NEWS
Gas  

Iran: Gas Prices in US Influencing Extension of Oil Sanctions Waivers

The growing gas prices in the US indicate that Washington is facing a hard decision on the extension of waivers on Iran oil sanctions, an Iranian official said on Sunday.

Iranian Deputy Oil Minister for International and Commercial Affairs Amir Hossein Zamaninia made the remarks in Tehran on Sunday on the sidelines of a meeting between Iran and Iraq's oil ministers.

Asked if the US would extend waivers on oil sanctions against Iran, he said, "I do not opine on this issue now but everyone knows that the oil market is not stable and static but it is very turbulent."

"It is the prices at US gas pumps that decide about extension or non-extension of these waivers," Zamaninia underlined.

The deadline for the US administration to decide whether to extend sanctions waivers granted to buyers of Iranian oil is now less than a month away, and President Donald Trump faces a tricky decision.

He undoubtedly wants to increase pressure on the Persian Gulf nation, but in doing so he risks stoking oil prices and with them those all-important gas prices in swing states back home.

Crude prices have risen nearly 50 percent since Christmas, with WTI popping above $62.50 a barrel last week for the first time in almost five months. Retail gasoline prices are on a tear, too. The latest data from the Department of Energy show gas prices up by 18 percent since late February, bringing them back to where they were this time last year. 

The US squeeze on Iran nevertheless allowed some nations to purchase its oil, under a series of six-month-long waivers. These were granted to eight countries, including China, South Korea, Iran, Japan and Turkey, as the restrictions were imposed in November. An estimated 1.76 million barrels a day of crude and condensate left Iran for those five countries in March, up from 1.42 million in February.

News No: 4226
Date: 2019/04/07 - 19:31
News Source: Fars News Agency

Gas  Oil Sanctions  US  Amir Hossein Zamaninia  Donald Trump 

Comments:

Leave a Comment:

   
   
   
 

Malaysia allows Lynas to continue operating rare earths plant for six months

Malaysia has granted Australia’s Lynas Corp (ASX: LYC) an extension on its operating licence for a rare earths processing plant, subject to various conditions and valid only for six months, keeping alive concerns about the miner’s fate in the Southeast Asian country.
 

Coal’s last healthy market fades as trade woes weigh on steel

One of the few remaining bulwarks propping up the US coal industry is languishing.
 

India's Scrapped Ship Import Volume Increases 33% in July

Alang - Gujarat, has registered sharp growth in imports of scrapped ships in Jul'19 and the volume reached 7 months high since Dec'18, as per custom data maintained by SteelMint.
 

The future of Steel Industry

There's no doubt, make predictions about the future of steel industry it's always close to impossible.
 

Northern Minn. iron ore mining company invests in steel industry’s future

In 1956, the giant Northshore Mining plant on the shores of Lake Superior was the first facility built in North America to make pellets out of taconite, a low-grade iron ore. It used a process developed at the University of Minnesota after the supply of high-grade natural ore in the state was nearly mined out.
 

South Korea Increases Radiation Checks on Japanese Scrap amid Trade Tension

In a recent policy transition observed in ferrous scrap industry, the South Korean customs service department has increased their inspections on imported ferrous scrap from Japan, the largest scrap supplier to the country.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners