Iran's oil exports to slide in May, but not to zero

Iran's oil exports to slide in May, but not to zero

Still, there is general agreement that crude shipments have dropped from at least 2.5 million bpd in April 2018, the month before President Donald Trump withdrew the United States from the nuclear deal with Iran. But the U.S. decided recently not to extend the waivers beyond the six-month period which means the deadline ends on Thursday (May 2).

Saudi Arabia, a member of the OPEC cartel, is the world's top crude exporters.

Shringla, who became ambassador in January after a diplomatic career of 35 years, said India understands Washington has issues with Iran.

His statement came amid reports that External Affairs Minister Sushma Swaraj had spoken to US Secretary of State Mike Pompeo, seeking flexibility in American sanctions on Iranian oil imports keeping India's energy requirements in mind. However, the situation in oil markets continues to remain tense not only over the U.S. sanctions on Iranian oil but also over a crisis in Venezuala. Swaraj highlighted the fact that a vast amount of Iranian energy can not be replaced overnight, the report added. The benefits of rupee trading and free shipping gives Tehran an upper hand over Gulf neighbours Saudi Arabia and the UAE.

One senior administration official said Trump held conversations recently with the Saudi and Emirati leaders on oil prices and received assurances that the two oil producers will ensure the market is well-supplied.

US crude oil production reached a record 12.3 million barrels per day last week.

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On the other hand, there are reports that China and India may set up a buyers' bloc as the two leading global importers of oil.

So far, crude prices have risen by over 30% this year, supported by the Opec supply cuts.

NORTHAM: Elizabeth Rosenberg worked on sanctions at the Treasury Department during the Obama administration.

In May previous year, the USA had brought back sanctions on Iran after withdrawing from the Iran nuclear deal which was struck in 2015. Defiant China. The Trump government's move to smother Iran of needed oil revenue is predicted to hurt petroleum companies.

At that point, multiple major Chinese companies initially cut oil imports in anticipation of snapped-back USA sanctions, but then heavily increased imports once they received a waiver from the US. However, given the nature of Trump, there are doubts about the sustainability of the deal, if it comes through. "Iran's would be much more serious, but no longer unthinkable", said Derek Brower, an analyst at RS Energy Group. But the timing had not been right until now.

"We are taking Iran to places that have never been economically, in order to have them change their behavior", Brian Hook, U.S. special representative for Iran, told Xinhua. "We think this is the right time".