- Iranians holding Ashura mourning for Imam Hussein
- Third step: Iran officially informs EU of plan to expand nuclear R&D
- Iran expands nuclear R&D program: Rouhani
- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, August 8 - With China, India and Turkey already on board to continue Iranian oil imports, Japan also says it is considering continuing shipments amid warnings that new US sanctions on Tehran could push prices above $90 a barrel.
TEHRAN, Young Journalists Club (YJC) - Other than the four key importers, the European Union has said it will not enforce US sanctions which are to be imposed on Iran’s oil and banking sectors on Nov. 4.
President Donald Trump installed the first wave of sanctions Monday, targeting Iran's financial, automotive, aviation and metals sectors and threatening that the second wave will “ratchet up to yet another level" in November.
Market analysts warned that oil prices could surpass $90 if Iranian supplies of around 2.4 million barrels per day (bpd) are disrupted.
"As we go more towards the fourth quarter, that's when we really see the risk of prices going well into the 80s and potentially even into the 90s but very critical is how much Iranian production we lose," CNBC quoted Amrita Sen, chief oil analyst at Energy Aspects, as saying.
Trump has said Saudi Arabia’s ruler King Salman had agreed to his request and would soon raise oil output by up to 2 million barrels per day (bpd) to make up for shortfalls due to Iran.
But new data released on Monday showed Saudi Arabia’s oil production fell in July by 200,000 bpd from the month earlier. The decline surprised market watchers who had expected the kingdom to tap its spare capacity and add barrels to the market.
Benchmark Brent crude oil futures on Tuesday were 1.5 percent higher at $74.80 a barrel.
"Without the extra Saudi oil we had in June, it's hard to crunch the numbers and get a lower price going into the end of the year," said John Kilduff of Again Capital.
Observers have dismissed Trump’s call for Saudi Arabia to abruptly increase oil production as political “noise”.
“You cannot order 2 million barrels like ordering a coffee somewhere,” Beat Wittmann, a partner at financial consultancy Porta Advisors, told CNBC recently.
Europeans mull barter system
Many energy analysts believe new sanctions will remove far less of Iran’s barrels than the last time when about half its oil exports were erased from the market as a result of US and European sanctions.
This time around, some of Iran’s former creative methods in trade with Asian customers, including a barter system which avoids sanctionable transfers to the nation, may also work with the Europeans.
Under the arrangement, Iran’s oil payments were deposited into accounts in oil-importing countries and used by Tehran to buy goods.
The Wall Street Journal on Tuesday cited a European official as saying that some EU nations may consider the process.
The EU, France, the UK and Germany said in a joint statement on Monday that they were committed to work on the continuation of Iran’s export of oil and gas.
European officials have said their governments are considering opening accounts for Iran at their national banks, which could receive oil payments.
Among the Asians, South Korea did not lift any Iranian oil last month but Indian imports rose by 118,000 barrels a day. More importantly, Iran’s biggest oil customer, China, has said it is gearing up to take even more.
However, it was Japan which surprised many on Tuesday when it said it had told the US that Japanese energy supply should not be affected by US sanctions on Iran.
Japan’s Minister of Economy, Trade and Industry Hiroshige Seko said the Japanese side insisted “on the basic principle” that the US sanctions “should not affect energy supply or have a negative impact on Japanese corporate activities."
The director-general of oil, gas, and mineral resources at METI, Ryo Minami, said Japan was considering continuing to import Iranian crude.
Source: Presstv
Your Comment