Iran Begins Selling Oil Via Stock Exchange

Iran Begins Selling Oil Via Stock Exchange

The administration of US President Donald Trump is preparing to launch the second wave of sanctions against Iran from November 4 in which a universal ban on the country's oil exports appears to be a primary objective.

Moreover, Saudi Arabia's Energy Minister Khalid al-Falih said on Tuesday that the Organization of the Petroleum Exporting Countries (OPEC) and its partners are in "produce as much as you can" mode.

Prices were pressured as US inventories were expected to rise for a sixth straight week as other top producers Saudi Arabia and Russian Federation signaled potential output increases.

"There are two downward pressures on global oil demand growth".

"The most recent report showed oil bulls reducing their long exposure further as the commodity continues to pull off long-term resistance".

Front-month Brent crude oil futures were at $77.15 a barrel at 0644 GMT, down 19 cents, or 0.3 percent, from their last close. A speculative long position reflects a view that prices will increase.

The Iranian first vice president further described Trump's decision to restore Iran sanctions as illegal, stressing that the move was against the diplomatic success that had culminated in the 2015 Iran nuclear deal or the Joint Comprehensive Plan of Action (JCPOA) - as is technically known.

On Wednesday, U.S. oil prices rebounded 0.59 percent on fall of gasoline and diesel stockpiles in the previous week in the United States.

Data from Refinitiv Eikon showed that the three countries produced 33 million barrels of oil a day for the first time in September, an increase of 10million bpd since the start of the decade.

Jahangiri further stated that Tehran expected that the U.S. would not reduce the country's oil exports to the level of less than one million barrels a day.

The International Energy Agency (IEA) on Tuesday said high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity.

On May 8, President Donald Trump announced he was pulling the United States out of the 2015 Iran nuclear deal and promised to hit Tehran with sanctions on the country's energy oil and financial sectors despite objections from other parties to the agreement.

In case a planned meeting between presidents Donald Trump and Xi Jinping yields no progress on the sidelines of a Group 20 summit in Buenos Aires next month, US officials are preparing a new list which would apply to the Chinese products that aren't already covered by previous rounds of tariffs.

The government now intends to offer oil on the energy exchange once a week, according to Fars. Previously private oil companies could buy oil only to export oil, officials said. USA supply data also showed a sixth straight weekly rise in domestic crude inventories. "If the Americans could ever prevent Iran's oil sales, the prices would have already surpassed $100 per barrel".

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