India is studying the implications of the US decision to end sanctions waiver to India on import of Iranian oil, government sources said Monday.&nbsp;

In a move that could have implications on India's energy security, US President Donald Trump decided <a href="https://www.wionews.com/world/will-no-longer-grant-sanctions-exemptions-to-irans-oil-customers-us-212617">not to grant sanctions exemptions to any oil customers of Iran</a>.

In November last year, the US granted waivers to India, China, Japan, South Korea, Taiwan, Turkey, Italy and Greece for a period of six months to import oil from Iran.&nbsp;

"We have seen the announcement by the US Secretary of State. We are studying the implications of the decision and will make a statement at an appropriate time," said a source.

The US re-imposed sanctions on Iran last November after President Trump pulled out of the landmark 2015 Iran nuclear deal.

"President Donald J&nbsp;Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May. This decision is intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue," White House Press Secretary Sarah Sanders said in Washington.&nbsp;

India is studying the implications of the US decision to end sanctions waiver to India on import of Iranian oil, government sources said Monday. In a move that could have implications on India's energy security, US President Donald Trump decided not to grant sanctions exemptions to any oil customers of Iran.

India is studying the implications of the US decision to end sanctions waiver to India on import of Iranian oil, government sources said Monday. In a move that could have implications on India's energy security, US President Donald Trump decided not to grant sanctions exemptions to any oil customers of Iran. In November last year, the US granted waivers to India, China, Japan, South Korea, Taiwan, Turkey, Italy and Greece for a period of six months to import oil from Iran. "We have seen the announcement by the US Secretary of State. We are studying the implications of the decision and will make a statement at an appropriate time," said a source. The US re-imposed sanctions on Iran last November after President Trump pulled out of the landmark 2015 Iran nuclear deal. "President Donald J Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May. This decision is intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue," White House Press Secretary Sarah Sanders said in Washington.

Studying implications of US decision to end sanctions waiver for import of Iranian oil: Government sources

The United States announced on Monday it will no longer <a href="https://www.wionews.com/india-news/us-to-ask-india-four-other-nations-to-completely-end-iranian-oil-imports-report-212563">grant sanctions exemptions</a> to Iran's oil customers.

The White House said that<a href="https://www.wionews.com/india-news/india-delays-may-order-for-iran-oil-awaits-clarity-on-sanctions-waiver-report-209006"> Saudi Arabia and the United Arab Emirates </a>-&nbsp;close US allies that back President Donald Trump's hawkish stance against regional rival Iran -- would work to make up the difference in oil to ensure that global markets are not rocked.

"This decision is intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue," the White House said in a statement.

"The Trump administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime's destabilizing activity threatening the United States, our partners and allies and security in the Middle East," it said.

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Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil. Iran is being given VERY BAD advice by <a href="https://twitter.com/JohnKerry?ref_src=twsrc%5Etfw">@JohnKerry</a> and people who helped him lead the U.S. into the very bad Iran Nuclear Deal. Big violation of Logan Act?
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1120320642686038016?ref_src=twsrc%5Etfw">April 22, 2019</a></blockquote>
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Eight governments were initially given six-month reprieves from the unilateral US sanctions on Iran. They include India, which has warm ties with Washington but disagrees on the US insistence that Iran is a threat.

Other countries that will be affected include China and Turkey, opening up new friction in contentious relationships if the United States goes ahead with sanctions over buying Iranian oil.

The others -&nbsp;Greece, Italy, Japan, South Korea and Taiwan -&nbsp;have already heavily reduced their purchases from Iran.

Trump last year withdrew the United States from an accord negotiated by his predecessor, Barack Obama, under which Iran drastically scaled back its nuclear program in return for promises of sanctions relief.

The Trump administration, backed by Saudi Arabia and Israel, has instead unilaterally imposed sanctions and demanded that other countries follow suit.

US officials say that they are aiming at choking off Iranian revenue so as to reduce the clerical regime's regional clout, notably its support for militants groups such as Lebanon's Hezbollah.

The United States announced on Monday it will no longer grant sanctions exemptions to Iran's oil customers. The White House said that Saudi Arabia and the United Arab Emirates - close US allies that back President Donald Trump's hawkish stance against regional rival Iran -- would work to make up the difference in oil to ensure that global markets are not rocked.

The United States announced on Monday it will no longer grant sanctions exemptions to Iran's oil customers. The White House said that Saudi Arabia and the United Arab Emirates - close US allies that back President Donald Trump's hawkish stance against regional rival Iran -- would work to make up the difference in oil to ensure that global markets are not rocked. "This decision is intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue," the White House said in a statement. "The Trump administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime's destabilizing activity threatening the United States, our partners and allies and security in the Middle East," it said. Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil. Iran is being given VERY BAD advice by @JohnKerry and people who helped him lead the U.S. into the very bad Iran Nuclear Deal. Big violation of Logan Act? — Donald J. Trump (@realDonaldTrump) April 22, 2019 × Eight governments were initially given six-month reprieves from the unilateral US sanctions on Iran. They include India, which has warm ties with Washington but disagrees on the US insistence that Iran is a threat. Other countries that will be affected include China and Turkey, opening up new friction in contentious relationships if the United States goes ahead with sanctions over buying Iranian oil. The others - Greece, Italy, Japan, South Korea and Taiwan - have already heavily reduced their purchases from Iran. Trump last year withdrew the United States from an accord negotiated by his predecessor, Barack Obama, under which Iran drastically scaled back its nuclear program in return for promises of sanctions relief. The Trump administration, backed by Saudi Arabia and Israel, has instead unilaterally imposed sanctions and demanded that other countries follow suit. US officials say that they are aiming at choking off Iranian revenue so as to reduce the clerical regime's regional clout, notably its support for militants groups such as Lebanon's Hezbollah.

Will no longer grant sanctions exemptions to Iran's oil customers: US

Saudi Arabia plans to become a major gas exporter within a decade raise questions about what the real goal of the kingdom’s policy, and by extension that of the United States, is towards Iran.

Officially both Saudi Arabia and the US, which last year withdrew from the 2015 international accord that curbs the Islamic republic’s nuclear programme and imposed harsh economic sanctions, are demanding a change of Iran’s regional and defence policies rather than of its regime.

