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Oil price war is reignited

Oil price war is reignited

Tsvetana AParaskova writes in Oil Price that the rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.

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Sanctions and buyers of Iran's oil market

Sanctions and buyers of Iran's oil market

In three months’ time, U.S. sanctions on Iran are due to enter into force that could drive the Persian Gulf  nation’s exports down toward zero and upend the global oil market. There are already signs that it will be harder for the country to export, as some international insurers stop covering shipments.

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Currency rescue for Iran's rial?

Currency rescue for Iran's rial?

Golnar Motealli reports that Iran plans to implement a new financial rescue package on Monday to try and halt the rial’s decline, coinciding with the re-imposition of severe U.S. sanctions on the oil-rich state’s economy after President Donald Trump pulled out of the Iran nuclear deal.

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Iran bans handicraft imports

Iran bans handicraft imports

The Cultural Heritage, Handicrafts and Tourism Organization of Iran Deputy has announced that Iran has banned the import of foreign handicrafts. The customs of Iran have also been informed of the decision.  

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Oil prices could skyrocket to USD250/barrel if Hormuz closed

Oil prices could skyrocket to USD250/barrel if Hormuz closed

The Business Insider writes that crude oil prices could jump as high as US$250 a barrel if Iran goes through with its threat to close the Strait of Hormuz in response to U.S. pressure on oil buyers to cut their Iranian purchases to zero, RT reports, quoting analysts.  

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South Korea denies stopping Iran's oil imports

South Korea denies stopping Iran's oil imports

The South Korean embassy in Tehran dismissed reports by Reuters claiming that South Korea has cancelled July loadings of crude and condensate cargoes from Iran, saying that loading oil tankers and buying Iranian oil continues.


 

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Japanese oil imports from Iran increase

Japanese oil imports from Iran increase

On 29 June 2018, Platt writes that Japan's Iranian oil imports surged to the highest level in 14 months in May, when the country imported an average of 211,097 b/d, up 31.5% year on year, preliminary data from the Ministry of Economy, Trade and Industry Friday showed.  

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India preparing for cut in oil imports from Iran

India preparing for cut in oil imports from Iran

India’s oil ministry has asked refiners to prepare for a ‘drastic reduction or zero’ imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran.

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OFAC revokes Iran exports licenses

OFAC revokes Iran exports licenses

Europpean Sanctions writes "In light of US President Trump’s decision to withdraw from the JCPOA and to re-impose sanctions on Iran, OFAC has revoked Iran-related General Licences H and I, which were issued in connection with the JCPOA.  

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Where is the main export destination of Iranian goods?

Where is the main export destination of Iranian goods?

The statistics provided by the Iranian Customs during the first two months of this year show that Iran's marketing has been more successful in exporting its goods to countries in the Middle East and Asia. The top 10 countries on the list are China, UAE, Iraq, Afghanistan, India, South Korea, Turkey, Pakistan, Indonesia and Thailand, of which the largest growth was in Indonesia.  

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Buyers of Iran oil resist US pressures

Buyers of Iran oil resist US pressures

In a report, the Wall Street Journal wrote that the Trump administration’s effort to pressure Iran depends on countries deeply skeptical of the U.S. campaign against the Islamic Republic, creating resistance that analysts and officials in those countries say could undercut one critical element of the push: curtailing Iran’s oil exports. 

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