Saudi, UAE overstate their oil capacities: Iran oil minister

30 Avril, 2019, 10:42 | Auteur: Anatole Charbonneau
  • Crude Oil Price Chart After US GDP Report and Trump OPEC Call

This week, Washington said it is suspending temporary sanctions waivers that had allowed several countries to continue buying Iranian oil without incurring America's wrath.

The United States demanded last Monday that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, majority in Asia, to continue importing limited volumes.

Hosseini predicted that the USA will be harmed by "evil" strategies that is has adopted against Iran. Last week, the White House issued a statement reiterating its decision to bring "Iran's oil exports to zero and deny the regime its principal source of revenue".

India, which imports more than 80% of the crude oil it processes, gets about 10% of its supplies from Iran on concessional terms, including deferred payments and shipping at the expense of Tehran.

Over the past years Iran has learned how to circumvent sanctions, he added.

Foreign Minister Javad Zarif said on Thursday that Trump will not succeed in forcing Iran to capitulate to US economic pressure because Tehran has a "Ph.D.in sanctions busting".

On Friday, the 26th of April 2019, both US and United Kingdom crude took a tumble after US President had again urged the Organization of Petroleum Exporting Countries (OPEC), a 14-nation pact of oil exporting nations, to pump up crude production in order to ease petroleum prices.

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During the phone call, Swaraj said India should be allowed to import Iranian crude for some more time without being impacted by USA secondary sanctions as the general election is underway in the country, and that the next government with a fresh mandate will take a final call on this issue, the people added, asking not to be identified.

The Leader also warned that the enemies' hostile policies will not go unanswered because the Iranian nation would not stand idle in the face of plots. "You've got to bring them down", Trump told reporters on Friday.

The comments were in reaction to expectations the two countries would fill any supply gap caused by a tightening of the United States sanctions on Iran.

But Putin, in Beijing to attend an investment conference, said he was unaware of any Saudi intention to increase production.

The rally in oil prices had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions previously granted to that major buyers.

The end of waivers won't have any significant impact either on Iranian exports, or the global crude market in general, according to Petr Pushkarev, chief analyst at TeleTrade.

Eight countries including China, India and Turkey had been given temporary waivers by the USA when it reimposed sanctions on Iran previous year.

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