U.S. Sanctions cause Oil Value to Rise

US considers sanction waivers on countries reducing imports of Iranian oil

US reconsiders 'zero tolerance' policy on Iran oil imports

White House National Security Adviser John Bolton said on Thursday that the administration's goal was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero". Unlike many other news organizations, we have not put up a paywall.

The global crude oil price has risen in the past week to a four-year high of $84.78 a barrel, sending jitters around the world about a further increase to above $100.

"They're taking a pause after yesterday's sell-off", said Andrew Lipow, president of Lipow Oil Associates. Saudi Arabia is now pumping about 10.7 million barrels per day (bpd) and can add a further 1.3 million "if the market needs that", he said. The kingdom's production has risen from below 10 million barrels a day in the first five months of the year to about 10.7 million now, Mr Al-Falih said.

Like Putin, Al-Falih blamed part of the increase on the market's anticipation of disruptions in Iran and elsewhere, rather than the current balance between supply and demand. That's why Saudi Arabia has been hesitant to have OPEC and other big producers like Russian Federation dramatically raise production.

In 2015, the administrations of former President Barack Obama and Iranian President Hassan Rouhani forged an unprecedented deal to lift extensive US sanctions on Iran in exchange for the country to agree to restrict its nuclear activities, which it maintained were strictly for peaceful purposes.

She also said that the ICJ's decision on Iran-U.S. dispute is binding for Washington and must be obeyed.

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Oil prices continue to be supported by the deadline and the hard-line enforcement expected by the administration of President Donald Trump.

While Indian Oil Corporation will lift 6 million barrels of Iranian oil, the numbers for Mangalore Refinery and Petrochemicals Ltd is 3 million barrels.

The Iranian vice-president for legal affairs has called on the Health Ministry and other governmental bodies to provide the International Court of Justice (ICJ) with cases of the US violation of the ICJ's decision on Tehran-Washington dispute.

"Chatter that Saudi Arabia has replaced all of Iran's lost oil" is weighing on prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. "It's mostly because of things happening in Canada and Mexico, Libya, Venezuela, and other countries".

India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating that the world's third-biggest oil importer will keep purchasing crude from the Islamic republic.

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