crude exports from Iran. "Sanctions against Iran are beginning to impact oil supply, lifting crude prices," said Alfonso Esparza, analyst at futures brokerage OANDA. Iranian crude exports will likely drop to just over 2 million barrels per day (bpd) in August, versus a peak of 3.1 million bpd in April, as importers bow to American pressure to cut orders. The Organization of the Petroleum Exporting Countries, of which Iran is the … [Read more...] about Oil rises on Iran sanctions, lower U.S. fuel inventories
Oil rises on Iran sanctions, lower US supply
Published August 30, 2018 Markets Reuters Facebook Twitter Comments Print video Utah the next hot spot for oil exploration? Former Exxon Arabian Gulf President Jerry Bailey on where the next opportunities are for U.S. oil. Oil prices rose on Thursday, extending gains on growing evidence of serious disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories. Continue Reading Below Benchmark Brent crude oil was up 30 cents a barrel at $77.44 by 0745 GMT. U.S. light crude was 30 cents higher at $69.81. Brent has risen by almost 10 percent over the last two weeks on widespread perceptions that the global oil market is tightening and may run short in the next few months as U.S. sanctions restrict crude exports from Iran. "Sanctions against Iran are beginning to impact oil supply, lifting crude prices," said Alfonso Esparza, analyst at futures brokerage OANDA. Iranian crude exports will likely drop to just over 2 … [Read more...] about Oil rises on Iran sanctions, lower US supply