Post Tagged with: "Iran sanctions"

Source: Reuters/Rodrigo Garrido

U.S. lifts Iran sanctions on one unit of Chinese shipping giant COSCO

Reuters WASHINGTON – The United States on Friday lifted sanctions on one of two units of the Chinese tanker company COSCO, the U.S. Treasury said, partially reversing its punishment on the company for transporting Iranian oil after China complained about the measure in trade talks with Washington. President Donald Trump’s administration on Sept. 25 blacklisted two units of COSCO, named after the northeastern Chinese port of Dalian. The move sent worldwide freight costs to record highs and disrupted the global shipping market. The U.S. Treasury Department said on Friday it deleted from its sanctions list COSCO Shipping Tanker (Dalian) Co, but continues to blacklist the second unit – COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co Ltd.of COSCO. A U.S. official said lifting sanctions on only one of the COSCO subsidiaries would allow the Trump administration to retain leverage on China and COSCO to stop taking Iranian oil. A[Read More…]

Source: Reuters

U.S. ‘deeply concerned’ about untrackable China ships carrying Iran oil: officials

Source: Reuters WASHINGTON (Reuters) – The White House is warning Chinese shipping companies against turning off their ships’ transponders to hide Iranian oil shipments in violation of U.S. sanctions, two senior administration officials said. “We’ve been messaging very heavily to the shipping companies, you don’t want to do this, it’s not worth it,” said one official, who spoke to Reuters on condition of anonymity. “It’s incredibly dangerous and irresponsible behavior.” China is the largest remaining buyer of Iranian oil after U.S. President Donald Trump reimposed sanctions on Tehran’s main export. Trump tightened U.S. sanctions in May in an effort to drive Iran’s oil sales to zero. The sanctions are aimed at quashing Iran’s nuclear ambitions, ballistic missile program and influence in Syria, Iraq and other countries. Its oil exports have fallen to less than 400,000 barrels per day from about 2.5 million bpd. On Sept. 25, the U.S. imposed sanctions on[Read More…]

October 16, 2019 - 11:45 am Closing Bell Story, Crude Oil News, Energy News, International
UK Joins United States for Maritime Security Mission in Gulf

UK Joins United States for Maritime Security Mission in Gulf

From Reuters Britain on Monday joined the United States in a maritime security mission in the Gulf to protect merchant vessels travelling through the Strait of Hormuz after Iran seized a British-flagged vessel. British officials stressed that there was no change to London’s policy on Iran but joining the United States is the most significant non-Brexit foreign policy move to date of Prime Minister Boris Johnson’s 12-day-old government. Just two weeks ago, Britain was calling for a European-led naval mission. Now, it has joined what it said was a U.S.-led “international maritime security mission”. No other countries are yet involved. “It is vital to secure the freedom for all international shipping to navigate the Strait of Hormuz without delay, given the increased threat,” said British Defence Secretary Ben Wallace. “The deployment of Royal Navy assets is a sign of our commitment to our UK flagged vessels and we look forward[Read More…]

Tighter Iranian Oil Sanctions Set Stage for U.S.-Saudi Showdown

Tighter Iranian Oil Sanctions Set Stage for U.S.-Saudi Showdown

From The Wall Street Journal Saudi Arabia has pledged to boost oil output if needed, as the Trump administration starts banning all Iran oil exports on Thursday. But behind the scenes, Riyadh and Washington face a potentially weekslong showdown over the number of extra barrels the kingdom would supply to global markets to keep crude prices stable. The U.S. is pushing to restart production in a field shared by the kingdom and Kuwait that could unlock half a million barrels a day, people familiar with the matter said. But at the same time, Saudi Arabia—in need of higher oil prices to keep its state budget balanced—is lobbying within the Organization of the Petroleum Exporting Countries to change the way the cartel calculates whether the market is adequately supplied as a way to show the U.S. that no more oil is needed, people familiar with the matter said. The Trump administration on April 22[Read More…]

May 2, 2019 - 5:05 pm Closing Bell Story, Crude Oil News, Energy News
U.S. Ends Waivers for Countries to Import Iranian Oil

U.S. Ends Waivers for Countries to Import Iranian Oil

From The Wall Street Journal The U.S. is ending waivers for countries to import Iranian oil, part of the Trump administration’s effort to deprive Iran of export revenue, the White House said Monday. The U.S. had previously granted eight countries a 180-day waiver to continue to buy Iranian crude despite U.S. sanctions, provided that each took steps to reduce purchases and move toward ending imports. The deadline for renewing the waivers was set to fall on May 2. “The Trump Administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime’s destabilizing activity threatening the United States, our partners and allies, and security in the Middle East,” the White House said. China, India and Turkey were among Iran’s top customers and had been expecting to receive renewed waivers. It wasn’t immediately clear whether all imports of Iranian oil would be subject to sanctions[Read More…]

April 22, 2019 - 12:14 pm Closing Bell Story, Crude Oil News, Energy News, International
Iran Raises Stakes in U.S. Showdown With Threat to Close Hormuz

Iran Raises Stakes in U.S. Showdown With Threat to Close Hormuz

From Bloomberg Iran will close the Strait of Hormuz, a waterway vital for global oil shipments, if the country is prevented from using it, a senior military official said on Monday in what appears to be a response to the U.S. plan to end waivers on Iranian oil exports. “If we are prevented from using it, we will close it,” the state-run Fars news agency reported, citing Alireza Tangsiri, head of the Revolutionary Guard Corps navy force. “In the event of any threats, we will not have the slightest hesitation to protect and defend Iran’s waterway.” Iranian officials have threatened to close the waterway in the past amid rising tension with the U.S. and Tangsiri’s remarks could be an attempt to deter the U.S. from its plan to slash the nation’s oil exports. The price of Brent crude, already at a six-month high, was little changed after the statement. But[Read More…]

April 22, 2019 - 12:09 pm Closing Bell Story, Crude Oil News, Energy News
Iran’s Oil Exports Fall in March Even Before Further U.S. Clampdown

Iran’s Oil Exports Fall in March Even Before Further U.S. Clampdown

From Reuters Iran’s oil exports have dropped in March to their lowest daily level this year, according to tanker data and industry sources, even before Washington formally requires importing countries to reduce purchases to avoid infringing U.S. sanctions. Shipments are averaging between 1.0 and 1.1 million barrels per day (bpd) so far this month, according to Refinitiv Eikon data and three other companies that track Iranian exports. That’s lower than February, when shipments were at least 1.3 million bpd. Shipments have dropped from at least 2.5 million bpd in April 2018, the month before U.S. President Donald Trump withdrew the United States from a 2015 nuclear deal with Iran and reimposed sanctions, fueling a year of economic crisis in the country. Tehran has vowed to keep exporting oil despite U.S. efforts to reduce its shipments to zero, but the export decline could be another indicator of economic pressure from the[Read More…]

March 21, 2019 - 4:51 pm Closing Bell Story, Crude Oil News, Energy News
India’s Iranian Oil Imports Slide in December Under U.S. Pressure

India’s Iranian Oil Imports Slide in December Under U.S. Pressure

From Reuters India’s oil imports from Iran fell by 41 percent in December to 302,000 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, as pressure from U.S. sanctions took effect. The United States introduced tough sanctions aimed at crippling Iran’s oil revenue-dependent economy in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil. India is restricted to buying 1.25 million tonnes per month, some 300,000 bpd. December imports from Iran were 9.4 percent higher than November when some cargoes were delayed due to lack of ships, the tanker arrival data showed. Iran was the sixth biggest oil supplier to India in December compared to third position it held a year ago and last month Tehran’s share of India’s overall imports declined to 6.2 percent from 11.7 percent a year ago, the data showed. After abandoning the[Read More…]

January 11, 2019 - 12:14 pm Closing Bell Story, Crude Oil News, Energy News
Iraq ‘Not Obliged’ to Abide by U.S. Sanctions on Iran: Foreign Minister

Iraq ‘Not Obliged’ to Abide by U.S. Sanctions on Iran: Foreign Minister

From Middle East Eye Agency Iraq’s foreign minister has said that his country is “not obliged” to abide by sanctions imposed by the US against Iran and would be pursuing options to continue trade. On 20 December, the US granted Baghdad a 90-day extension to a waiver on abiding by the sanctions that were reimposed on the Islamic republic in November. Trade between the two neighbouring countries is thought to amount to around $12bn, while Iran provides around 40 percent of Iraq’s electricity needs. Although Iraq faces possible censure by the US if it fails to cease its trading with Iran by the end of the waiver period, foreign minister Mohammed Ali al-Hakim said his country could continue relations with Iran. “These sanctions, the siege, or what is called the embargo, these are unilateral, not international. We are not obliged [to follow] them,” he said, speaking to a gathering of[Read More…]

January 3, 2019 - 12:58 pm Closing Bell Story, Energy News, International, LNG, Trade
President Trump Pulls U.S. Out of Iran Nuclear Deal, Reimposes Sanctions

President Trump Pulls U.S. Out of Iran Nuclear Deal, Reimposes Sanctions

Measures will likely only remove 300,000-500,000 barrels a day of Iranian crude from the market: analyst Saying “the Iran Deal was one of the worst and most one-sided transactions the United States has ever entered into,” President Trump pulled the U.S. out of the Joint Comprehensive Plan of Action (JCPOA) with Iran today, ending U.S. participation in the Iran nuclear agreement that was signed by President Obama. The statement said that President Trump has directed his administration to immediately begin the process of re-imposing sanctions related to the JCPOA. The re-imposed sanctions will target critical sectors of Iran’s economy, such as its energy, petrochemical, and financial sectors. Those doing business in Iran will be provided a period of time to allow them to wind down operations in or business involving Iran. “Those who fail to wind down such activities with Iran by the end of the period will risk severe consequences,” the[Read More…]