Iran Warns India Against Oil Imports From US and Saudi Arabia

Iran Warns India Against Oil Imports From US and Saudi Arabia

The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame.

According to the top official, the order issued by the USA leader is "a great insult to [OPEC] governments and nations, and destabilizes the market".

However, Opec and its allies are doing what they can to offset crude output shortfalls that have kept global supplies tight and prices high, but they don't want to overdo it, according to UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei.

Iranian Oil Minister Bijan Namdar Zanganeh said the country's oil production and exports have not changed significantly despite US efforts for disrupting Iran's market, IRIB reported on Saturday.

Perhaps no one told him that Iran was a founding member of OPEC?

Washington has warned that it will impose sanctions on foreign companies that do business with Iran, in an effort to cut Iran's exports of crude oil and condensates to zero from over 2 million barrels per day. It said that the United States was "not granting waivers" to any country which was in business with Iran. The Iranian official also criticised a reported request that the United States made of Saudi Arabia to help stabilise oil prices in case the sanctions against Iran drives oil prices up.

Iranian women dance for justice after government detains teen for video
Dozens of Iranian women have flooded social media with videos of themselves dancing in solidarity with an arrested Instagram star. According to Shabooneh, a local news website, three other individuals were also released on bail after receiving similar charges.

European powers which still support the nuclear deal say they will do more to encourage their businesses to remain engaged with Iran - though a number of firms have already said they plan to pull out.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation for USA efforts to reduce Iranian oil sales to zero.

Iran, OPEC's third-largest producer, is facing U.S. sanctions on its oil exports that are prompting some buyers to cut purchases.

President Donald Trump said in May he would pull the United States out of an worldwide accord under which Tehran had agreed to limit its nuclear development in exchange for sanctions relief.

South Korean refiners have since curtailed their Iranian oil purchases and turned to alternative sources such as American and African crude due to expensive Middle East grades and uncertainty over trade with Iran. "South Korea overall is lifting zero oil (from Iran) for July loading".

Related Articles

  • Queen pays tribute to mark 100 years of Britain's Royal Air Force

    Queen pays tribute to mark 100 years of Britain's Royal Air Force

    The Duke and Duchess of Cambridge and the Duke and Duchess of Sussex arrive at the Westminster Abbey service. A total of 17 royals flanked the Queen on the Buckingham Palace balcony for the RAF celebrations .
    Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

    Trump Administration Readies Tariffs On $200 Billion Of Chinese Imports

    On Tuesday, the Office of the US Trade Representative proposed 10 percent tariffs on a list of 6,031 Chinese product lines. Instead of giving in, however, China hit back with dollar-for-dollar retaliatory tariffs on USA products.
    Thailand Cave Rescue: Soccer Team's Ordeal May Get Hollywood Treatment

    Thailand Cave Rescue: Soccer Team's Ordeal May Get Hollywood Treatment

    The SEALs say they're still waiting for a medic and three Navy SEALs who stayed with the boys to emerge from the cave. Some cross the border each day to go to school, a routine that Wassana Saebaew, one of their classmates, knows well.
  • Shares in China's Xiaomi fall on Hong Kong debut

    Shares in China's Xiaomi fall on Hong Kong debut

    Xiaomi struggled in its debut on the Hong Kong stock market Monday morning, with its shares falling by almost 6 percent. This has resulted in the Hong Kong stock market, Hang Seng, falling to a nine-month low.
    Eight Out Alive: More Daring Cave Rescue Success!

    Eight Out Alive: More Daring Cave Rescue Success!

    Narongsak Osottanakorn , head of the rescue operation, said a team of divers went back into the cave Monday morning, local time. Witnesses say the boys freed Monday were treated at a make-shift hospital at the site, before being taken to a local hospital.
    Ironic twist to French fears in semi-final win, says Lloris

    Ironic twist to French fears in semi-final win, says Lloris

    In the quarter-finals, France and Brazil would have been my pick for the favourites of the remaining teams. Let's see if football really is coming home, as we can hear from every corner of England at the moment.
  • Arsenal sign midfielder Matteo Guendouzi from Lorient

    Arsenal sign midfielder Matteo Guendouzi from Lorient

    Ozil has chose to switch to the No 10 shirt which was freed up when Jack Wilshere left Arsenal to move to West Ham. France under-21 midfielder Matteo Guendouzi is expected to have a medical at the club in the coming days.
    Eden Hazard still open to Real Madrid move

    Eden Hazard still open to Real Madrid move

    In a letter posted on the Real Madrid official website, Ronaldo wrote that "the time has come to begin a new stage in my life". The reigning Ballon d'Or victor is also reportedly set to complete his medical at Vinovo at the start of next week.
    Utah delegation calls Supreme Court nominee Brett Kavanaugh 'outstanding'

    Utah delegation calls Supreme Court nominee Brett Kavanaugh 'outstanding'

    Kennedy said he was bracing for a tough confirmation battle as Democrats focus on the nominee's views of the high court's Roe v. Bush , after four years as a U.S. district judge in western Pennsylvania. "I'm getting very close to making a final decision".
  • Princess Charlotte Tells Press 'You're Not Coming' At Christening

    Princess Charlotte Tells Press 'You're Not Coming' At Christening

    Royal fanatics have speculated that Kate Middleton paid a secret tribute to Princess Diana at the christening of Prince Louis . Alexander McQueen has previously designed Kate's wedding dress as well as ensembles for the previous two christenings as well.
    Thai cave rescue: Elon Musk's SpaceX sends over a mini submarine

    Thai cave rescue: Elon Musk's SpaceX sends over a mini submarine

    Four boys were rescued from a cave in Thailand on Sunday, the first wave of a highly anticipated mission to save the soccer team . Authorities in northern Chiang Rai province began the risky mission to bring out the 12 boys and their coach earlier on Sunday.
    Thai cave rescue: 4 ambulances transport more of trapped youth soccer team

    Thai cave rescue: 4 ambulances transport more of trapped youth soccer team

    The rescued boys were being treated by medics at the field hospital, and were later airlifted to a larger nearby hospital. The search and rescue operation has involved dozens of worldwide experts and rescuers, including a US military team.