Published: Sun, August 05, 2018
Finance | By Marshall Campbell

Crude Price Suffers Over US-China Trade War

Crude Price Suffers Over US-China Trade War

Trump's policies are already putting significant pressure on the Iranian economy, although US intelligence suggests they may ultimately rally Iranians against the United States and strengthen Iran's hardline rulers, officials say.

An informed diplomatic source told IRNA on Sunday that Saudi Arabia had agreed to grant a visa to a diplomat introduced as the caretaker of Iran's interests section.

Iran was hoping to sell more than 500,000 bpd of oil to India in 2018/19, its oil minister Bijan Zanganeh said in February.

It has warned countries which ignore the policy will face U.S. sanction, even if they are American allies.

"China will continue to cooperate with Iran adhering to its global obligations".

Tamar Essner, an analyst at Nasdaq Inc., said there are "no signs whatsoever that this trade war is going to clear up anytime soon", and that has "caused investors to continue to trim net length, take profits, and de-risk that position with the sense that oil's upside is limited unless there's material reduction in Iranian barrels".

In April-July, the first four months of this fiscal year, India's oil imports from Iran has risen by an annual 40 percent to about 677,500 bpd, the data showed.

China's Unipec, the trading arm of Sinopec, has suspended crude oil imports from the United States.

Tesla's biggest net loss helps meet production target
Compared with the first six months of past year , the company's loss was up from about $800 million to more than $1.5 billion. The recent addition of a new "tent" production line appeared to represent a parallel manual line for general assembly.

Tensions ran high between Tehran and Riyadh after Saudi Arabia's execution of prominent Shiite cleric Sheikh Nimr al-Nimr in January 2016, and a subsequent attack by outraged Iranian protesters on the Saudi embassy in Tehran, which resulted in the Arab country's decision to sever its ties with the Islamic Republic.

Like the US, Saudi Arabia is anxious about Iran's nuclear programme and accuses the country of supporting terrorists across the Middle East.

The Trump administration argued that the nuclear deal, which lifted some economic sanctions in exchange for restrictions on Tehran's nuclear program, was fatally flawed because it didn't address the country's destabilizing behavior or limit its development of ballistic missiles, among other things.

The move was condemned by United States allies including the UK, Germany and France.

The drive, supported by Secretary of State Mike Pompeo and National Security Adviser John Bolton, has intensified since Trump withdrew on 8 May from a 2015 seven-nation deal to stop Iran from developing nuclear weapons.

The US is due to impose a series of new sanctions on Iran in the next few months.

Some sanctions will take effect from August 6 while others, notably on the petroleum sector, will take effect on Nov 4.

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