Iran Using All Resources to Sell Oil in 'Grey Market': Deputy Minister

Hossein Fereidoun brother and top aide of moderate Iranian President Hassan Rouhani sits in a conference in Tehran Iran. Iran’s semi-official ISNA news agency says President Hassan Rouhani’s brot

U.S. West Texas Intermediate crude futures settled 13 cents higher, at $61.94 per barrel.

Exports of US crude broke through 3 Mmbpd in November for the first time ever, and hit a record 3.6 Mmbpd earlier this year, according to the Energy Information Administration. "'Don't do business with this people until they understand that there is a way to that you conduct yourself in the global community'".

Iran and the Group 5+1 (Russia, China, US, Britain, France, and Germany) on July 14, 2015, reached a conclusion over the text of the JCPOA.

"The US government may possibly be preparing to put sanctions on Iran's petrochemical products because they know well that these products are one of the most important exports of Iran and bring significant foreign exchange to the country", he added.

Turkey has been carrying out intense political negotiations with US officials as Ankara tries to convince Washington to allow its oil refiner Tupras to continue importing from Tehran. That is an 11 percent rise from the same month previous year.

The world's largest oil company Aramco will provide additional crude oil to domestic oil refiners to meet shortages arising from the United States decision to lift Iran sanction waivers from major oil importing countries, including India.

Wall Street's indexes and bond yields ended down but well above their session lows while oil futures settled higher as investors bet that U.S. President Donald Trump's threats to raise tariffs on China would not materialize.

Brent oil held steady near $70 a barrel on Wednesday as record Chinese imports and tighter global supplies eased concerns about a deepening trade spat between the United States and China.

Imports of Kazakhstan's light sweet CPC Blend crude nearly doubled year on year to 15.74 million barrels in the first three months this year. India imported 23.9 mt of crude oil from Iran in FY19, making the Gulf country the third biggest exporter of oil after Iraq and Saudi Arabia. -Chinese trade row, although persistent supply worries prevented a steeper price fall. The demand is expected to rise by 1.5 million b/d in 2020, up from expected growth of 1.4 million b/d in 2019.

North Atlantic Treaty Organisation ally Turkey has made perhaps the most public case for the extension, with senior officials telling their USA counterparts that Iranian oil is vital to meeting their nation's energy requirements. -China trade negotiations. Also, don't look for a rally if stocks remain under pressure.

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