Wednesday, 21 November, 2018

Iran announces plan to circumvent United States oil sanctions

Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill Iran to allow private sector to export oil, beat US sanctions
Laurie Berry | 03 July, 2018, 02:07

"Member nations of the Organisation of Petroleum Exporting Countries (OPEC) and the leading non-OPEC oil producer Russian Federation, should maintain the Algiers Pact they forged in September 2016 so that oil prices will continue to ramp up", Sonatrach CEO Abdelmoumen Ould Kaddour said.

The leader of Saudi Arabia promised U.S. President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday.

White House officials have worked to backtrack the president's statement, stating that Saudi Arabia now outputs 10 million bpd, and maintains slack in their production equivalent to 2 million bpd that they can tap, "if and when necessary to ensure market balance".

Referring to reports that Saudi Arabia may increase its oil exports to replace Iranian oil in world markets, Jahangiri said: "Anyone trying to take away Iran's oil market (share) would be committing great treachery against Iran and will one day pay for it".

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude oil sales", Hook said. Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers.

"We will not hesitate to take action when we see sanctionable activity", said Brian Hook, the department's Policy Planning Director and the former lead negotiator for the USA who met with European allies for months to reach a side agreement that kept the U.S.in the Iran nuclear deal but addressed Trump's concerns with it.

In a briefing with reporters, that official said Washington probably would not grant waivers from secondary sanctions against foreign companies that continue to do business with Iran.

Trump on trade: European Union 'possibly as bad as China'
Trump recently turned his attention to the automotive sector , focusing on European manufacturers. The EU now has a 10% levy on USA vehicles compared to 2.5%for cars entering the United States.

"We will surely do something to thwart the U.S. rallying cry that Iranian oil must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.

The premium for USA crude for the front month compared with the second month CLc1-CLc2 widened to as much as $2.21 a barrel, the most since August 20, 2014.

On Tuesday a senior State Department official described tightening the noose on Tehran as "one of our top national security priorities".

"We're not granting waivers", the official said.

"They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets", said Jahangiri.

Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.

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