Iran Warns Using Oil Cuts as Weapon Could Collapse OPEC

Iran Warns Using Oil Cuts as Weapon Could Collapse OPEC

Iran Warns Using Oil Cuts as Weapon Could Collapse OPEC

The unrest adds to a range of fluid geopolitical factors, including the US sanctions on Caracas and Tehran, which have roiled the oil market in recent months. That could leave global supplies thin as the US chokes off Iranian exports and unrest flares elsewhere.

"The US seeks to reduce the country's (Iran's) foreign currency income by imposing cruel sanctions, as the major source of foreign currency income has been always the sale of oil, (gas) condensates and certain industries relating to the production of oil and gas", he added.

America will not, however, be able to bring Iran's oil exports to zero and two of the Islamic Republic's neighbors are exaggerating their oil production capacity, Zanganeh said, according to the Mehr news agency.

Sechin signalled Russian Federation would not help replace Iranian oil on the market after the expiration of waivers on United States sanctions against Tehran's crude exports.

According to the report, India's imports from Iran have roughly halved since November, when the United States imposed the sanctions. Restoring normal oil flows through Russia's largest export pipeline could take several months after the crucial conduit was contaminated with chemicals last week.

India imports over 80% of its oil needs.

An upward swing in fuel prices across India is likely as the nation will end its import of Iranian crude from tomorrow.

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Brent crude oil Tuesday hit $73.27 a barrel, but pulled back from the session high as the market grew less anxious a rebellion against Venezuelan President Nicolas Maduro would impact the country's crude exports, Kallanish Energy reports.

Countries looking to replace Iranian crude "know which number to dial", Falih said.

News reports suggest that if this continues, there could be incidents of violence in the country, which could further impact crude oil supply in world markets.

One senior administration official said Trump held conversations recently with the Saudi and Emirati leaders on oil prices and received assurances that the two oil producers will ensure the market is well-supplied.

China disapproves of the U.S. sanctions on Iran. USA was ranked 18th in 2017-18. "It will ultimately end up with more oil on the market, but short-term the knee-jerk movement for prices is still up".

At 07:16 GMT, June WTI crude oil futures are trading $63.16, down $0.76 or -1.19% and July Brent crude oil is at $71.37, down $0.69 or -0.96%. In 2018-19, Saudi exported 40.33 mt of crude oil, up from 36.16 mt of oil sold in the previous year.

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