Oil prices continued to ease on Monday after sharp losses in stock markets last week and worries about rising US inventories. The Baker Hughes report showed last Friday that oil drilling platforms rose to 875 last week, the highest level since March 2015, Enhancing the prospects for increased production.
On the other hand, investors are waiting for the implementation of US sanctions on Iranian oil exports starting next week amid expectations of a shortage of supplies. The entry into force of sanctions will take effect on the fourth of next month
TEHRAN: There is no alternative to Iranian oil in the market
Iranian Vice President Yitzhak Jahangiri said on Sunday that US sanctions could not affect Iran’s oil exports as there is no substitute for Iranian oil in the market. He stressed that Iran has exported about 2.5 million barrels of oil per day in the past few months despite the punitive measures imposed by Washington and threats of President Donald Trump to punish anyone “doing business” with Iran.
“US officials are lying today to the world that Saudi Arabia and other countries will replace Iran’s oil so that the price of oil does not rise, and if the Americans can stop Iran’s oil exports, it will reach $ 100 a barrel,” Jahangiri said. Outside.
The comments come as a new round of punitive sanctions against Iran enters into force on November 4. The sanctions are aimed at stopping Iranian oil exports completely and Washington has hinted that it would discuss the possibility of lifting sanctions if Iran changes its foreign policy.
Oil contracts
