Iran says USA not able to prevent its oil exports

FileOPEC-Non-OPEC States Ready to Boost Oil Output- Saudi Minister

USA sanctions on Iran are set to take effect on November 4, but it is still not clear how big an impact the loss of Iranian oil will make on global supply.

Moreover, Saudi Arabia's Energy Minister Khalid al-Falih said on Tuesday that the Organization of the Petroleum Exporting Countries (OPEC) and its partners are in "produce as much as you can" mode.

The OPEC+ producer group, led by Saudi Arabia and non-OPEC member Russian Federation, agreed in June to lift oil supplies, but Opec said last week it may have to reimpose output cuts as global inventories rise.

Since most crude oil trading is in USA dollars, a strengthening of the US currency can make the commodity more expensive in other currencies.

Speaking at a ceremony in Tehran, Es'haq Jahangiri claimed that as a result of "planning" and "mechanisms" deployed by President Hassan Rouhani's government, the US will not reach its goal of completely cutting off Iran's oil exports.

"The hedge funds really abandoned the long side of the market and there's some short-selling going on this perception that perhaps the economy is slowing", said Phil Flynn, analyst at Price Futures Group in Chicago.

Trump's goal by exerting energy sanctions on Iran was to minimize the country's sources of income in the current economic war against Iran, he said.

Kandahar goes to the polls in Afghan parliamentary vote delayed by violence
But long queues of voters had formed as early as 07: 00 local time (02h30 GMT), the polls opened two hours late. These legislative elections are the first in Afghanistan to make use of biometric devices at voting centers.


With just days to go before USA sanctions on Iran take effect, three of Iran's top five customers - India, China, and Turkey - are resisting Washington's call to end oil purchases outright, arguing there are not sufficient supplies worldwide to replace them, according to sources familiar with the matter.

The U.S. sanctions on Iran have been putting Iraq in a tight spot-on the one hand, Baghdad's trade is closely linked with its neighbor Iran, but on the other hand, the United States is an ally that helps with security.

On Thursday, oil prices rose as investors were encouraged by a strong rebound in the USA stock markets.

Data from Refinitiv Eikon showed that the three countries produced 33 million barrels of oil a day for the first time in September, an increase of 10million bpd since the start of the decade.

With Russia over the weekend stating there's no reason to freeze or cut its oil production levels, and with global economic concerns ever-present in the minds of traders, Monday saw yet another drop in crude prices, with West Texas Intermediate down 55 cents to $67.04 and Brent down 8 cents to $77.54 per barrel. Previously private oil companies could buy oil only to export oil, officials said.

There are also signs of a slowdown in global trade, with container and bulk freight rates dropping after rising for most of 2018, according to reports. US crude was on course to fall about 8.5 percent.

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