Oil gains while US crude's discount to Brent deepens

To end the call, May and Trump said they were "looking forward to the USA president's visit to the U.K.in July".

The Treasury imposed the sanctions on nine Iranians and companies it said were operating a corrupt currency exchange network in the United Arab Emirates with complicity from Iran's Central Bank.

USA investment bank Jefferies said in a note that it expects Iranian crude oil exports to start falling in the next few months. USA law gives the Treasury secretary the power to administer sanctions imposed by the president.

On Tuesday, US President Donald Trump announced he was pulling out of a landmark deal curbing Iran's nuclear program and reintroducing sanctions on the Islamic republic and those who trade with it. With President Donald Trump's decision to reimpose sanctions on Iran driving up oil prices, shale's less-loved plays are starting to look a bit more promising.

JCPOA stands for the Joint Comprehensive Plan of Action (JCPOA), the acronym for the Iran nuclear deal that was signed between Iran and the P5+1 (the five permanent members of the United Nations Security Council - China, France, Russia, the UK, US- plus Germany), and the European Union in Vienna on July 14, 2015.

Earlier this month, the International Atomic Energy Agency (IAEA) reiterated that it had seen "no credible indications of activities in Iran" relevant to nuclear weapons development after 2009.

It said: 'Iran strictly sticks to its commitments'.

Saudi Arabia said it would work with other producers to lessen the impact of any shortage in oil supplies.

"Europe and China will not fight against the US sanctions".

The oil price is at its highest since late 2014 and on track for its fourth consecutive quarterly gain, the longest such stretch for more than 10 years. If you are too aggressive and Iran starts dumping oil on the market, you could be in for a world of hurt. The country, the third-biggest producer of crude within OPEC, exported about 2.6 million barrels per day (bpd) in April.

"The Europeans have repeated on several occasions that they will not be able to resist USA sanctions". Now that the U.S.is out of the deal, some of that oil's expected to leave the market, which could mean higher gas prices.

European countries said they remained committed to the deal and called on Washington not to prevent other countries from implementing it.

But paying Iran for the oil India buys would become hard in case European countries join the U.S. and impose financial sanctions and block banking channels, he said.

Officials are considering whether a drop in Iranian exports and a decline in supply from another OPEC member, Venezuela, demands adjusting the deal that runs to the end of 2018. "With prices moving close to $US80 a barrel and with a great opportunity presented to Saudi Arabia and Russian Federation to regain market share without crashing the oil price, we think there is a good chance the current OPEC+ deal will end by the end of 2018, if not before".

(Copyright © 2015. All Rights Reserved.)
 
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