Oil prices rise as U.S. renew sanctions against Iran

A worker at the China Petroleum & Chemical Corp. Yanshan refinery escorts journalists in Beijing

Oil prices dropped nearly 4 per cent yesterday amid deepening concerns over the US-China trade war and continued signs of a slowdown in Chinese energy demand. Saudi Arabia and Russian Federation are already calling the shots, making the big decisions on oil output bilaterally.

Not just China but Russian Federation too is determined to continue oil and gas trade with Iran. China's foreign ministry on Wednesday stated that Beijing will continue its business with Iran as does not violate any UNSC resolution. While Saudi Arabia was said to cut production last month despite a pledge in June by the Organization of the Petroleum Exporting Countries and allies to add more barrels, Russian Federation said it has the capacity to lift output to a post-Soviet record. China will levy 25 percent tariffs on billions of dollars in USA gasoline, diesel and other goods in a matter of weeks.

The US, which in May pulled out of a landmark nuclear deal and said sanctions will be re-imposed on Iran within 180 days, has threatened to cut off access to the American banking system for foreign financial institutions that trade with Tehran. Yet, there are clear tensions between Saudi Arabia and Russian Federation on one side, and Iran on the other. However, Iranian exports will fall. Russian Federation will continue to invest in oil and gas projects in Iran despite threats from the US. Financial markets settled down Wednesday following the previous day's big moves when an easing of concerns over an imminent USA -led military strike on Syria sent stocks sharply higher and oil prices down. But that doesn't mean the Iran sanctions won't have an effect on prices.

Analysts have cautioned that a global heatwave could affect oil demand. Because of this, it shows a slowing of demand, and most certainly trouble for oil markets overall. The country's oil industry is starved of the capital and expertise necessary to maintain production.

Tesla board evaluating Elon Musk's proposal to take company private
Musk owns an nearly 20 per cent stake in Tesla, meaning he'd still need roughly $70 billion in financing to take Tesla private . Musk's money-losing and cash-burning company is an unlikely candidate for debt investors to be willing to help go private.

Muscat: The monthly report issued by the Ministry of Oil and Gas (MOG) indicated that the Sultanate's production of crude oil and condensate throughout July 2018 amounted to 30.24 million barrels, with a daily average of 975,500 barrels.

Gasoline stocks USOILG=ECI notched a surprise rise of 2.9 million barrels, not the 1.7 million-barrel drop analysts had predicted in a Reuters poll.

Similarly, Libya is in the midst of a bitter civil war.

After two consecutive daily advances, WTI has now eroded those gains and retreated to the area of multi-day lows at shouting distance from the $68.00 mark per barrel. This was recently restored but another bout of violence could easily send Libyan exports crashing again. Chinese officials stated that China has pursued a transparent and open economic cooperation with Iran.

Related news:

Hot News

isis-killer-beheading-video-story-top ‘Super Smash Bros. Ultimate’ adds popular characters from ‘Castlevania’ and ‘Donkey Kong’
Aug 09, 2018 - 03:26
Final Smashes now have a meter that can be filled to perform a slightly weaker version of the attack than the Smash Ball allows. Ultimate , meaning each fighter will have set of stages and fighters that they must take on consecutively.

isis-killer-beheading-video-story-top Category 4 Hurricane Hector likely to miss Hawaii
Aug 09, 2018 - 03:07
On Friday, state officials warned residents and visitors to take precautions in case Hector gets closer to the island chain. CNN meteorologist Haley Brink said it was too early to tell if the hurricane would trigger an eruption of Kilauea.

isis-killer-beheading-video-story-top In Tehran meeting, Iranian President warns N. Korean FM about "unreliable" US
Aug 09, 2018 - 02:20
Stopping US trade and killing 100K US jobs is fine with us, but the world won't follow impulsive tweeted diktats. He doubled down on that sentiment Wednesday saying that before USA sanctions "nobody supported Iran".

isis-killer-beheading-video-story-top Prince Harry And Meghan Markle Make The Perfect Wedding Guests, Too
Aug 09, 2018 - 01:57
After the ceremony, her dress was buttoned up. 'I asked her that. "At the end of the day, you want to look like your best self". The unidentified source added: "She's amazed by what's happened but is taking what he says with a grain of salt".

isis-killer-beheading-video-story-top Rookie becomes rare Englishwoman to win British Open
Aug 09, 2018 - 01:52
I'm so happy she win, " the Thai said. "If I did, I would have probably hit a bad shot, so I stayed very calm and patient". Hall looked set to take the outright lead after a brilliant approach to the par-5 15th left her with 15ft for an eagle.

Oscars Adding Popular Film Category
Aug 08, 2018 - 21:28
The 2018 awards show, which clocked in at nearly four hours, was the least-watched Oscars to date. The new 2020 air date moves the telecast from a previously announced date later in the month.

isis-killer-beheading-video-story-top Disney CEO Bob Iger Reveals New Details About Upcoming Streaming Service
Aug 08, 2018 - 20:55
Total revenue rose 7 percent to $15.23 billion, but missed analysts' average forecast of $15.34 billion. While it hasn't been rolled out yet, Disney's streaming service is already generating quite a stir.

isis-killer-beheading-video-story-top Blend of novices, veterans to fly on first private U.S. spaceships
Aug 08, 2018 - 20:49
Sunita Williams , the 52-year-old Indian-origin astronaut, will fly on Starliner's first mission with Josh Cassada . NASA astronauts Bob Behnken and Doug Hurley would fly on the first human test flight of SpaceX's Dragon capsule.

isis-killer-beheading-video-story-top Bangladesh students protest over road safety after deadly crash
Aug 08, 2018 - 20:45
Local media reported that political activists belonging to the governing party beat students marching towards their offices. Activists have also taken to social media in droves to call on local and worldwide media organisations to cover the story.

isis-killer-beheading-video-story-top Ontario Premier Doug Ford announces 'Buck-a-Beer' plan
Aug 08, 2018 - 20:27
Ford says the province will offer "non-financial incentives" to brewers who lower their prices in time for labour day weekend. The Liberals had cited the government's "social responsibility" mandate for the 25-cent increase in beer prices at the time.

isis-killer-beheading-video-story-top N.Y. Rep. Chris Collins arrested on insider trading charges
Aug 08, 2018 - 19:27
Collins was one of President Trump's earliest congressional supporters, becoming the first member of the House to endorse Mr. Collins reportedly used information from negative clinical trial tests conducted by a pharmaceutical company named Innate.

isis-killer-beheading-video-story-top Ruby Rose cast as The CW’s Batwoman
Aug 08, 2018 - 17:11
She's even served as the primary featured hero for Gotham City in Detective Comics while Batman wasnt in the picture. Of note is the fact that Rose is an out lesbian playing the notably lesbian superhero.

China's July exports rise more than expected despite US tariffs
Aug 08, 2018 - 16:56
A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable". It represents the latest salvo in the ever-expanding trade war between the USA and China.

isis-killer-beheading-video-story-top Manchester United 'offered Miralem Pjanic in Paul Pogba bid'
Aug 08, 2018 - 12:59
The increase, from £180,000 to £380,000 a week, would "put him closer to United's top earner Alexis Sanchez ", says the paper. The deal is reported to be worth £89.5m over five years and the basic salary of £18m is equivalent to £346,000 a week.

isis-killer-beheading-video-story-top Kroenke scores £550m Deutsche loan for full Arsenal takeover
Aug 07, 2018 - 22:59
In a statement, Red and White Securities confirmed their acceptance of the deal on offer from KSE. Get the latest World Cup news updates.