US tells allies to halt Iran oil imports by November

The US has told its allies to cut all oil purchases from Iran to zero by November as it prepares to reinstate sanctions against the country. The State Department said it does not plan to offer waivers or allow countries to wind down imports from Iran. The US has said firms that continue to do business with Iran risk punishment once sanctions are reintroduced. 

Oil prices jumped following the announcement.

Share this post


Link to post
Share on other sites

no worries, our main ally Saudi Arabia is planning to ramp up oil production in July 

  • Downvote 1

Share this post


Link to post
Share on other sites

We were able to quickly cut Iran's shipments under Obama, largely because it had the support of its European allies. Now, Britain, France, Germany and the wider European Union have voiced strong opposition to Trump's pullout and put in place measures designed to protect their companies from so-called secondary sanctions. Plus, China is the major importer from Iran

Share this post


Link to post
Share on other sites

11 minutes ago, Ja’Nako Bezze said:

The US has told its allies to cut all oil purchases from Iran to zero by November as it prepares to reinstate sanctions against the country. The State Department said it does not plan to offer waivers or allow countries to wind down imports from Iran. The US has said firms that continue to do business with Iran risk punishment once sanctions are reintroduced. 

Oil prices jumped following the announcement.

We go back on our word with the Iran deal. We leave the Paris accord. We threaten / levy tariffs.  We run away from human rights. Why should anyone listen to our demands

Share this post


Link to post
Share on other sites

14 minutes ago, Ja’Nako Bezze said:

The US has told its allies to cut all oil purchases from Iran to zero by November as it prepares to reinstate sanctions against the country. The State Department said it does not plan to offer waivers or allow countries to wind down imports from Iran. The US has said firms that continue to do business with Iran risk punishment once sanctions are reintroduced. 

Oil prices jumped following the announcement.

We still have Allies?

  • Upvote 2

Share this post


Link to post
Share on other sites

17 minutes ago, Ja’Nako Bezze said:

The US has told its allies to cut all oil purchases from Iran to zero by November as it prepares to reinstate sanctions against the country. The State Department said it does not plan to offer waivers or allow countries to wind down imports from Iran. The US has said firms that continue to do business with Iran risk punishment once sanctions are reintroduced. 

Oil prices jumped following the announcement.

I'm going to wager that most just continue to import oil 

Share this post


Link to post
Share on other sites

Is there 2.6 million barrels of spare production capacity in the world - with ways to move it globally - that can be ramped into production by November? If implemented, would this then cause a major rise in the price of oil? Well, someone is going to profit from this

Share this post


Link to post
Share on other sites

20 minutes ago, JohnAtronis said:

why November?

My question is does this help the GOP in November when we have $5/gallon gas? 

Share this post


Link to post
Share on other sites

Just now, Ja’Nako Bezze said:

Trump will unite the Iranians and help the current rulers stay in power.

NO, there are protests all over the country every single day. The regime is horribly unpopular and this might push them down

  • Like 1

Share this post


Link to post
Share on other sites

Just now, JohnAtronis said:

NO, there are protests all over the country every single day. The regime is horribly unpopular and this might push them down

There are protests all over in US country every single day against our "horribly unpopular ruler"

  • Like 1

Share this post


Link to post
Share on other sites

sadly, no one will stand by Iran despite the EU's hope that they could keep the Iranian nuclear deal intact. Thing is, this is not up to EU governments but private companies. All those that have business in US will obey

Share this post


Link to post
Share on other sites

2 minutes ago, Meanwhile said:

sadly, no one will stand by Iran despite the EU's hope that they could keep the Iranian nuclear deal intact. Thing is, this is not up to EU governments but private companies. All those that have business in US will obey

 Indeed. Banks, insurers and shippers are gradually severing ties with Iran under pressure from the U.S. restrictions. Of course, French were first to do so

Share this post


Link to post
Share on other sites

4 minutes ago, 李伟王芳 said:

