• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 3 hours Will Uncle Sam Step Up and Cut Production
  • 59 mins In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 1 min Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 9 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 8 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 19 mins * 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on terrorism, wars, lopping off heads * Too late now
  • 3 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 9 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 14 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 22 hours Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 1 day Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 22 hours Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 4 hours US Petroleum Demand Strongest Since 2007
Oil Spikes As US Delays Tariffs On Chinese Goods

Oil Spikes As US Delays Tariffs On Chinese Goods

Oil prices continued to rally…

A New War In Yemen

A New War In Yemen

The most recent development in…

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