Economy

India Has Back-Up Plans In Case Of Complete Iranian Oil Cut-off

India Has Back-Up Plans In Case Of Complete Iranian Oil Cut-off”

Washington aims to cut Iran's oil sales, First Vice President Es'haq Jahangiri said, adding that this is an impossible measure.

After the United States withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November. Asked if someone was manipulating oil markets, Trump said: "OPEC is and they better stop it because we're protecting those countries, many of those countries".

First Vice President Es'haq Jahangiri said on Monday that Iran is able to counter the looming US sanctions, noting that those at the White House who think they can halt Iran's oil export are living in "illusion".

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

"Our view is clear: The stronger the implementation and enforcement of a zero Iranian export scenario, the higher the oil price will go, with $100 per barrel crude a distinct possibility", it said. "Of course. That's what we're doing, absolutely", he said.

Several refiners in the largest oil market are looking at alternative supplies from Saudi Arabia to Iraq after the White House said it won't offer extensions or waivers to USA allies.

The United States will sanction any European companies found doing business with Iran, Donald Trump said during an interview aired on Sunday. It's bad what they do to us, he said.

Mr Trump took another swing at his European allies saying they dealt unfairly with the U.S. over trade.

"With the oversupply fears still lingering in the background, rising production from OPEC+1 and USA shale, plus trade war fears, could negatively impact oil prices".

On Fox, Trump directed blame at the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the biggest producer.

Oil prices dropped on Monday as supplies from Saudi Arabia and Russian Federation increased and the market continued to absorb the impact of US President Donald Trump's weekend tweets - although analysts expect the decline to be short-lived.

Trump warned at the time that other nations would face sanctions unless they stopped trading with Iran.



Like this

loading...
loading...

Latest


03 July 2018
LeBron James to join Lakers for $154 million over 4 years
James will join a Lakers team which has missed the playoffs for five consecutive seasons, the longest streak in franchise history. He'll have to play with Lonzo Ball - assuming he doesn't get dealt - which means he'll have to deal with Lavar Ball as well.

03 July 2018
Durant, Paul to re-sign with teams
By signing a one-plus-one deal instead of two-year deal, the Warriors small forward was not eligible for a max salary. He has a player option for the second season worth $31.5 million.

03 July 2018
North Korea satellite images show missile plant construction, analysts say
North Korea is "very serious" about efforts toward denuclearisation, US President Donald Trump said in remarks broadcast today. But U.S. intelligence is reporting signs that Pyongyang doesn't intend to fully give up its arsenal.

03 July 2018
County Fire grows overnight, now at least 44,500 acres with 'extreme' behavior
CAL FIRE has been assisting Los Padres National Forest with this fire , which is located north of Lake Piru in Los Angeles County. The fire started in Yolo county and anyone with questions regarding evacuations or advisories should dial 2-1-1.

03 July 2018
Largest U.S. business group attacks Trump on tariffs
Today Prime Minister Trudeau met with workers at a plant in Leamington, where the tomato paste used in French's ketchup is made. United States allies are upset with Trump after he imposed a 25 percent tariff on imported steel and 10 percent on aluminum.

03 July 2018
Citilink resumes operation following reopening of Bali airport
Bali , a popular holiday destination for Australians, has been hit by a series of airport closures caused by volcanic ash. The early morning closure sparked the cancellation of more than 300 flights, affecting almost 27,000 passengers.

03 July 2018
NBA Free Agent Rumors: Julius Randle Agrees To Contract With Pelicans
That's the sort of thing that happens when you get LeBron James - you then have to surround him with talent. Randle is a restricted free agent and is hopeful of receiving a potential offer from the Lakers.

03 July 2018
Harvey Weinstein could face life in prison after new sex crime charges
Disgraced movie mogul Harvey Weinstein was charged with additional crimes on Monday in NY , related to alleged sexual misconduct . A grand jury in NY confirmed the charges against the Hollywood producer despite him waiving his right to appear before the panel.

03 July 2018
Cleveland FBI: A July 4 Terror Attack Was Planned
Agents said they had charged Demetrius Nathaniel Pitts with one count of attempting to provide material support to Al-Qaeda. Authorities say Pitts is a USA citizen who was radicalized in the U.S. "Blow up at fourth of July parade", Anthony said.

03 July 2018
North Korea Secretly Ramping Up Secret Nuclear Production
Nuclear officials could be "expected to proceed with business as usual until specific orders are issued from Pyongyang", it said. Pompeo will visit Pyongyang next week for talks with the North over denuclearization, the Financial Times reported Thursday .