Iran vows to sell as much oil as it can despite U.S. sanctions

collected by :Frank Ithan

President Donald Trump said in May he would pull the United States out of an international nuclear deal with Iran and reimpose U.S. sanctions. Washington later told countries they must stop buying Iranian oil from Nov. 4 or face financial consequences. Iran's foreign ministry and the central bank have taken measures to facilitate banking operations despite the U.S. sanctions, Jahangiri said without elaborating. The Iranian oil ministry said last week that it exported 2.2 million barrels per day of crude oil in June. Jahangiri also accused Washington of trying to use the economic pressure to provoke street protests in Iran.

U.S. oil benchmark rises, but posts weekly loss

Global benchmark September Brent crude UK:LCOU8+0.72% however, shed 28 cents, or 0.4%, to $77.11 a barrel on the ICE Futures Europe exchange. For the week, WTI oil shed 0.5%, while Brent saw a weekly slide of 2.7%, according to FactSet data. Data from the Energy Information Administration on Thursday showed that U.S. crude stockpiles rose by 1.2 million barrels for the week ended June 29. The figures marked the first increase since the week ended June 1. Contributing further to expectations of higher supplies, Baker Hughes BHGE-1.25% on Friday reported that the number of active U.S. rigs drilling for oil rose by 5 to 863 this week.

U.S. will consider requests for waivers from Iran oil sanctions

referring to U.S. will consider requests for waivers from Iran oil sanctionsBy REUTERSBreaking news. (photo credit:" JPOST STAFF)WASHINGTON - The United States will consider requests from some countries to be exempted from sanctions it will put in effect in November to prevent Iran from exporting oil, US Secretary of State Mike Pompeo said on Tuesday. "There will be a handful of countries that come to the United States and ask for relief from that. We'll consider it," Pompeo said according to the text of an interview in Abu Dhabi with Sky News Arabia released by the US State Department. He did not name any countries.

Guest Column: Enbridge pipeline approval good news — but Canadian oil remains largely confined to U.S. market

These constraints have contributed to depressed prices for Canadian heavy crude (WCS) relative to U.S. crude (WTI) and other international benchmarks. Because of Canada's lack of pipeline capacity, oil producers have been shipping their crude-by-rail, a higher-cost mode of transportation. Higher crude-by-rail rates mean Canadian oil producers absorb higher transportation costs, leading to lower prices for Canadian crude. However, Canadian crude oil producers will still export their products to the United States, which will further exacerbate overdependence on the U.S. market. The Enbridge Line 3 pipeline approval will help relieve the transportation bottlenecks and raise the price of Canadian heavy oil.