- 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, October 03 - Oil prices remain at four-year highs on rising doubts about the capability of Saudi Arabia and other producers to substitute Iran’s crude after the US imposes new sanctions on the country on November 4.
TEHRAN, Young Journalists Club (YJC) - International benchmark Brent crude was up 38 cents at $85.18 a barrel at 0833 GMT Wednesday, after hitting its highest level since November 2004 on Monday at $85.45.
President Donald Trump has pledged to squeeze Iran’s oil exports down to a trickle, with the White House saying Saudi King Salman had promised the US leader that the kingdom had enough spare capacity to replace Iranian barrels.
According to Iran’s OPEC Governor Hossein Kazempour Ardabili, the US president has apparently been duped by Saudi Arabia and his view is finding traction with some analysts.
“The fact that Saudi Arabia has been timid in its reaction has reinforced the notion there is limited spare capacity available,” Olivier Jakob, analyst at Petromatrix, told Reuters.
Last month, Saudi Arabia went along with other OPEC members and key producer Russia not to raise output, rebuffing Trump’s call on the kingdom to open the spigots.
Iraqi Oil Minister Jabar al-Luaibi said on Wednesday OPEC has not revised yet its previous decisions on oil production levels.
“We have not reviewed the increase of production so far,” he told reporters in Moscow.
Asked whether OPEC should increase output following a rise in oil prices, he said, “We will see in November.”
Russia’s Energy Minister Alexander Novak said the market has somehow stabilized but uncertainties over US sanctions on Iran could push prices higher.
In Tehran, Vice President Es’haq Jahangiri was quoted as saying that “despite the mischief of the Americans, Iran’s oil exports have surpassed state budget outlay projections”.
“Notwithstanding all the pressures that the Americans are creating on the oil issue, Iran has its own oil customers, and the work is going on in a way that no problems will arise,” he reportedly told a parliament session.
Head of National Iranian Oil Company (NIOC) Ali Kardor said Iran’s oil production continues with full force and the country has no plans to cut its production despite the looming US sanctions.
Minister of Petroleum Bijan Zangeneh also said Iran will go full-throttle to maintain its market share as he blamed Trump for the surge in oil prices.
“The United States is doing all it can to prevent us from producing and supplying oil to the market, but Iran is producing its crude oil with force,” he said.
“Mr. Tramp has said OPEC is responsible for rising oil prices and has to raise production, but one must say that OPEC is not responsible, but the Trump himself is responsible for the rise,” he added.
Zangeneh also said there is no shortage of oil in the market and the rise in prices is due to “psychological factors and political tensions that the Americans are artificially inducing on the market”.
OPEC, he said, is currently producing at maximum capacity and has no spare capacity to pump more.
Source: Presstv
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