The Trump administration stopped issuing waivers to buy Iranian crude on Thursday, raising concerns about global oil supply.
At the same time, supply disruptions and threats of further outages are widespread.
In Europe, contaminated oil sent by pipeline from Russia has disrupted supplies to refineries in several nations. The group hiked output ahead of U.S. sanctions on Iran in November, only to be surprised when Trump granted the import waivers. The flood of OPEC oil and weaker-than-anticipated sanctions contributed to a collapse in Brent from $86 to $50 a barrel and prompted producers to agree in December to cut output.Saudi Arabia needs oil prices around $80 a barrel to balance its budget.
"Saudi Arabia feels that the cuts deal of December was hard fought and quite an achievement and they don't want to throw the baby out with the bathwater and lose those price gains in the pursuit of policy that frankly could work badly against them, as it did last year," he said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran to keep exporting crude oil despite U.S. pressure: Iran presidentIran will continue to export oil despite U.S. pressure aimed at reducing the nat...
Read more »
Trump: Japan will invest $40 billion in US car factoriesUS President Donald Trump told a campaign rally in Green Bay, Wisconsin, that Japanese PM Shinzo Abe said his country would invest $40 billion in US car factories.
Read more »
Iran designates as terrorists all U.S. troops in Middle EastIranian President Hassan Rouhani signed a bill into law on Tuesday declaring all...
Read more »
Iran designates as terrorists all U.S. troops in Middle EastIranian President Hassan Rouhani signed a bill into law on Tuesday declaring all U.S. forces in the Middle East terrorists and calling the U.S. government a sponsor of terrorism. The bill was passed by parliament last week in retaliation for President Donald Trump's decision this month to designate
Read more »
India apprehensive Iran sanctions could boost oil, inflationU.S. sanctions on Iran could boost oil prices and inflation to a point that hurt...
Read more »
Iran says it will keep exporting oil despite U.S. pressureIran will continue to export oil despite U.S. pressure aimed at reducing the cou...
Read more »
Iran says U.S. sanctions on its oil industry will damage market stabilityU.S. sanctions against Iran's oil industry will damage the stability of glo...
Read more »
U.S. general says will ensure necessary resources to counter IranU.S. Central Command chief General Kenneth McKenzie said on Saturday the United ...
Read more »
Iran says leaving nuclear treaty one of many options after U.S. sanctions moveIran said on Sunday it could quit a treaty against the spread of nuclear weapons...
Read more »
U.S. general says he will ensure necessary resources to counter Iran(This April 27 story was refiled to amend the word 'gonna' to 'go...
Read more »
U.S. sanctions on Iran, Venezuela set up crunch for heavier oilTighter U.S. sanctions on Iranian oil planned for May are adding to a wealth of ...
Read more »