All tagged oil

Iran Denies Giving Gibraltar Assurances for Release of Tanker

◢ Iranian officials on Friday denied that any assurances were given to Gibraltar to release an Iranian tanker now sailing on into the Mediterranean, calling it a "victory" for Tehran. "Iran has given no assurances over the Grace 1 not going to Syria to secure its release," the state broadcaster's youth website quoted foreign ministry spokesman Abbas Mousavi as saying Friday.

Macron, Rouhani Hold Talks Over Iran-US Tensions

◢ French President Emmanuel Macron on Tuesday spoke with his Iranian counterpart Hassan Rouhani and reiterated his call for a de-escalation of tensions between Iran and the United States, the Elysee said. "It is France´s role to make every effort to ensure that all parties agree to a break and open negotiations," the French presidency said.

US Sanctions on Chinese Oil Trader 'Illegal': Beijing

◢ China on Tuesday called US sanctions against Chinese companies "illegal", a day after US Secretary of State Mike Pompeo announced he was putting a leading oil importer on a blacklist. Pompeo said Monday that the US was imposing sanctions on Zhuhai Zhenrong and its chief executive Li Youmin as part of a "maximum pressure campaign" for trading in Iranian crude oil.

Britain Says Iran Tried to 'Impede' UK Tanker in Persian Gulf

◢ Britain said on Thursday that Iranian military vessels tried to "impede the passage" of a UK oil tanker but were warned off by a British warship in a dramatic escalation of tensions with Tehran in the Gulf. "Contrary to international law, three Iranian vessels attempted to impede the passage of a commercial vessel, British Heritage, through the Strait of Hormuz," the UK defence ministry said in a statement.

BP Oil Tanker Shelters in Persian Gulf on Fear of Iran Retaliation

◢ An oil tanker run by BP Plc is being kept inside the Persian Gulf in fear it could be seized by Iran in a tit-for-tat response to the arrest by Gibraltar last week of a vessel hauling the Islamic Republic’s crude. The British Heritage, able to haul about 1 million barrels of crude, was sailing toward Iraq’s Basrah oil terminal in the south of country when it made an abrupt u-turn on July 6.

Iran Accuses US of Using Oil Sanctions to Gain Market Clout

◢ Iran's oil minister has accused the United States of using sanctions to "shock" the global oil supply and gain market clout for its booming shale oil production. "I think one of the reasons for sanctions against Iran and Venezuela is opening up the market for American oil sales," Oil Minister Bijan Namdar Zanganeh said in an interview with state TV.

Oil Prices Jump 6% as Trump Says Iran Made 'Very Big Mistake'

◢ Oil prices jumped Thursday on rising US-Iran tensions, with gains accelerating on a cryptic tweet by US President Donald Trump after Iranian forces shot down a US spy drone. President Donald Trump said Thursday that Tehran had made a "very big" error, after Iranian forces shot down a US spy drone near the strategic Strait of Hormuz.

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.”