Yet, statements in recent years by some Saudi leaders and US officials as well a string of declarations at the recent US-sponsored ministerial to promote a future of peace and stability in the Middle East in Warsaw by officials of the Trump administration as well as Saudi Arabia, Israel, the United Arab Emirates (UAE) and Bahrain suggested that regime change was on their radar.

President Donald J Trump’s hard-line national security advisor John Bolton, a past advocate of regime change and a covert war to destabilise Iran, concluded an outline on the White House’s official Twitter account of Washington’s long list of grievances and accusations levelled at Iranian leaders by addressing supreme leader, Ayatollah Ali Khamenei, directly: “I don’t think you’ll have too many more anniversaries,” Bolton said as Iran celebrated the 40th anniversary of its Islamic revolution.

The notion that the real goal of Saudi and US policy is regime change prompted by the sanctions and a destabilisation campaign that would foster unrest among Iran’s ethnic minorities was bolstered by multiple indicators.

These include statements of Saudi crown prince Mohammed bin Salman and Bolton before he became Trump’s advisor; a flow of funds from the kingdom to militant, ultra-conservative anti-Shiite, anti-Iranian madrassas or religious seminaries that dot the Iranian border in the troubled Pakistani province of Balochistan; US and Saudi support for an exiled Iranian group that demands regime change in Tehran; and a string of recent attacks inside Iran.

With Saudi Arabia, however, announcing that it will invest $150 billion to enable it to export three billion cubic metres of gas a year by 2030, suggests that imminent regime change may not be in the kingdom’s immediate interest.

Viewed through the lens of the timeline of Saudi Arabia’s gas plans, the Kingdom is likely to benefit more from an Iran that is isolated and weakened for years to come to give the Saudis the time to get up to speed on gas rather than an Iran that under a new more accommodating government returns to the international fold. A potential destabilisation campaign that is low-level and intermittent but not regime threatening would serve that purpose.

It would also extend the window of opportunity on which Saudi Arabia relies to assert regional leadership. That window of opportunity exists as long as the obvious regional powers – Iran, Turkey and Egypt – are in various degrees of disrepair. Punitive economic sanctions, international isolation and domestic turmoil serve to keep Iran weak and unable to leverage its assets.

The emergence of Saudi gas plans appears to put Saudi strategy towards Iran at cross purposes. If Saudi Arabia’s gas-driven interest is prolonged containment of Iran, operations at the Indian-backed Arabian Sea port of Chabahar were believed to have given the effort to achieve a change of Tehran’s regional and defence policy, if not its regime, a sense of urgency.

Pakistani militants reported the flow of Saudi funds to Baloch Madrassas at the time that a government-backed Saudi think-tank, the International Institute of Iranian Studies, argued in a study that Chabahar, a mere 70 kilometres up the coast from the Chinese-backed Pakistani port of Gwadar posed “a direct threat to the Arab Gulf states” that called for “immediate countermeasures.”

Written by Mohammed Hassan Husseinbor, identified as an Iranian political researcher, the study warned that Chabahar posed a threat because it would enable Iran to increase its market share in India for its oil exports at the expense of Saudi Arabia, raise foreign investment in the Islamic republic, increase government revenues, and allow Iran to project power in the Gulf and the Indian Ocean.

Pakistani analysts expect around $5 billion in Afghan trade to flow through Chabahar after India in December started handling the port’s operations. It could also further strain ties with Pakistan that accuses India of fomenting nationalist unrest in Balochistan. India and Pakistan are on the brink of a &nbsp;potentially escalating military conflict over Kashmir.

The perceived threat of Chabahar, however, pales against the opportunity that Saudi Arabia’s ability to be a major gas exporter would open up.

In a study published in 2015, energy scholar Micha’el Tanchum suggested that it would be gas supplies from Iran and Turkmenistan, two Caspian Sea states, rather than Saudi oil that would determine which way Eurasia’s future energy architecture tilts: China, the world’s third largest LNG importer, or Europe.

With 24.6 billion cubic metres potentially available for annual piped exports beyond its current supply commitments, Iran, unfettered by sanctions and with no Saudi competition, could emerge as Eurasia’s swing producer, which would significantly enhance its regional clout.

Iranian foreign minister Mohammad Javad Zarif’s resignation in recent days, had it been accepted by President Hasan Rouhani, would have amounted to a victory for hardliners and served the interest of the Saudis and their allies.

“Zarif went. We are rid of him,” Israeli prime minister Benyamin Netanyahu gloated prematurely on his Farsi-language Twitter account.

The departure of Zarif, a suave, US-educated moderate who was Iran’s main negotiator of the nuclear accord, would have enhanced the quest of Saudi Arabia and its allies even if their timelines for a change of Iranian policies, if not of the regime, differ.

His continued tenure as foreign minister is likely to encourage Europe, China and Russia in their efforts to salvage the nuclear deal but little to change Saudi or US long-term strategy. 
 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Saudi Arabia plans to become a major gas exporter within a decade raise questions about what the real goal of the kingdom’s policy, and by extension that of the United States, is towards Iran.

