• 6 hours Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 20 hours Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 8 hours OP article : "Trump blasts Biden Fracking Plan . . . "
  • 4 hours Clean Energy Is Canceling Gas Plants
  • 1 day America's Frontline Doctors - Safely Start Living Again!
  • 2 days France Sees 10.6% EV Market Share In September — 4× Growth Year On Year
  • 3 hours Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals
  • 5 hours Biden has Obama do a Philadelphia Rally for him. Less than 100 supporters turned out. Really.
  • 19 hours Vote Biden for Higher Oil Prices
  • 3 days Permian in for Prosperous and Bright Future
  • 2 hours "COVID Kills Another Oil Rally" by Tom Kool 10/16/2020
  • 3 days Something wicked this way comes
  • 1 day Tesla Model 3 Is September's Top Selling Car of All Vehicles in Switzerland
  • 2 days TX NATGAS flaring
  • 10 hours A sneak peak into the US election
  • 2 days GPOR - Gulfport Oil - Why?
Oil Prices Aren’t Going Anywhere Until The Election

Oil Prices Aren’t Going Anywhere Until The Election

Oil prices are almost certainly…

A Geopolitical Time Bomb In Europe

A Geopolitical Time Bomb In Europe

Turkey has been acting increasingly…

Sanctions Cost Iran $133 Million a Day in Lost Revenue

According to a recent report by Bloomberg, the US and EU sanctions have already caused a 52% fall in shipments exporting oil from Iran, equating to 1.2 million barrels per day, about $133 million worth of crude.

US Congress has now passed a new set of sanctions aimed at punishing banks, insurance companies, and shipping companies which deal with Tehran in oil trades.

Republican Representative Ileana Ros-Lehtinen, chair of the House Foreign Affairs Committee, said that the new sanctions seek “to tighten the chokehold on the regime beyond anything that has been done before.”

The Senate passed the bill in a unanimous vote, with the House passing it on 421-6. The bill has now been passed on to the White House to wait for President Obama’s approval and signature.

Representative Howard Berman, the top Democrat on the foreign affairs panel, has warned that “there There is more we can do, more that we will do if Iran doesn't end its nuclear weapons programme verifiably and completely.”

However China has also come out with its own warning to the US that further sanctions will damage relations, and trade between the two nations.

Qin Gang, a spokesman for the Chinese ministry explained that “the US has invoked domestic law to impose sanctions on a Chinese financial institution, and this is a serious violation of international rules that harms Chinese interests.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News