From Bloomberg When OPEC and its allies gather in the Saudi Arabian city of Jeddah this weekend, their conversation will be dominated by a member of the group that isn’t there: Iran. As U.S. President Donald Trump squeezes oil exports from the Islamic Republic with sanctions, the discussions among other producers such as Saudi Arabia and Russia will likely focus
Iran abandons parts of nuclear deal amid heightened Mideast tensions
The latest U.S. State Department advisory simply warned: “Do not travel to Iraq” From the Washington Post BEIRUT — Two Saudi Arabian oil tankers and a Norwegian ship were damaged over the weekend near the Persian Gulf in what Saudi Arabia claimed Monday was an “act of sabotage,” further heightening regional tensions with Iran. There was no immediate indication as to who
From Reuters OPEC is in the dark on the oil supply outlook for the second half of this year, with Iranian and Russian outages looking increasingly significant but Saudi Arabia reluctant to pump more due to fears of a price crash, sources in the organization said. An oil contamination forced Russia to halt flows along the Druzhba pipeline, a key
EU, 3 nations reject Iran demands over nuclear deal, U.S. sanctions
From Bloomberg Iran’s oil minister warned that OPEC is in danger of collapse as some nations seek to undermine their fellow members, an apparent reference to Saudi Arabia’s pledge to fill the supply gap created by U.S. sanctions on Iranian exports. “Iran is a member of OPEC for its interests and any threat from member states won’t go unanswered,” Bijan Namdar Zanganeh
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
From Bloomberg The biggest buyers of Iranian oil are being struck by deja vu, and it’s not conjuring up pleasant memories. Six months ago they were scrambling to secure alternative supplies as the U.S. prepared to impose sanctions on Iranian oil exports, though last minute waivers eventually gave them a reprieve. Now, the Donald Trump administration says it won’t renew those same
Iranian parliament officially labels U.S. CENTCOM a terrorist group
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
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,”
From Bloomberg An Iranian exchange has offered investors as much as 6 million barrels of oil so far this year. Only a single deal closed, for the minimum 35,000 barrels. Iran’s oil production and exports have slumped after the U.S. reinstated sanctions last year, and new curbs are set to further restrict its exports. Exemptions for importing countries including Japan,
