All tagged oil

Hong Kong Rejects U.S. Warning on Ship Breaching Iran Sanctions

◢ Hong Kong dismissed U.S. warnings that it could face penalties if it it does business with an oil tanker headed for the city that allegedly violated sanctions on Iran. The city’s government has “strictly” implemented United Nations Security Council sanctions, which don’t impose “any restrictions on the export of petroleum from Iran,” a spokesperson for Hong Kong’s Commerce and Economic Development Bureau said on Wednesday.

U.S. Warns Hong Kong to Avoid Tanker in Breach of Iran Sanctions

◢ The U.S. warned Hong Kong that it could face penalties if it does business with PACIFIC BRAVO, an oil tanker headed for the city that allegedly violated sanctions on Iran. Washington wants to put China and the autonomous city on notice that it will aggressively and consistently enforce its Iran sanctions, a senior U.S. official said on Tuesday, speaking on condition of anonymity.

India Has Ended Iranian Oil Imports: Envoy

◢ India has ended all imports of oil from Iran, its ambassador in Washington said Wednesday, becoming the latest country to grudgingly comply with threatened US sanctions. India had already sharply decreased its imports from Iran and bought one million tons of crude in April, the last month before Washington stepped up its pressure campaign against Tehran and ended all exemptions to oil sanctions.

Ankara Stopped Buying Iran Oil Out of 'Respect' for US Sanctions

◢ Ankara stopped importing oil from Iran at the beginning of May out of "respect" for American sanctions despite disagreeing with them, a Turkish official said Wednesday. "As a strategic ally" of the United States, "we respect" the sanctions, said the official, who asked to remain anonymous, during Turkish Deputy Minister of Foreign Affairs Yavuz Selim Kiran's visit to Washington.

Iran Urges China, Russia 'Concrete Actions' to Save Nuclear Deal

◢ Iranian Foreign Minister Mohammad Javad Zarif on Friday urged China and Russia to take "concrete actions" to safeguard the 2015 nuclear deal as he warned of a "dangerous" situation amid escalating tensions with the US. China was one of the eight global buyers—India, Turkey, Japan, South Korea, Taiwan, Italy and Greece—that was allowed to import Iranian crude oil before the US ended waivers in early May.

Iran Oil Tanker Forced to Seek Repairs in Saudi Port

◢ An Iranian tanker was forced to seek repairs at a Saudi port after suffering "engine failure and loss of control,” the Iranian oil ministry's SHANA news agency reported Thursday. The rare docking in Iran's regional arch-foe, came as Washington was poised to end all remaining exemptions to crippling sanctions on Iranian oil exports, a move strongly supported by the kingdom.

End of Iran Sanctions Waivers to Hit Indian Economy

◢ The end on Thursday of US sanctions waivers for purchases of Iranian oil is likely to hit India's economy hard, increasing fuel costs and quickening inflation, analysts say. "US sanctions on Iran is a double whammy for India after the Venezuelan sanctions," said Vandana Hari, founder of Vanda Insights, a global energy markets portal.

OPEC Says Determined to Avoid an 'Energy Crisis'

◢ OPEC is determined to avoid a global "energy crisis" as some of its members are facing international sanctions and others struggling with unrest, the cartel's secretary-general said in Tehran on Thursday. "As an organization, we will remain focused on our goal of avoiding an energy crisis that may affect the global economy," Mohammed Barkindo said on the sidelines of an oil and gas exhibition.

Iran Says Neighbors Exaggerating Oil Capacity

◢ Iranian Oil Minister Bijan Namdar Zanganeh on Wednesday claimed two neighboring countries were "exaggerating" their production capacity to reassure markets after the US ended sanction waivers for buyers of Iranian crude. Zanganeh also said Washington's stated aim to bring Iran's oil exports "to zero" was "an illusion.”

Cornered by Iran Sanctions, Turkey Is Said to Eye Iraqi Oil

◢ Turkey is seeking ways to buy more oil from Iraq, already a major supplier of crude to the Middle East’s biggest economy, as the U.S. looks to squeeze exports from Iran, according to two people familiar with the matter. Turkey could consider oil imports from Iraq’s southern port of Basra and may also try to secure more shipments via an existing twin pipeline that runs to the Turkish Mediterranean terminal of Ceyhan.

Ending Sanctions Waiver Will Anger US Allies: Iran FM

◢ The US decision to end sanctions waivers for purchases of Iranian oil later this week will backfire by angering Washington's allies, Tehran's Foreign Minister Mohammad Javad Zarif said Sunday. Zarif said US policy is designed to make life hard for the Iranian people so they will "take action" against the Tehran government.

Turkey Reluctant to Replace Iran Oil With Saudi, U.A.E Supplies

◢ Turkey is loath to buy more oil from Saudi Arabia and the United Arab Emirates as the U.S. looks to squeeze exports from Iran, currently the third-largest supplier of crude to the Middle East’s biggest economy. “Iranian oil isn’t cheap but there is a big difference” with the price of Saudi and U.A.E crude, Turkish Foreign Minister Mevlut Cavusoglu said at a reception in Ankara.

Trump Playing Hardball Gives Iran Oil Buyers Costly Headache

◢ Asia is more dependent on oil imports than any other region and has been repeatedly buffeted by America’s campaign to isolate Iran, once OPEC’s second-largest producer. While they’ll be able to find other supplies, they face the prospect of having to pay more, potentially accelerating inflation and putting pressure on their economies.

Trump to Sanction Allies Over Iran Oil, Risking Friction

◢ The United States said Monday it would start imposing sanctions on friends such as India that buy Iranian oil, in its latest aggressive step to counter Tehran that could jeopardize US relationships. The announcement sent global crude prices spiraling higher, although President Donald Trump tweeted that Saudi Arabia and other US allies would"more than make up" for decreases in Iranian oil.

Turkey Hopeful US Will Extend Waiver on Iran Sanctions

◢ Turkey voiced hope Tuesday that the United States will extend an exemption in sanctions to allow it to keep buying oil from Iran, despite tensions between the allies on multiple fronts. Turkish Finance Minister Berat Albayrak met President Donald Trump at the White House on Monday and discussed the range of disagreements.

U.S. Waiver Concern Sees Iranian Oil Buyers Put Imports on Hold

◢ The biggest buyers of Iranian oil are said to be putting their purchases on hold as they wait to see whether the White House will extend waivers allowing them to keep buying the crude. Most Asian buyers are avoiding imports for next month as it’s unclear what will happen to the exemptions that are set to expire in the first week of May, according to people with knowledge of the matter.