collected by :Frank Ithan
Considering that the U.S. is pushing for "zero" Iranian oil exports and is pressing other countries to stop importing Iran's oil, Tehran may not have many countries left to trade with. Related: What Trump's Tweet Actually Means For OilIn June, Iran's crude oil exports stood at 2.280 million bpd, and condensate exports were 330,000 bpd, Iran's oil ministry news service Shana reported earlier this week. Just after President Trump's announcement, oil prices jumped, and analysts started to guesstimate how much Iranian oil barrels could be taken off the market by the end of this year. According to Bank of America Merrill Lynch, oil prices will hit $90 a barrel by the second quarter of 2019, as Iranian oil barrels are removed from the market and other supply disruption risks threaten the tightening oil market. Before lifting its oil price forecast this week, Morgan Stanley had expected that Iran would lose 700,000 bpd in oil exports through 2019 from the sanctions.
Considering that the U.S. is pushing for "zero" Iranian oil exports and is pressing other countries to stop importing Iran's oil, Tehran may not have many countries left to trade with. Related: What Trump's Tweet Actually Means For OilIn June, Iran's crude oil exports stood at 2.280 million bpd, and condensate exports were 330,000 bpd, Iran's oil ministry news service Shana reported earlier this week. Just after President Trump's announcement, oil prices jumped, and analysts started to guesstimate how much Iranian oil barrels could be taken off the market by the end of this year. According to Bank of America Merrill Lynch, oil prices will hit $90 a barrel by the second quarter of 2019, as Iranian oil barrels are removed from the market and other supply disruption risks threaten the tightening oil market. Before lifting its oil price forecast this week, Morgan Stanley had expected that Iran would lose 700,000 bpd in oil exports through 2019 from the sanctions.
U.S. Toughens Stance on Future Iran Oil Exports
"We will certainly be requesting that their oil imports go to zero without question by Nov. 4th," the official said of other countries' purchases of Iranian oil. Photo: GettyTwo weeks ago, Andrew Peek, deputy assistant secretary of State for Iran and Iraq, said the U.S. was prepared to issue waivers if countries made major reductions in Iran oil imports. A crew member working in the engine room of the oil tanker 'Devon' in March as it prepared to sail to to pick up crude oil in Iran for export. European refiners say they have already started buying more oil from Saudi Arabia, Russia and Iraq to make up for upcoming reductions in Iranian oil. Some analysts say China's government will likely keep importing Iranian crude, banking on Washington's desire for its cooperation on North Korea.
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