• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 2 hours China's Blueprint For Global Power
  • 11 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 9 hours IMO 2020:
  • 5 hours Here's your favourite girl, Tom!
  • 11 hours Brexit agreement
  • 6 hours The Problem Is The Economy, Not The Climate
  • 7 hours Idiotic Environmental Predictions
  • 36 mins The Ultimate Heresy: Technology Can't Fix What's Broken
  • 3 mins Australian Hydroelectric Plant Cost Overruns
  • 1 day World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 1 day Deepwater GOM Project Claims Industry First
  • 13 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
The Only Hope For Oil Markets

The Only Hope For Oil Markets

While WTI was trending higher…

Turkey Will Keep Importing Iranian Crude

oil storage

Turkey will not heed the State Department’s call on U.S. allies to stop importing Iranian crude oil by November 4, when the latest sanctions will kick in.

“The decisions taken by the United States on this issue are not binding for us. Of course, we will follow the United Nations on its decision. Other than this, we will only follow our own national interests,” Turkey’s Economy Minister Nihat Zeybekci said as quoted by daily Hurriyet, adding that “we will pay attention so our friend Iran will not face any unfair actions.”

The State Department earlier this week called on all U.S. allies to completely stop buying Iranian crude, and although many are trying to find a way around the sanctions, it is for now proving tricky, and many buyers are winding down their purchases of Iranian crude.

At the same time, oil importers including Japan, South Korea, and India, as well as European countries have said they will continue buying Iranian crude. The European Union is particularly concerned about the situation because there is only so much that the three European signatories to the Iran nuclear deal could do to prevent Tehran from exiting it, which might happen if it stops seeing benefits from it, President Hassan Rouhani said.

Related: Hefty Inventory Draw Boosts Oil Prices

The nuclear deal, which Iran signed with the U.S., France, Germany, the UK, Russia, and China, ended the international sanctions that Iran was subjected to because of its nuclear program, and gave it access to international markets, especially oil markets.

Yet, if the unilateral U.S. sanctions lead to a closure of this access, Iran will indeed be locked out of any economic benefits from the nuclear deal. Although Tehran still maintains that the nuclear program was not geared towards the weaponization of uranium, Rouhani—and Ayatollah Ali Khamenei before him—said Iran will ramp it up if the deal with the West falls through.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play