Saudi Arabia plans to become a major gas exporter within a decade raise questions about what the real goal of the kingdom’s policy, and by extension that of the United States, is towards Iran. Officially both Saudi Arabia and the US, which last year withdrew from the 2015 international accord that curbs the Islamic republic’s nuclear programme and imposed harsh economic sanctions, are demanding a change of Iran’s regional and defence policies rather than of its regime. Yet, statements in recent years by some Saudi leaders and US officials as well a string of declarations at the recent US-sponsored ministerial to promote a future of peace and stability in the Middle East in Warsaw by officials of the Trump administration as well as Saudi Arabia, Israel, the United Arab Emirates (UAE) and Bahrain suggested that regime change was on their radar. President Donald J Trump’s hard-line national security advisor John Bolton, a past advocate of regime change and a covert war to destabilise Iran, concluded an outline on the White House’s official Twitter account of Washington’s long list of grievances and accusations levelled at Iranian leaders by addressing supreme leader, Ayatollah Ali Khamenei, directly: “I don’t think you’ll have too many more anniversaries,” Bolton said as Iran celebrated the 40th anniversary of its Islamic revolution. The notion that the real goal of Saudi and US policy is regime change prompted by the sanctions and a destabilisation campaign that would foster unrest among Iran’s ethnic minorities was bolstered by multiple indicators. These include statements of Saudi crown prince Mohammed bin Salman and Bolton before he became Trump’s advisor; a flow of funds from the kingdom to militant, ultra-conservative anti-Shiite, anti-Iranian madrassas or religious seminaries that dot the Iranian border in the troubled Pakistani province of Balochistan; US and Saudi support for an exiled Iranian group that demands regime change in Tehran; and a string of recent attacks inside Iran. With Saudi Arabia, however, announcing that it will invest $150 billion to enable it to export three billion cubic metres of gas a year by 2030, suggests that imminent regime change may not be in the kingdom’s immediate interest. Viewed through the lens of the timeline of Saudi Arabia’s gas plans, the Kingdom is likely to benefit more from an Iran that is isolated and weakened for years to come to give the Saudis the time to get up to speed on gas rather than an Iran that under a new more accommodating government returns to the international fold. A potential destabilisation campaign that is low-level and intermittent but not regime threatening would serve that purpose. It would also extend the window of opportunity on which Saudi Arabia relies to assert regional leadership. That window of opportunity exists as long as the obvious regional powers – Iran, Turkey and Egypt – are in various degrees of disrepair. Punitive economic sanctions, international isolation and domestic turmoil serve to keep Iran weak and unable to leverage its assets. The emergence of Saudi gas plans appears to put Saudi strategy towards Iran at cross purposes. If Saudi Arabia’s gas-driven interest is prolonged containment of Iran, operations at the Indian-backed Arabian Sea port of Chabahar were believed to have given the effort to achieve a change of Tehran’s regional and defence policy, if not its regime, a sense of urgency. Pakistani militants reported the flow of Saudi funds to Baloch Madrassas at the time that a government-backed Saudi think-tank, the International Institute of Iranian Studies, argued in a study that Chabahar, a mere 70 kilometres up the coast from the Chinese-backed Pakistani port of Gwadar posed “a direct threat to the Arab Gulf states” that called for “immediate countermeasures.” Written by Mohammed Hassan Husseinbor, identified as an Iranian political researcher, the study warned that Chabahar posed a threat because it would enable Iran to increase its market share in India for its oil exports at the expense of Saudi Arabia, raise foreign investment in the Islamic republic, increase government revenues, and allow Iran to project power in the Gulf and the Indian Ocean. Pakistani analysts expect around $5 billion in Afghan trade to flow through Chabahar after India in December started handling the port’s operations. It could also further strain ties with Pakistan that accuses India of fomenting nationalist unrest in Balochistan. India and Pakistan are on the brink of a potentially escalating military conflict over Kashmir. The perceived threat of Chabahar, however, pales against the opportunity that Saudi Arabia’s ability to be a major gas exporter would open up. In a study published in 2015, energy scholar Micha’el Tanchum suggested that it would be gas supplies from Iran and Turkmenistan, two Caspian Sea states, rather than Saudi oil that would determine which way Eurasia’s future energy architecture tilts: China, the world’s third largest LNG importer, or Europe. With 24.6 billion cubic metres potentially available for annual piped exports beyond its current supply commitments, Iran, unfettered by sanctions and with no Saudi competition, could emerge as Eurasia’s swing producer, which would significantly enhance its regional clout. Iranian foreign minister Mohammad Javad Zarif’s resignation in recent days, had it been accepted by President Hasan Rouhani, would have amounted to a victory for hardliners and served the interest of the Saudis and their allies. “Zarif went. We are rid of him,” Israeli prime minister Benyamin Netanyahu gloated prematurely on his Farsi-language Twitter account. The departure of Zarif, a suave, US-educated moderate who was Iran’s main negotiator of the nuclear accord, would have enhanced the quest of Saudi Arabia and its allies even if their timelines for a change of Iranian policies, if not of the regime, differ. His continued tenure as foreign minister is likely to encourage Europe, China and Russia in their efforts to salvage the nuclear deal but little to change Saudi or US long-term strategy. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Saudi Arabia tends to intensify efforts to isolate Iran

President Donald Trump on Wednesday attacked the US intelligence services as "naive" and "wrong" on the threat he<a href="http://www.wionews.com/world/irans-rouhani-tells-critics-blame-oath-breaker-us-193894"> says is posed by Iran</a>.

"Perhaps Intelligence should go back to school!" Trump said in a blistering series of tweets.

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The Intelligence people seem to be extremely passive and naive when it comes to the dangers of Iran. They are wrong! When I became President Iran was making trouble all over the Middle East, and beyond. Since ending the terrible Iran Nuclear Deal, they are MUCH different, but....
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1090608298343190528?ref_src=twsrc%5Etfw">January 30, 2019</a></blockquote>
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"The Intelligence people seem to be extremely passive and naive when it comes to the dangers of Iran. They are wrong!" Trump tweeted.

Although especially vehement, it was not the first time Trump has publicly criticised his own intelligence services.

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....a source of potential danger and conflict. They are testing Rockets (last week) and more, and are coming very close to the edge. There economy is now crashing, which is the only thing holding them back. Be careful of Iran. Perhaps Intelligence should go back to school!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1090609577006112769?ref_src=twsrc%5Etfw">January 30, 2019</a></blockquote>
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The broadside, which included separate tweets where Trump praised the success of his policies in Syria and North Korea, followed testimony on Tuesday by top intelligence chiefs that were widely seen as contradicting the president's rosy assessments.

In a hearing on global threats at the Senate Intelligence Committee, the top officials took issue with Trump's assertion that the Islamic State group has been defeated, and that North Korea can be convinced to forego its nuclear weapons.

They also challenged the president's claim that Tehran is actively seeking nuclear weapons, the justification Trump gave for withdrawing last year from a multilateral treaty on Iran.

They underscored again that they believe Russia meddled deeply on Trump's behalf in the 2016 presidential election - which he has repeatedly denied - and can be expected to do the same in 2020.

The hearing took place weeks after Trump cited a victory over Islamic State to justify his sudden announcement of an immediate pullout from Syria, a move that alarmed the US defense establishment and allies in the Middle East.

And it came just weeks before Trump plans a second summit with North Korean leader Kim Jong Un to negotiate a hoped-for denuclearization of the deeply isolated state.

President Donald Trump on Wednesday attacked the US intelligence services as "naive" and "wrong" on the threat he says is posed by Iran. "Perhaps Intelligence should go back to school!

President Donald Trump on Wednesday attacked the US intelligence services as "naive" and "wrong" on the threat he says is posed by Iran. "Perhaps Intelligence should go back to school!" Trump said in a blistering series of tweets. The Intelligence people seem to be extremely passive and naive when it comes to the dangers of Iran. They are wrong! When I became President Iran was making trouble all over the Middle East, and beyond. Since ending the terrible Iran Nuclear Deal, they are MUCH different, but.... — Donald J. Trump (@realDonaldTrump) January 30, 2019 × "The Intelligence people seem to be extremely passive and naive when it comes to the dangers of Iran. They are wrong!" Trump tweeted. Although especially vehement, it was not the first time Trump has publicly criticised his own intelligence services. ....a source of potential danger and conflict. They are testing Rockets (last week) and more, and are coming very close to the edge. There economy is now crashing, which is the only thing holding them back. Be careful of Iran. Perhaps Intelligence should go back to school! — Donald J. Trump (@realDonaldTrump) January 30, 2019 × The broadside, which included separate tweets where Trump praised the success of his policies in Syria and North Korea, followed testimony on Tuesday by top intelligence chiefs that were widely seen as contradicting the president's rosy assessments. In a hearing on global threats at the Senate Intelligence Committee, the top officials took issue with Trump's assertion that the Islamic State group has been defeated, and that North Korea can be convinced to forego its nuclear weapons. They also challenged the president's claim that Tehran is actively seeking nuclear weapons, the justification Trump gave for withdrawing last year from a multilateral treaty on Iran. They underscored again that they believe Russia meddled deeply on Trump's behalf in the 2016 presidential election - which he has repeatedly denied - and can be expected to do the same in 2020. The hearing took place weeks after Trump cited a victory over Islamic State to justify his sudden announcement of an immediate pullout from Syria, a move that alarmed the US defense establishment and allies in the Middle East. And it came just weeks before Trump plans a second summit with North Korean leader Kim Jong Un to negotiate a hoped-for denuclearization of the deeply isolated state.

US intelligence extremely naive on Iran, they are wrong: Trump

US oil prices stabilised on Wednesday <a href="http://www.wionews.com/business-economy/oil-prices-edge-up-on-expected-opec-supply-cuts-178286">after slumping more than 6 per cent</a> the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories.

But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk.

US West Texas Intermediate (WTI) crude futures were at $53.57 per barrel up 14 cents from their last settlement.

Front-month Brent crude oil futures had yet to trade.

Wednesday's more stable prices came following a report by the American Petroleum Institute on Tuesday that US commercial crude oil inventories had fallen unexpectedly by 1.5 million barrels, to 439.2 million barrels, in the week to November 16.

Yet the slight increase in WTI could not cover up general market weakness, with oil and stock markets both plunging the previous session.

"The global economy is still going through a very difficult time and is very fragile," IEA chief Fatih Birol said.

Fearing a glut like in 2014, when high global output and a slowdown in demand growth triggered a price crash, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million barrels per day (bpd).

Despite the expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October.

"Investors are becoming increasingly concerned that any potential production cuts by OPEC will be insufficient to cover the surplus in the market," ANZ bank said on Wednesday.

"The list of reasons for the decline are pretty specific ... too much supply and a risk of slowing demand growth," said James Mick, Energy Portfolio Manager with US investment firm Tortoise.

"Part of the supply issue has been surging US production," he added, referring to an output increase of almost a quarter in the United States to a record 11.7 million barrels per day (bpd).

US oil prices stabilised on Wednesday after slumping more than 6 per cent the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories.

US oil prices stabilised on Wednesday after slumping more than 6 per cent the previous day, with some support coming from a report of an unexpected drop in US commercial crude inventories. But investors remained on edge, with the International Energy Agency (IEA) warning of unprecedented uncertainty in oil markets due to a difficult economic environment and political risk. US West Texas Intermediate (WTI) crude futures were at $53.57 per barrel up 14 cents from their last settlement. Front-month Brent crude oil futures had yet to trade. Wednesday's more stable prices came following a report by the American Petroleum Institute on Tuesday that US commercial crude oil inventories had fallen unexpectedly by 1.5 million barrels, to 439.2 million barrels, in the week to November 16. Yet the slight increase in WTI could not cover up general market weakness, with oil and stock markets both plunging the previous session. "The global economy is still going through a very difficult time and is very fragile," IEA chief Fatih Birol said. Fearing a glut like in 2014, when high global output and a slowdown in demand growth triggered a price crash, the Organization of the Petroleum Exporting Countries (OPEC) is pushing for a supply cut of between 1 million and 1.4 million barrels per day (bpd). Despite the expectation of OPEC-led cuts, Brent and WTI prices have slumped by 28 and 30 per cent respectively since early October. "Investors are becoming increasingly concerned that any potential production cuts by OPEC will be insufficient to cover the surplus in the market," ANZ bank said on Wednesday. "The list of reasons for the decline are pretty specific ... too much supply and a risk of slowing demand growth," said James Mick, Energy Portfolio Manager with US investment firm Tortoise. "Part of the supply issue has been surging US production," he added, referring to an output increase of almost a quarter in the United States to a record 11.7 million barrels per day (bpd).

International oil prices stabilise as OPEC production cut looms

US secretary of state Mike Pompeo announced today that <a href="http://www.wionews.com/world/we-oppose-unilateral-sanctions-and-long-arm-jurisdiction-against-iran-china-175654">China, India, Italy, Greece, Japan, South Korea</a>, Taiwan and Turkey would be allowed temporary waiver from Iran oil sanctions which came into effect from today.

Pompeo said the eight countries exempted have "already demonstrated reduction of Iranian crude over the past six months and, indeed, two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions remain in place."

"We continue negotiations to get all of the nations to zero," he added.

Pompeo informed that 50 Iranian banks and 400 subsidiaries would face sanctions as the US re-imposed economic sanctions on Iran's oil, banking and transportation sectors on Monday.&nbsp;

Pompeo added that more than 20 countries had already cut oil imports from Iran, reducing purchases by more than 1 million barrels per day.

"Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behaviour," US Treasury Secretary Steven Mnuchin said.

The US sanctions will also target 200 persons and vessels in its shipping sector including Tehran's national airline, Iran Air, and more than 65 aircrafts.

Pompeo said the US would put "relentless" pressure on Iran as the sanctions covered most of Iran's key industries.

"Our objective is to starve the Iranian regime of the funds it uses to fund violent activity throughout the Middle East and around the world. Our ultimate goal is to encourage them to abandon their revolutionary course," Pompeo said.

In August, the US had imposed sanctions on Iran's metals and auto sectors.&nbsp;

"We hope a new agreement with Iran is possible, but until Iran makes changes in the 12 ways I listed in May, we will be relentless in exerting pressure on the regime," the US secretary of state added.

US secretary of state Mike Pompeo announced today that China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey would be allowed temporary waiver from Iran oil sanctions which came into effect from today.

US secretary of state Mike Pompeo announced today that China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey would be allowed temporary waiver from Iran oil sanctions which came into effect from today. Pompeo said the eight countries exempted have "already demonstrated reduction of Iranian crude over the past six months and, indeed, two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions remain in place." "We continue negotiations to get all of the nations to zero," he added. Pompeo informed that 50 Iranian banks and 400 subsidiaries would face sanctions as the US re-imposed economic sanctions on Iran's oil, banking and transportation sectors on Monday. Pompeo added that more than 20 countries had already cut oil imports from Iran, reducing purchases by more than 1 million barrels per day. "Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behaviour," US Treasury Secretary Steven Mnuchin said. The US sanctions will also target 200 persons and vessels in its shipping sector including Tehran's national airline, Iran Air, and more than 65 aircrafts. Pompeo said the US would put "relentless" pressure on Iran as the sanctions covered most of Iran's key industries. "Our objective is to starve the Iranian regime of the funds it uses to fund violent activity throughout the Middle East and around the world. Our ultimate goal is to encourage them to abandon their revolutionary course," Pompeo said. In August, the US had imposed sanctions on Iran's metals and auto sectors. "We hope a new agreement with Iran is possible, but until Iran makes changes in the 12 ways I listed in May, we will be relentless in exerting pressure on the regime," the US secretary of state added.

China, India, Turkey among eight countries allowed temporary waiver in Iran oil sanctions: Pompeo

Oil prices fell on Monday as <a href="http://www.wionews.com/business-economy/crude-oil-prices-rise-as-us-sanctions-on-iran-loom-172761">US&nbsp;sanctions against Iran's fuel </a>exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US&nbsp;light crude was 30 cents lower at $62.84 a barrel.

Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show.

Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US&nbsp;president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors.

In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil.

Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil.

"US&nbsp;sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index.

Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude.

South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said.

Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US&nbsp;decision, but would not directly say if China had or had not been granted an exemption.

Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output.

Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010.

In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell.

Oil prices fell on Monday as US sanctions against Iran's fuel exports were softened by waivers allowing major buyers to import Iranian crude for a while, while Tehran said it would defy Washington and continue to sell. Brent crude oil was down 15 cents a barrel at $72.68 by 1030 GMT. US light crude was 30 cents lower at $62.84 a barrel. Both oil price benchmarks have lost more than 15 per cent since hitting four-year highs in early October, as hedge funds have cut bullish bets on crude to a one-year low, data show. Washington imposed sanctions against Iran on Monday, restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former US president Barack Obama, and adding 300 new designations including Iran's oil, shipping, insurance and banking sectors. In response, Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would break the sanctions and continue to sell oil. Washington has granted some exemptions. The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil. "US sanctions against Iran ... created serious concerns with traders earlier in September. But they are turning into a damp squib," said Fiona Cincotta, market analyst at City Index. Washington has so far not identified the eight. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been the top importers of Iran's oil, while Taiwan also occasionally buys Iranian crude. South Korea said on Monday it had been granted a waiver, at least temporarily, to import condensate, a super-light form of crude oil, from Iran. It was also allowed to continue financial transactions with the Middle East country, it said. Chinese foreign ministry spokeswoman Hula Chunking expressed regret at the US decision, but would not directly say if China had or had not been granted an exemption. Oil markets have been anticipating the sanctions for months and the world's biggest producers have been increasing output. Joint output from the world's top producers - Russia, the United States and Saudi Arabia - in October rose above 33 million barrels per day (bpd) for the first time, up 10 million bpd since 2010. In the Middle East, the Abu Dhabi National Oil Co plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bpd by 2030, it said on Sunday, from output of just over 3 million bpd.

Despite sanctions on Iran oil, prices drop on US waivers

As US oil sanctions on Iran kicked-in, <a href="http://www.wionews.com/world/iran-will-proudly-bypass-us-sanctions-rouhani-175592">China opposed the Trump administration's </a>decision calling it a "unilateral" action.

"China opposes unilateral sanctions and long-arm jurisdiction," foreign ministry spokeswoman Hua Chunying said.

The US sanctions are targeted at Iran's oil sales and banking sector in order to force Iran to halt its nuclear and ballistic missile programmes, which President Trump believes the Rohani government has been carrying out covertly.

The US has also accused Iran of funding conflicts in Yemen, Syria and other parts in the Middle East.

"We believe that China's normal cooperation (with Iran) within international law is legal and legitimate, and this shall be respected," China's spokesman said while denouncing the sanctions.

The US had imposed sanctions against Iran on trade, metals and auto sectors in August after pulling out of the nuclear deal which also included its EU partners - &nbsp;France, Germany and Britain.

From today, the US sanctions will include Iran's lucrative oil sector which the Trump administration barring countries from trading with the country, however, it has exempted eight countries including Japan, South Korea and India allowing them leeway to trade with Iranian oil.

"Under the current circumstances, we hope all parties can bear in mind the larger picture and fulfil their duties and choose to stand on the right side of history," Hua said, adding that China will continue to "uphold the objective and responsible attitude to uphold the agreement".

Iranian President Hassan Rouhani had said his country has no fear of "new American threats," while adding that "Iran is not looking for weapons of mass destruction and never will be".

President Rohani said today that he would " proudly bypass sanctions" by the United States.&nbsp;

"We are in a situation of economic war, confronting a bullying power. I don't think that in the history of America, someone has entered the White House who is so against law and international conventions."&nbsp;

As US oil sanctions on Iran kicked-in, China opposed the Trump administration's decision calling it a "unilateral" action. "China opposes unilateral sanctions and long-arm jurisdiction," foreign ministry spokeswoman Hua Chunying said.

As US oil sanctions on Iran kicked-in, China opposed the Trump administration's decision calling it a "unilateral" action. "China opposes unilateral sanctions and long-arm jurisdiction," foreign ministry spokeswoman Hua Chunying said. The US sanctions are targeted at Iran's oil sales and banking sector in order to force Iran to halt its nuclear and ballistic missile programmes, which President Trump believes the Rohani government has been carrying out covertly. The US has also accused Iran of funding conflicts in Yemen, Syria and other parts in the Middle East. "We believe that China's normal cooperation (with Iran) within international law is legal and legitimate, and this shall be respected," China's spokesman said while denouncing the sanctions. The US had imposed sanctions against Iran on trade, metals and auto sectors in August after pulling out of the nuclear deal which also included its EU partners - France, Germany and Britain. From today, the US sanctions will include Iran's lucrative oil sector which the Trump administration barring countries from trading with the country, however, it has exempted eight countries including Japan, South Korea and India allowing them leeway to trade with Iranian oil. "Under the current circumstances, we hope all parties can bear in mind the larger picture and fulfil their duties and choose to stand on the right side of history," Hua said, adding that China will continue to "uphold the objective and responsible attitude to uphold the agreement". Iranian President Hassan Rouhani had said his country has no fear of "new American threats," while adding that "Iran is not looking for weapons of mass destruction and never will be". President Rohani said today that he would " proudly bypass sanctions" by the United States. "We are in a situation of economic war, confronting a bullying power. I don't think that in the history of America, someone has entered the White House who is so against law and international conventions."

We oppose unilateral sanctions and long-arm jurisdiction against Iran: China

With Washington poised to curtail Iran's oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.

The renewal of sanctions on the Islamic republic comes at a time of major supply disruptions in several producer nations and as US President Donald Trump aims to prevent an oil price hike.

Analysts expect that Iran's oil exports, which reach around 2.5 million barrels per day in normal times, to plunge by one million to two million bpd when sanctions take effect on November 5.

That is expected to strain an already tight market.

Meanwhile, thousands joined rallies in Tehran and other cities, carrying placards that mocked President Donald Trump, wiping their feet on fake dollar bills, and engaging in the usual ritual of burning the US flag.

This year's 39th anniversary fell just hours before Washington was set to reimpose sanctions -- including an oil embargo -- following its withdrawal from the 2015 nuclear deal earlier this year.

(With inputs from AFP)

With Washington poised to curtail Iran's oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.

With Washington poised to curtail Iran's oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say. The renewal of sanctions on the Islamic republic comes at a time of major supply disruptions in several producer nations and as US President Donald Trump aims to prevent an oil price hike. Analysts expect that Iran's oil exports, which reach around 2.5 million barrels per day in normal times, to plunge by one million to two million bpd when sanctions take effect on November 5. That is expected to strain an already tight market. Meanwhile, thousands joined rallies in Tehran and other cities, carrying placards that mocked President Donald Trump, wiping their feet on fake dollar bills, and engaging in the usual ritual of burning the US flag. This year's 39th anniversary fell just hours before Washington was set to reimpose sanctions -- including an oil embargo -- following its withdrawal from the 2015 nuclear deal earlier this year. (With inputs from AFP)

Saudi Arabia readies to boost supplies over Iran oil sanctions

US secretary of state Mike Pompeo<a href="http://www.wionews.com/world/us-to-give-iran-oil-sanctions-waiver-to-eight-countries-including-india-south-korea-japan-report-175107"> said today that eight countries</a> would be exempt from Iran oil sanctions set to kick-in next week.

The US secretary of state said the import of oil will be allowed at a much lower level than currently being done.

Bloomberg had earlier said that South Korea, India and Japan were among the countries to be allowed the waiver, although Pompeo did not confirm it. The announcement will be made on Monday.

Pompeo said that the European Union as a whole, which has 28 members, would not receive a waiver.

Pompeo said the reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world."

"Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country," Pompeo added.

South Korea had earlier asked Pompeo for "maximum flexibility" for the Iran oil waiver while Turkey and China have consistently resisted calls by the Trump administration to cut back on Iran oil.

Secretary of Treasury Steven Mnuchin also said US wants Brussels-based SWIFT to cut off Iranian financial institutions from&nbsp;Monday. Under US law, Washington can sanction the financial institutions of foreign countries that fail to significantly reduce their purchases of Iranian oil and petroleum products.

National security adviser John Bolton had said earlier that the US does not want to harm "friends and allies" that depend on Iran oil.

The US accused Iran of diverting money in conflict zones in Yemen, Syria, Lebanon and other parts of the Middle East and also of running a covert nuclear and missile program which is vehemently denied by the Rohani government

The US government sanctions are set to come into effect on November 5th.

Meanwhile, Iranian President Hassan Rouhani has warned Iranians they face hard times when new US sanctions take effect.

&nbsp;&nbsp;

&nbsp;

US secretary of state Mike Pompeo said today that eight countries would be exempt from Iran oil sanctions set to kick-in next week. The US secretary of state said the import of oil will be allowed at a much lower level than currently being done.

US secretary of state Mike Pompeo said today that eight countries would be exempt from Iran oil sanctions set to kick-in next week. The US secretary of state said the import of oil will be allowed at a much lower level than currently being done. Bloomberg had earlier said that South Korea, India and Japan were among the countries to be allowed the waiver, although Pompeo did not confirm it. The announcement will be made on Monday. Pompeo said that the European Union as a whole, which has 28 members, would not receive a waiver. Pompeo said the reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world." "Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country," Pompeo added. South Korea had earlier asked Pompeo for "maximum flexibility" for the Iran oil waiver while Turkey and China have consistently resisted calls by the Trump administration to cut back on Iran oil. Secretary of Treasury Steven Mnuchin also said US wants Brussels-based SWIFT to cut off Iranian financial institutions from Monday. Under US law, Washington can sanction the financial institutions of foreign countries that fail to significantly reduce their purchases of Iranian oil and petroleum products. National security adviser John Bolton had said earlier that the US does not want to harm "friends and allies" that depend on Iran oil. The US accused Iran of diverting money in conflict zones in Yemen, Syria, Lebanon and other parts of the Middle East and also of running a covert nuclear and missile program which is vehemently denied by the Rohani government The US government sanctions are set to come into effect on November 5th. Meanwhile, Iranian President Hassan Rouhani has warned Iranians they face hard times when new US sanctions take effect.

