Iran vows to thwart US efforts to block its oil exports

as mentioned in Iran has vowed to thwart US efforts to block its oil exports by allowing private companies to export crude oil. "We will surely do something to thwart the US rallying cry that Iranian oil [exports] must be stemmed," Jahangiri said in a speech during an economic event broadcast on state television. India, the biggest buyer of Iranian oil after China, already asked refiners on Thursday to prepare for a "drastic reduction or zero" of Iranian oil imports in order to protect its exposure to the US financial system. "We want to defeat America's efforts ... to stop Iran's oil exports. "Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products," Jahangiri said.

oil import: India's oil import from US hits record levels ahead of Iran sanctions

Incidentally, India's monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 per cent from May, according to data from industry and shipping sources. OPPORTUNITY FOR USLast month, India's oil ministry asked refiners to prepare to limit imports of Iranian oil ahead of US sanctions that take effect in November. The Trump administration plans to send a delegation in the coming months to India to discuss Iran sanctions and oil issues. The world's fourth largest refiner by capacity is "cutting back on Iranian crude imports," said Reid l'Anson, an analyst at cargo tracking firm Kpler. Another Vitol-chartered VLCC, the Maharah, sailed from Galveston last week and was headed to Sikka with 1.98 million barrels of oil.

US could ask Russia for more oil as Iran sanctions loom

as mentioned in Despite thorny U.S.-Russia relations, the U.S. may press Russia and other producers to expand on their just-announced deal to increase crude output, as the U.S. attempts to cut off Iran from the world oil market. Novak told CNBC on the weekend that the hike was sufficient for now. Analysts expect sanctions against Iran to remove about 500,000 barrels a day from the world market by the end of the year. The sanctions on Iran and the U.S. exit from its nuclear agreement were also opposed by Russia, but sources say Russia was key in swaying Iran. Cohen said, "The broader thing is the sanctions have a potential to get much worse on Russia.

collected by :Frank Ithan