• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 2 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 6 hours Hong Kong protesters appeal to Trump for support.
  • 16 hours Europe: The Cracks Are Beginning To Show
  • 4 hours Memorize date 05/15/2018 cause Huawei ban is the most important single event in world history after 9/11/2001.
  • 18 hours Iran Vows Major War Even If US Conducts "Limited Strikes"
  • 4 hours Millennials: A boil on the butt of the work ethic
  • 5 hours A little something for all you Offshore swabbies
  • 13 hours Ban Fracking? What in the World Are Democrats Thinking?
  • 32 mins LA Times: Vote Trump out in 2020 to Prevent Climate Apocalypse
  • 20 mins When Trying To Be Objective About Ethanol, Don't Include Big Oil Lies To Balance The Argument
  • 3 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 3 hours Shale profitability
  • 6 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 1 day Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 13 hours Let's shut down dissent like The Conversation in Australia
The Man That Could Trigger An Iran War

The Man That Could Trigger An Iran War

Tensions between Iran and its…

Shale Stocks Surge On Major Jump In Oil Prices

Shale Stocks Surge On Major Jump In Oil Prices

US shale drillers saw their…

U.S., Saudi Arabia Discuss Keeping Oil Market Supplied After Iran Sanctions

Oil rig mountain

U.S. State Department officials have visited Saudi Arabia to coordinate stronger pressure on Iran and discuss ways to ensure that the oil market is well-supplied after U.S. sanctions on Iran’s oil kick in later this year, a Senior State Department Official said on a background briefing en route to Brussels.

“In our meeting with the Saudi energy minister, we discussed maintaining a well-supplied oil market to guard against volatility. We coordinated – we discussed U.S. oil sanctions to deny Iran revenue to finance terrorism. We talked about minimizing market disruptions and helping partners find alternatives to Iranian supply of oil,” the senior U.S. State Department official said.

State Department officials were joined by Treasury Department officials and spent three days in Saudi Arabia to discuss ways to economically isolate Iran, and at the same time, keep oil markets well-supplied, the official noted.

Referring to the current customers of Iranian oil, to which the U.S. is calling upon to cut off crude oil imports from Iran, the state department official said that “we are very serious and determined about re-imposing our sanctions that were lifted under the Iran nuclear deal, and we are working very closely with nations to provide alternatives to the Iranian supply of oil.”

According to the official, the U.S. is confident that it would be able to do that “without market disruptions and working closely with the Saudis and other oil producing nations to make sure that we have a well-supplied oil market.”

Related: A Storm Is Brewing For U.S. Oil Exports

Since the U.S. signaled a harder line against Iran’s oil exports last month, analysts have started to warn that many more Iranian barrels would be removed from the market than initially expected, and the thinning global spare capacity as Saudi Arabia and Russia raise production would boost oil prices.

Last week, Morgan Stanley lifted its forecast for Brent Crude by $7.50 to $85 a barrel for H2 2018, while Bank of America warned that a complete cut-off of Iran’s oil could result in oil prices jumping to more than $120 a barrel.

By Tsvetana Paraskova 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