Oil prices drop over 1 percent on Iran sanctions waivers

Iranian demonstrators burn representations of the U.S. and Israeli flags during a rally in front of the former U.S. Embassy in Tehran Iran on Sunday Nov. 4 2018

In a speech on state TV, Iranian President Hassan Rohani earlier said the country was facing a "war situation" and vowed that Iran will "proudly bypass" U.S. sanctions to sell oil.

"It is our duty to keep some of the worries to ourselves", IRNA quoted Jahangiri as saying.

U.S. Secretary of State Mike Pompeo has warned that the United States will exert "relentless" pressure on Iran unless it behaves "like a normal country."Pompeo made the comments on November 5, hours after Washington imposed sanctions targeting key sectors of Iran's economy following President Donald Trump's decision to withdraw the United States from the 2015 nuclear agreement between Iran and world powers".

The original aim of the sanctions was to cut Iran's oil exports as much as possible, to quash its nuclear and ballistic missile programmes, and curb its support for militant proxies, particularly in Syria, Yemen and Lebanon.

Trump is targeting Iran's main source of revenue - its oil exports - as well as its financial sector, essentially making 50 Iranian banks and their subsidiaries off-limits to foreign banks, on pain of losing access to the U.S. financial system.

However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the country's economy.

This group takes as much as three-quarters of Iran's seaborne oil exports, trade data shows, meaning the Islamic Republic will still be allowed to export some oil for now.

Kim Eui-kyeom spoke to reporters Tuesday after South Korea was named as one of eight countries that received waivers from the United States to continue importing Iranian crude and other petroleum products without penalty.

A former Indian diplomat says his country earned a waiver from US sanctions against Iran because of its reliance on Iranian oil and earlier moves to reduce imports.




He added: "We continue negotiations to get all of the nations to [bring down their imports from Iran to] zero".

Iran's oil minister has written a letter to the OPEC chief, asking that the so-called Joint Ministerial Monitoring Committee — which consists of all OPEC and non-OPEC countries — be dissolved because of its stance on the newly re-imposed US sanctions on Iran. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".

It also appeared that the US, in another first, was directly sanctioning the Atomic Energy Organization of Iran, the government agency that oversees Iran's nuclear program. United Nations monitors say Iran still abides by the deal, in which it agreed to limit its uranium enrichment in return for the lifting of global sanctions.

International Brent crude oil futures were down 21 cents, or 0.3 per cent, at $72.96 a barrel.

India, Iran's second-biggest oil customer, also cut orders ahead of the sanctions, hoping its effort to reduce reliance on Tehran would pay off in Washington and win it a waiver once the sanctions restarted.

Democratic Senator Tom Udall, who is also a member of the Senate Foreign Relations Committee, said, "Led by people like John Bolton, who believe that we should bomb Iran, I fear the Trump administration is marching toward another catastrophic war in the Middle East". The session low was $61.31 a barrel, the weakest since March 16.

Joint output from the world's top producers-Russia, the United States, and Saudi Arabia-in October rose above 33 million bpd for the first time, up 10 million bpd since 2010.

The new sanctions particularly hurt Iran's vital oil industry, which provides a crucial source of hard currency.

Iran's exports peaked at 2.8 million barrels per day (bpd) in April, including 300,000 bpd of condensate, a lighter form of oil that when underground tends to exist as gas.

Related news:

Hot News

isis-killer-beheading-video-story-top ‘Breaking Bad’ Movie In The Works From Series Creator Vince Gilligan
Nov 07, 2018 - 18:44
It was not immediately clear if the film would land on TV or in theaters, according toThe Hollywood Reporter. A movie set to start filming in mid-November is being linked to TV series " Breaking Bad ".

isis-killer-beheading-video-story-top Red Dead Redemption 2 Mexico Can Be Explored Through A Glitch
Nov 07, 2018 - 18:32
Rockstar's willingness to try to leave you in moments like that is refreshing, because so many games and developers aren't. For all that imagination, the reality of what games offer is usually pretty narrow: kill, or be killed.

