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.

Rookie becomes rare Englishwoman to win British Open
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.

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.

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