 Indeed. Banks, insurers and shippers are gradually severing ties with Iran under pressure from the U.S. restrictions. Of course, French were first to do so

followed by Italians

Share this post


Link to post
Share on other sites

Russia will assess its agreement with Iran to import crude oil in exchange for goods. Russia, of course, does not rank among these allies, and, what’s more, it is—like Iran—subject to U.S. sanctions, so it would probably be the last country to decide it might be wise to heed Washington’s warnings. What’s more, after it brought Iran on board with the production increase at the OPEC+ meeting last week, analysts suggested Moscow is in a position to ask Washington to return the favor.

https://oilprice.com/Latest-Energy-News/World-News/Russia-To-Assess-Legal-Frame-For-Iranian-Oil-Imports.html

Share this post


Link to post
Share on other sites

U.S. should focus on who they can sell their LNG to since they have so much natural gas. Maybe they could even sell some to Iran.

  • Downvote 1

Share this post


Link to post
Share on other sites

Presbyterian hx new york

Share this post


Link to post
Share on other sites

On 6/27/2018 at 7:49 PM, HermitMunster said:

U.S. should focus on who they can sell their LNG to since they have so much natural gas. Maybe they could even sell some to Iran.

USA gas is also limited but the production is soaring as every shale well also give out natural gas. Unlike shale oil, gas can't be stored. Hence the supply and demand has to be same. This makes the peoduxers lower prices and not contain gas production. This may appear like gas excess but it is just compulsion

Share this post


Link to post
Share on other sites

51 minutes ago, Bhimsen Pachawry said:

USA gas is also limited but the production is soaring as every shale well also give out natural gas. Unlike shale oil, gas can't be stored. Hence the supply and demand has to be same. This makes the peoduxers lower prices and not contain gas production. This may appear like gas excess but it is just compulsion

What do you mean it can't be stored?

Share this post


Link to post
Share on other sites

The violent regime of Iran needs to be toppled and will hopefully be toppled by the free Iranian people. 

On 6/27/2018 at 3:39 PM, Ja’Nako Bezze said:

Trump will unite the Iranians and help the current rulers stay in power.

Quite the contrary. When the people feel the regime is weakened economically, they will grow emboldened to tear it down. The massive protests at the start of the year and these last few days had slogans such as "death to the dictator". The current US administration will not let the Iranian regime get away with their missile programs and meddling in the Middle East. 

  • Downvote 1

Share this post


Link to post
Share on other sites

Allies?  We still have allies?  I thought Trump put an end to all that foolish international cooperation. 

Share this post


Link to post
Share on other sites

Who is Trump to dictate to allies (his assumption) who to trade with and who no? What would happen if China did the same? More so obnoxious is, this because he broke an agreement undertaken by world leaders!!!!

  • Upvote 1

Share this post


Link to post
Share on other sites

On 6/27/2018 at 11:05 PM, Ja’Nako Bezze said:

The US has told its allies to cut all oil purchases from Iran to zero by November as it prepares to reinstate sanctions against the country. The State Department said it does not plan to offer waivers or allow countries to wind down imports from Iran. The US has said firms that continue to do business with Iran risk punishment once sanctions are reintroduced. 

Oil prices jumped following the announcement. 

Veiwed from a purely economic perspective, it would seem to be a clear attempt to influence oil prices and it would not be hard to imagine that the US would profit from this.

When Mr Trump first took office, it seemed that his every decision had some entirely valid business perspective and that it was implemented to try and give the US back the gravitas it threw away, by moving its manufacturing and engineering to China (simplistic explanation).

It is not hard to imagine how the wheels may fall from his wagon by being perceived in the same way as those who have historically been considered as manipulating the oil price to suit themselves. I suspect allies are likely to re-evaluate the cost of conforming against the united cost of not.

Mr Kirkmans model of Oil prices probably does not have a way of considering this effect on the price of oil. So unfair critisism of his former predictions of oil prices is not relevant. Where oil prices go from here will depend entirely on China and what is publicly chooses to do.

It will be interesting indeed.

Share this post


Link to post
Share on other sites

9 hours ago, HermitMunster said:

What do you mean it can't be stored?

There is something called oil inventory. Have you ever heard of gas inventory? I haven't and that is because gas can't be stored in inventory

Share this post


Link to post
Share on other sites