Iran’s foreign minister on Thursday slammed escalating US sanctions imposed on Tehran by the Trump administration as “unacceptable,” even as he insisted that his country is committed to an international nuclear deal that has steadily unraveled amid rising tensions in the Mideast.
Iran seeks India’s support among US sanctions on oil import; check New Delhi’s stance, importance of ties with Tehran
External Affairs Minister Sushma Swaraj recently met Iran Foreign Minister Mohammad Javad Zarif in New Delhi to discuss the supply of crude oil along with other diplomatic issues.
Reliance Industries Saturday said it is not in violation of the US sanctions on Venezuela and had purchased crude originating from the Latin American nation from companies such as Russia’s Rosneft in full knowledge of US authorities.
With the web of US sanctions tightening, Iran faces a host of challenges as it looks to an isolated port in the country’s far southeast to maintain the flow of goods.
Oil hovered slightly below 2019 peaks on Friday, propped up by ongoing supply cuts led by producer club OPEC and by US sanctions on Iran and Venezuela. Concerns that an economic slowdown might soon impact fuel consumption are preventing crude prices from rising further, analysts said.
Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela.
A high-ranking State Department official said a well-supplied world oil market helps the U.S. maintain, or even tighten, sanctions on both Iran and Venezuela without causing an oil price spike.
Renewed U.S. sanctions on Iran’s oil exports are giving a boost to the profits of one of India’s smaller state-owned banks, which has been struggling under the weight of a mountain of bad loans.
Venezuela’s oil minister Manuel Quevedo on Monday made a surprise appearance at an ongoing industry conference in Delhi’s outskirts, offering India a barter deal to keep its oil flowing as the strife-torn country battles hyper-inflation caused by collapsing crude prices and US sanctions.
OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found, as Saudi Arabia and its Gulf allies over-delivered on the group’s supply-cutting pact while Iran, Libya and Venezuela registered involuntary declines.