Eight countries exempt from Iran oil sanctions: US secretary of state Pompeo

The US&nbsp;government <a href="http://www.wionews.com/india-news/india-in-touch-with-eu-over-alternative-payment-for-iran-oil-imports-166736">has agreed to let eight countries</a>, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran next week, Bloomberg cited a US&nbsp;official as saying.&nbsp;

Iran's biggest oil customers - all in Asia - <a href="http://www.wionews.com/world/us-india-in-very-detailed-talks-about-halting-iran-oil-imports-us-163951?amp">have been seeking sanctions waivers to allow</a> them to continue buying some of its oil and have argued that a total ban would spur a further rally in the price of crude.

Bloomberg reported on Friday that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies.&nbsp;

A list of all countries getting waivers was expected to be released officially on Monday, Bloomberg said.&nbsp;

There was no immediate comment from the White House.

The United States is preparing to impose new sanctions on Iran's oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers earlier this year.

But the move has backfired on US&nbsp;President Donald Trump as it led to a steep rally in oil prices, including the cost of gasoline, ahead of US&nbsp;mid-term elections.

It was unclear how much crude those eight countries would be allowed to buy from Iran, whose oil exports have plummeted from an average of more than 2.5 million barrels per day to around 1.5 million bpd in recent weeks.

Goldman Sachs said it expects Iran's crude exports to fall to 1.15 million bpd by the end of the year. During a previous round of sanctions at the start of the decade, Iranian oil exports declined at times to below 1 million bpd.

Iran said on Friday the report on waivers showed that the market needed the country's crude.

"The waivers granted to these eight countries show that the market needs Iran's oil and it cannot be pulled out of the market ... I don't know whether these waivers are permanent or temporary," state TV quoted Iran's Deputy Oil Minister Ali Kardor as saying.&nbsp;

Oil prices rallied this year to a four-year high above $85 per barrel on fears Washington may want to cut Iranian oil exports to zero.

But the rally petered out in recent weeks amid market fears about a slowing global economy and as expectations grew that Iran would be allowed still to export significant amounts.

On Friday, Brent futures traded flat at around $73, having fallen 12 per cent since the beginning of October.&nbsp;

A Chinese official told Reuters that discussions with the US&nbsp;government about waivers were ongoing and that a result was expected over the next couple of days.&nbsp;

"We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive," Clayton Allen of Height Securities said in a note on Friday.&nbsp;

South Korea's foreign ministry declined to comment, and Japanese officials were not immediately available for comment.

Another country that has been seeking a sanctions waiver is Turkey. Turkey's energy ministry said on Friday it had not received written notification of any exemption.

Analysts said, however, that waivers would likely be only temporary.&nbsp;

"The US&nbsp;may use waivers to slow-walk implementation, but these will not apply indefinitely," Allen said.

Among other countries closely connected to Iran's energy system is Iraq, which imports gas via a pipeline. The United Arab Emirates imports large amounts of Iranian fuel oil to power ships and Egypt imports oil from Iran for the Sumed pipeline.

Russia has been planning to import oil from Tehran but no major projects have materialised.

The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran next week, Bloomberg cited a US official as saying.

The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran next week, Bloomberg cited a US official as saying. Iran's biggest oil customers - all in Asia - have been seeking sanctions waivers to allow them to continue buying some of its oil and have argued that a total ban would spur a further rally in the price of crude. Bloomberg reported on Friday that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies. A list of all countries getting waivers was expected to be released officially on Monday, Bloomberg said. There was no immediate comment from the White House. The United States is preparing to impose new sanctions on Iran's oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers earlier this year. But the move has backfired on US President Donald Trump as it led to a steep rally in oil prices, including the cost of gasoline, ahead of US mid-term elections. It was unclear how much crude those eight countries would be allowed to buy from Iran, whose oil exports have plummeted from an average of more than 2.5 million barrels per day to around 1.5 million bpd in recent weeks. Goldman Sachs said it expects Iran's crude exports to fall to 1.15 million bpd by the end of the year. During a previous round of sanctions at the start of the decade, Iranian oil exports declined at times to below 1 million bpd. Iran said on Friday the report on waivers showed that the market needed the country's crude. "The waivers granted to these eight countries show that the market needs Iran's oil and it cannot be pulled out of the market ... I don't know whether these waivers are permanent or temporary," state TV quoted Iran's Deputy Oil Minister Ali Kardor as saying. Oil prices rallied this year to a four-year high above $85 per barrel on fears Washington may want to cut Iranian oil exports to zero. But the rally petered out in recent weeks amid market fears about a slowing global economy and as expectations grew that Iran would be allowed still to export significant amounts. On Friday, Brent futures traded flat at around $73, having fallen 12 per cent since the beginning of October. A Chinese official told Reuters that discussions with the US government about waivers were ongoing and that a result was expected over the next couple of days. "We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive," Clayton Allen of Height Securities said in a note on Friday. South Korea's foreign ministry declined to comment, and Japanese officials were not immediately available for comment. Another country that has been seeking a sanctions waiver is Turkey. Turkey's energy ministry said on Friday it had not received written notification of any exemption. Analysts said, however, that waivers would likely be only temporary. "The US may use waivers to slow-walk implementation, but these will not apply indefinitely," Allen said. Among other countries closely connected to Iran's energy system is Iraq, which imports gas via a pipeline. The United Arab Emirates imports large amounts of Iranian fuel oil to power ships and Egypt imports oil from Iran for the Sumed pipeline. Russia has been planning to import oil from Tehran but no major projects have materialised.

US to give Iran oil sanctions waiver to eight countries, including India, South Korea & Japan: Report

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month.

Benchmark Brent crude oil futures were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 per cent, above their last close.

