Iran receives more airplanes ahead of renewed US sanctions

Javad Zarif tweet

Iran was hoping to sell more than 500,000 bpd of oil to India in 2018/19, its oil minister Bijan Zanganeh said in February.

A decision by U.S. President Donald Trump in May to back out of the deal means U.S. sanctions will snap back into place later this month and in November.

"The Americans say they want to reduce Iranian oil exports to zero ... It shows they have not thought about its consequences", Rouhani was quoted as saying by state news agency IRNA while on an official visit to Austria's capital, Vienna, in July.

WTI settled down 47 cents to $68.49 per barrel, and Brent fell 24 cents to $73.21 per barrel, causing Jim Ritterbusch, president of Ritterbusch & Associates, to remark, "It's a jittery feel here, as long as we have Iranian sanctions uncertainty and tariff uncertainty, and it doesn't take much to spark a significant swing one way or the other".

The rhetoric between the USA and Iran remains heated, despite Trump tweeting last week that he would be willing to meet with Iranian President Hassan Rouhani.

India's imports from Iran could start to slow from August as some big Indian refiners worry that their access to the us financial system could be cut off if they continue to import Iranian oil, prompting them to reduce oil purchases from Tehran.

In return, United Nations-approved sanctions were lifted, and Iran was allowed to resume trading oil and gas on the global market.

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The activity extended to the Strait of Hormuz, a strategic waterway for oil shipments the Revolutionary Guards have threatened to block.

President TrumpDonald John TrumpPastor at Trump rally prays to shield Trump from "jungle journalism" Bill Russell: Being criticized by Trump is the "biggest compliment you can get" Salmon farmers in California fear Trump will destroy their industry MORE pulled the US out of the Obama-era nuclear deal, which offered sanctions relief in exchange for Tehran reining in its nuclear program.

Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran.

Currently China is the world's top buyer of crude oil, including from Iran, making Chinese refusal to cooperate a major challenge to the US.

When pressed by CNBC to answer the questions she was raising, Croft replied, "I think this market will tighten at the end of this year", and added that Venezuelan production continues to fall and will be a contributing factor.

Remaining sanctions - including on Iran's oil and gas sector and central bank - will resume on Nov 5.

Last month around 35 percent of Iranian oil exports went to China.

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