US Moves To Reduce Iran's Oil Revenue To Zero

Iran to allow private sector to export oil, beat US sanctions

Last month, members of the Organization of the Petroleum Exporting Countries cartel agreed to pump 1 million barrels more crude oil daily, a move that should help contain the recent rise in global energy prices. Saudi Arabia has the largest spare capacity of about 2 million barrels, which would be stretched to the limit if the kingdom would have to make up for lost supplies. Iran, however, said it would be tough to erase its oil completely from the market by November, when USA sanctions snap back into place.

In decades past, OPEC's strategy for managing the global oil price was partially based on oil production being a slow-moving beast that takes awhile to get going.

On Monday, Trump took another swipe at OPEC, accusing the oil organization of not helping the U.S. to reduce domestic gasoline prices.

Crude soared above $75 a barrel in NY for the first time since 2014 on signs global supply outages outweigh OPEC's pledged production rise.

Another development that could disrupt Texas oil prices is Mexico's recent election.

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At the same time, Iranian Oil Minister Bijhan Zanganeh reminded Riyadh that "any increase in the production by any member country beyond commitments stipulated in OPEC's decisions. would constitute a breach of the agreement".

President Trump also touted the promise in a tweet Saturday.

"With contentious midterm United States elections looming, the President continues to strong-arm Saudi Arabia to increase oil supplies which, at least for now, is containing price action below WTI $75 per barrel", said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA.

Oil surged in the past two weeks as the US pushes allies to end imports of Iranian crude, disruptions persist in places like Libya and American crude inventories shrink.

The tightening of the oil market has pushed up prices, which is always a concern for US politicians wary of catching heat from their constituents.

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Still, Iran vowed on Sunday to defeat USA efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the global oil market. He questioned whether Trump's words would do anything to reverse the effects on the market of declining Iranian oil production.

Craig added that more issues could develop as Washington tightens the sanctions noose on Iran and Venezuela. They're not back to their pre-2014 level, but oil prices hit a multi-year high on Monday, just below $79 a barrel. In this regard, Trump has asked Saudi Arabia to raise its oil production to help both his future and that of the Republicans.

In Asia, the world's top oil consuming region, seaborne oil imports have been falling since May, as higher costs turned off consumers and as the escalating trade dispute between the United States and China starts to impact the economy. The Cabinet commended constructive cooperation between producing countries from inside and outside Opec.

"You are hammering on good guys in OPEC", Kazempour said.

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