US West Texas Intermediate (WTI) crude futures were at $69.60 a barrel, up 48 cents, or 0.7 per cent.

The US sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on November 4. The United States under President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme.

US Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them.

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.

However, an internal document reviewed by Reuters suggested OPEC is struggling to add barrels as an increase in Saudi supply was offset by declines elsewhere.

Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further.

Some relief may come from North America, where U.S. drillers added four oil rigs in the week to October 19, bringing the total count to 873, Baker Hughes energy services firm said on Friday, raising the rig count to the highest level since March 2015.

The US rig count is an early indicator of future output. With activity increasing after months of stagnation, US crude production is also expected to continue to rise.

Reflecting rising US crude exports, the Intercontinental Exchange said its new Permian West Texas Intermediate crude futures contract deliverable in Houston, Texas, will begin trading on Monday.

In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand.

"The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus," said Emirates NBD bank in a note.

Shipping brokerage Eastport said "Chinese manufacturing is beginning to slow" and that "Trump's proposal of slapping ... tariffs on additional ... Chinese goods from 1 January would be a further drag on trade."

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month.

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month. Benchmark Brent crude oil futures were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 per cent, above their last close. US West Texas Intermediate (WTI) crude futures were at $69.60 a barrel, up 48 cents, or 0.7 per cent. The US sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on November 4. The United States under President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme. US Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them. OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports. However, an internal document reviewed by Reuters suggested OPEC is struggling to add barrels as an increase in Saudi supply was offset by declines elsewhere. Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further. Some relief may come from North America, where U.S. drillers added four oil rigs in the week to October 19, bringing the total count to 873, Baker Hughes energy services firm said on Friday, raising the rig count to the highest level since March 2015. The US rig count is an early indicator of future output. With activity increasing after months of stagnation, US crude production is also expected to continue to rise. Reflecting rising US crude exports, the Intercontinental Exchange said its new Permian West Texas Intermediate crude futures contract deliverable in Houston, Texas, will begin trading on Monday. In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand. "The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus," said Emirates NBD bank in a note. Shipping brokerage Eastport said "Chinese manufacturing is beginning to slow" and that "Trump's proposal of slapping ... tariffs on additional ... Chinese goods from 1 January would be a further drag on trade."

Crude oil prices rise as US sanctions on Iran loom

US President Trump cannot bring oil prices down by "bullying" other nations, Iran's oil minister said on Tuesday, adding that the market was suffering from short supply.

<a href="http://www.wionews.com/markets/as-us-iran-sanctions-on-iran-loom-saudi-arabia-says-it-will-meet-indias-oil-demand-171693">Also Read:&nbsp;As US sanctions on Iran loom, Saudi Arabia says it will meet India's oil demand</a>

US sanctions on Iranian oil exports are due to kick in on November 4th. The US administration has been pushing its allies to cut Iranian oil imports and encouraging Saudi Arabia, other OPEC states and Russia to pump more oil to meet any shortfall.

"The oil market is suffering from short supply and this cannot be resolved by words. Trump thinks he can bring the oil prices down by bullying," Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ILNA.

Benchmark Brent crude has been trading above $80 a barrel.

Zanganeh said the rise of oil prices was a "self-inflicted pain" caused by US sanctions against Iranian energy exports, and could be resolved by lifting the measures.

"Everyone is worried and Trump has failed to reassure them. That's why the market is in turmoil," he said.

Zanganeh also said the United States "has done most of the things it could do, and there is not much left to do against Iran," according to comments reported by Iran's ISNA agency.

Washington said this month it would consider waivers for Iranian oil buyers such as India, although it said they would eventually have to halt imports from Iran, the third biggest oil producer in the Organization of the Petroleum Exporting Countries.

The United States announced new sanctions after withdrawing from a nuclear deal with Iran in May. Under the 2015 nuclear pact, most international sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear programme.

US President Trump cannot bring oil prices down by "bullying" other nations, Iran's oil minister said on Tuesday, adding that the market was suffering from short supply.

US President Trump cannot bring oil prices down by "bullying" other nations, Iran's oil minister said on Tuesday, adding that the market was suffering from short supply. Also Read: As US sanctions on Iran loom, Saudi Arabia says it will meet India's oil demand US sanctions on Iranian oil exports are due to kick in on November 4th. The US administration has been pushing its allies to cut Iranian oil imports and encouraging Saudi Arabia, other OPEC states and Russia to pump more oil to meet any shortfall. "The oil market is suffering from short supply and this cannot be resolved by words. Trump thinks he can bring the oil prices down by bullying," Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ILNA. Benchmark Brent crude has been trading above $80 a barrel. Zanganeh said the rise of oil prices was a "self-inflicted pain" caused by US sanctions against Iranian energy exports, and could be resolved by lifting the measures. "Everyone is worried and Trump has failed to reassure them. That's why the market is in turmoil," he said. Zanganeh also said the United States "has done most of the things it could do, and there is not much left to do against Iran," according to comments reported by Iran's ISNA agency. Washington said this month it would consider waivers for Iranian oil buyers such as India, although it said they would eventually have to halt imports from Iran, the third biggest oil producer in the Organization of the Petroleum Exporting Countries. The United States announced new sanctions after withdrawing from a nuclear deal with Iran in May. Under the 2015 nuclear pact, most international sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear programme.

Trump thinks he can bring down oil prices by bullying: Iran minister Zanganeh

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

The administration withdrew from a deal over Tehran's nuclear programme in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile programme. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.

The administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity.

It was the first time a US official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran.

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White House National Security Adviser John Bolton said on Thursday that the administration's objective was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero." He added that the administration would not necessarily achieve that.

The administration is "prepared to work with countries that are reducing their imports on a case-by-case basis," the official said.

The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration's push to get countries to stop their purchases.

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday. The administration withdrew from a deal over Tehran's nuclear programme in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile programme. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States. The administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity. It was the first time a US official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran. × White House National Security Adviser John Bolton said on Thursday that the administration's objective was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero." He added that the administration would not necessarily achieve that. The administration is "prepared to work with countries that are reducing their imports on a case-by-case basis," the official said. The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration's push to get countries to stop their purchases.

US govt actively considering waivers on Iran oil sanctions