Publicado: Lun, Octubre 08, 2018
Financiera | Por Marilu Caballero

United States challenges International Court of Justice ruling on Iran sanctions regime

United States challenges International Court of Justice ruling on Iran sanctions regime

Iran's oil output reached a peak of about 4 million barrels a day after global sanctions were lifted in 2016 in exchange for curbs on its nuclear activities under the nuclear deal.

Price gains this week were limited by Saudi Arabia and Russia's saying they would raise output to at least partly make up for expected disruptions from Iran, Opec's Number 3 producer, due to the U.S. sanctions that take effect on 4 November.

On Wednesday, Reuters reported the details of a private and "secret" deal reached between Russian Federation and Saudi Arabia, a deal that was aimed at increasing oil output in order to offset the coming shock to oil prices that will follow us efforts to starve Iran of its oil revenues.

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 35 cents to $74.68 a barrel by 1:07 p.m. EDT (1707 GMT).

It had planned to import 9 million tons of Iranian oil in the 2018-19 fiscal (April 2018 to March 2019) or 0.75 million tons a month. "One of the things I think that's important, whether it's for Iraq or India or anyone else - particularly that's been a purchaser of Iranian oil - we've gone to really extra lengths to try and find substitute sellers of oil so that there would be alternative supplies at market rates", Bolton said.

Iran's Supreme Leader Ali Khamenei said Thursday his country is facing a "sensitive time" and economic problems because of the pressure from United States sanctions.

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The US officials were least moved, however, with President Donald Trump's National Security Advisor (NSA) John Bolton revealing that the US would give up the "optional protocol" under the Vienna Convention on Diplomatic Relations - a 1961 global treaty that outlines diplomatic ties between nations. "Their demand is picking up, because Iran volumes are falling". Brent crude had risen from below $82 a barrel in the beginning of the week.

"They're taking a pause after yesterday's sell-off", said Andrew Lipow, president of Lipow Oil Associates.

"S&P Global Platts sees prices strengthening "a little" toward the end of the year", said Chris Midgely, the company's global director of analytics, at the S&P Global Platts Analytics annual summit.

The US is facing severe sanctions on Iran.

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

Ahead of the sanctions, buyers of Iranian crude, including China and India, have been stocking up inventories from the Middle Eastern country and cutting imports from the US.

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