isis-killer-beheading-video-story-top Lion Air jet crashed after key sensor replaced, Boeing issues safety bulletin
Nov 07, 2018 - 18:13
Police medical experts have received almost 140 body bags of human remains and have identified 14 victims. The information can be critical in preventing the plane from stalling.

isis-killer-beheading-video-story-top Florida voters approve Amendment 4 on restoring felons’ voting rights
Nov 07, 2018 - 18:11
More than 1 million previously convicted felons have had their right to vote restored in Florida. Another gambling amendment Florida voters approved Tuesday was Amendment 3.

isis-killer-beheading-video-story-top Raheem Sterling strikes twice as Manchester City go top with Southampton rout
Nov 06, 2018 - 18:52
Sterling has taken his haul to six goals in nine games this term, having netted 10 times in his first season under Guardiola. The ex-Liverpool man then knocked the ball back for Aguero to put away from close range for his 150th Premier League goal.

isis-killer-beheading-video-story-top Mac Miller's death confirmed as 'accidental overdose'
Nov 06, 2018 - 18:28
The report described the substances found in Miller's apartment at the time of his death. Several recent high-profile deaths have also been linked to the drug.

isis-killer-beheading-video-story-top Ireland Rejects British Emergency Plan on Brexit
Nov 06, 2018 - 18:11
A deal on the Irish border to break the Brexit deadlock is not close , the EU's chief negotiator has said. Michel Barnier , the EU's chief negotiator, said a breakthrough on the Irish border issue was not close .

isis-killer-beheading-video-story-top Breeders' Cup: Jason Servis arrives with an entourage
Nov 05, 2018 - 02:16
But Enable showed exactly what she is capable of last month when she stormed to victory at Longchamps to claim back-to-back Arcs. Total turnover for the two-day event was $157,445,841, the fifth highest since Breeders' Cup adopted a two-day format in 2007.

isis-killer-beheading-video-story-top Apple shares fall on lacklustre expectations for holiday sales
Nov 05, 2018 - 01:46
Cook said that Apple has had productive discussions with the Indian government on the issue of setting up stores in the country. It isn't the first time when iPhone has failed to receive the response from the market as expected by Apple and many analysts.

isis-killer-beheading-video-story-top County offers options for voters casting mail ballots
Nov 05, 2018 - 01:46
This is the highest number facing Florida voters since 1998 with 13 constitutional revisions on the ballot then. Election officials previously reported a surge in voter registration to record levels.

isis-killer-beheading-video-story-top Dana White Expects Brock Lesnar to Be Daniel Cormier's Next Opponent
Nov 05, 2018 - 01:30
You have to be one of the best in the world to be able to compete. "He was doing his WWE stuff and we'll see". His win in NY could set up a bout with Brock Lesnar, who has not competed inside the octagon for two years.

isis-killer-beheading-video-story-top United States records strong jobs gains in October
Nov 05, 2018 - 01:15
All eyes were on the United States jobs report before the open, which showed hiring picked up more than expected in October. Businesses as big as Amazon often have margins that allow them to raise pay without blowing up prices, some economists say.

isis-killer-beheading-video-story-top Woman Reveals She Made Up Allegation Against Justice Kavanaugh
Nov 05, 2018 - 01:11
Munro-Leighton contacted the committee in October claiming she wrote an anonymous letter accusing the judge of sexual misconduct. He said Senate investigators were able to track her down and found she lived in Kentucky, not California, and was a Democrat.

isis-killer-beheading-video-story-top Blizzard announces Diablo Immortal mobile game
Nov 04, 2018 - 02:22
Blizzard also says the game has an active place in Diablo lore, taking place in the lull of time between Diablo 2 and Diablo 3 . And, true enough, the onstage announcement showed off Barbarian, Crusader, Demon Hunter, Necormancer, Wizard and Monk classes.

isis-killer-beheading-video-story-top Tottenham boss Pochettino hails 2-goal Son after Cup triumph
Nov 04, 2018 - 02:19
Despite having four years left on his previous contract, Alli signed a contract extension at Tottenham until 2024 on Tuesday. I love being here, I love being a part of what this club is doing and where we're heading.