Commodities – Iran wants to protect oil companies from US sanctions | new

To protect the oil sector from punitive measures, private companies will be allowed to export Iranian crude oil in the future, said Vice President Eschak Jahangiri on Sunday. "Iranian crude oil is being offered on the stock market and the private sector can export it," he said because of the new sanctions announced in the nuclear conflict. At the same time, Oil Minister Bidschan Sanganeh has warned other OPEC member states against the infiltration of the oil cartel unit, calling for any unilateral action.

Anyone trying to take away the Iranian oil market share would commit great treason. in the Islamic Republic and will pay it one day, said Vice President Jahangiri at a working meeting in Tehran. "We want to stave off the American attempt to stop Iranian oil exports". Saudi Arabia has agreed to increase its oil production, according to US President Donald Trump. The Saudi King Salman has accepted his offer to increase oil production "perhaps up to two million barrels," Trump told Twitter on Saturday. This was to compensate for the loss of supplies by sanctions against Iran and Venezuela.

Trump accused the OPEC countries of manipulating the world's oil markets on Sunday. In a news program broadcast by Fox News, he urged the cartel to stop this. At the same time, he warned European companies against punitive measures if they continued to do business with Iran.

The United States called for a halt in Iranian oil imports by November. In doing so, Trump wants to pressure the country to agree to negotiate a stronger successor agreement for the nuclear deal. The United States unilaterally terminated the 2015 agreement with Iran in May and announced tougher sanctions that will come into effect on Nov. 4.

Water Shortage Events

In the United States and China, the Organization of Petroleum Exporting Countries (OPEC) agreed in principle to increase oil production in the month latest. In July, members of the oil cartel and other major oil countries like Russia are expected to increase their production by about one million barrels a day.

Meanwhile, Iran is trying to quell protests against the water scarcity in the south of the country. Police in the city of Chorramshahr reportedly fired on protesters attacking banks and public buildings. Nobody was killed in the riots and only one person was injured in a shooting, said the Interior Ministry. The goal is to end the protests as soon as possible. Due to allegations of drought and mismanagement, protests against water scarcity in Iran have been protested several times recently.

Iranian President Hassan Ruhani criticized the new US punitive measures in the context of an American economic and political war. committed to universal service. The impending punitive measures had recently triggered a flight of Iranian savers from the native rial and a significant devaluation of the national currency.

(Reuters)