USA will fail to achieve zero oil exports target: Iran

17 September, 2018, 12:59 | Author: Brooke Harris
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Iran and India traded 4.71 million tons of non-oil commodities worth 2.18 billion USA dollars during the first five months of the current Iranian fiscal year from March 21 to August 22, Eghtesad online news website reported on Saturday.

"Saudi Arabia and the UAE are turning OPEC into a tool for the U.S. and consequently the organization has not much credit left", Iran's OPEC governor, Hossein Kazempour Ardebili, was quoted by media as saying.

Brent crude was up 23 cents, or 0.3 percent, at $78.41 a barrel by 0122 GMT, after falling 2 percent on Thursday.

However, bringing it down to zero by November is a tall ask given that oil from elsewhere is bound to be more expensive than the discounted rates being offered by Iran, and the fact most Indian refineries are geared for the kind of oil that Iran supplies.

However, prices were able to rebound into the close on Friday after a report said Secretary of State Michael Pompeo was going to give a press conference on new sanctions on Iran.

The US National Security Adviser John Bolton said last month that the United States is exerting "maximum pressure" on the government of Iran to change its behavior, adding that Washington is prepared to use sanctions to drive Iranian oil exports down to zero.

Iran's Ardebili accused Saudi Arabia and Russian Federation of taking the market "hostage" through increased production and said that OPEC's responsibility is to restore market balance, not to boycott its founding members.

Washington reimposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into force from November 4.

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In August, rising output in Libya, Iraq, Nigeria and Saudi Arabia offset declines in Iran, which is about to face new USA sanctions that are already hurting Iranian exports, and in Venezuela.

Washington's withdrawal from the landmark Iran nuclear deal was criticized across the world.

The sanctions cover Iran's purchases of dollars, its trade in gold and precious metals, and its automotive sector.

Iran has criticized the Organization of the Petroleum Exporting Countries (OPEC) for allowing Saudi Arabia and the United Arab Emirates to turn the body into a "tool in the hands of the U.S.".

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", Trump tweeted.

The group said OPEC has another 2.7 million barrels a day of spare production that it could tap, 60 per cent of it in Saudi Arabia.

The Iranian OPEC governor has voiced skepticism that other producers can add much more oil.

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