Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Global oil supplies strong enough to cut Iran's exports -Trump memo

 

 

By Reuters

WASHINGTON
Petroleumworld 05 15 2018

Global oil supplies are plentiful enough to withstand a “significant reduction” in petroleum exports from Iran, according to a White House memo issued on Monday as the Trump administration prepares to reimpose sanctions on the OPEC member nation.

The memo, sent by the White House to the U.S. State Department, paves the way for U.S. efforts to curb Iranian oil exports after Washington's decision to pull out of the 2015 deal between Iran and six world powers curbing Tehran's nuclear program.

It said there is a “sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions.”

Prices for oil traded in London jumped to multi-year highs above $78 a barrel on Monday after U.S. President Donald Trump announced last week that Washington would reimpose the sanctions on Iran.

The sanctions are aimed at forcing companies and countries around the world to reduce oil imports from the Islamic Republic.

The Trump administration has not specified how much oil it expected importers to cut, but in 2012 the administration of former President Barack Obama pushed countries to reduce imports about 18 percent to 20 percent.

Sanctions on Iran's oil exports are due to take effect after Nov. 4, allowing companies to wind down their purchases.

Under the sanctions law passed in 2011, the U.S. Energy Information Administration, the independent statistics arm of the Department of Energy, must issue reports to Congress on global oil production in countries other than Iran every two months.

The most recent EIA study, included in the agency's short-term energy outlook, showed that global production of oil outside Iran averaged 92.4 million barrels per day from February to March, compared to 91.0 million bpd from 2015 to 2017. Consumption of oil outside Iran was higher, however, averaging 96.4 million bpd compared to 93 million bpd from 2015 to 2017. ( bit.ly/2jVVhQr )

Petroleumworld.com

Hit your target - Advertise with Us

Reporting by Timothy Gardner; Writing by Richard Valdmanis; Editing by Richard Chang from Reuters.

reuters.com /
05 14 2018

We invite all our readers to share with us
their views and comments about this article.


Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter

 

 

 

 

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.