US sanctions choke oil industry in Iran

Recent data suggest that US sanctions choke oil industry in Iran

Crude exports were cut by 80 %. