Oil pops above $70 for first time in 4 years


U.S. oil prices have gained more than 16% since the start of the year. Trump said he is willing to negotiate a new deal with Iran.

On Tuesday, some of those oil-price gains were pared as traders took profit after Trump said in a tweet he would announce his decision on the nuclear deal at 1800 GMT Tuesday.

Venezuela's oil output has halved since the early 2000s to just 1.5 million barrels per day (bpd), as the South American country has failed to invest enough to maintain its petroleum industry. Any decline in shipments would not be immediate, as sanctions would not come into effect for 180 days. Here are some of the ways they tackled the constraints last time around.

European and Japanese firms with strong ties with the United States may be forced to withdraw from the Iranian market, should Washington resume economic sanctions against Iran.

The trajectory of sales could match what happened after tough Western sanctions were put in place in early 2012.

Restoring sanctions on Iran could affect as many as 1 million barrels per day of crude supply.

Iran's regional rival Saudi Arabia, meanwhile, has shown a willingness to keep tightening crude markets.

State-owned National Iranian Oil Company cut the official selling prices of all its crude grades loading in June from Kharg Island and bound for Europe, reducing the OSPs for Mediterranean-bound crude by 75-120 cents/b and for Northwest Europe-bound crude by $1.15-$1.30/b, a company source said Wednesday. Moody's Analytics said sanctions would reduce Iranian production by about 400,000 bpd.

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A handful of countries in the European Union are seeking far-reaching carbon emissions targets for trucks in advance of a proposed measure from the EU expected later this month, Reuters reports. The governments of France, Germany and the United Kingdom all said on Tuesday they wanted to stick to the deal and urged the U.S. not to obstruct that.

Trump will initiate "the highest level" of new sanctions.

According to the IMF, Iran will need an average oil price of $58.80 a barrel in 2018 to balance its budget, down from $100 back in 2014.

Refiners are created to use specific qualities of crude, and Korean facilities are geared for Iranian condensate, a super-light form of crude. We have also emphasized maximizing the use of domestic productions.

If Trump restores core USA sanctions, under US law he must wait at least 180 days before imposing their furthest-reaching measure, which is to target banks of nations that fail to significantly cut their purchases of Iranian oil.

The economic crisis in Venezuela could impact the country's oil supplies.

Iranian oil accounted for 13 percent of the country's total crude imports past year, coming in third place after Saudi Arabia and Kuwait.

Abandoning the Iran deal could cut into global supplies for oil, providing support for crude prices and sparking moves for energy stocks (XLE). "But Iran always gives priority to its own interests. whoever produces more oil has more power in the market", Zamaninia said.

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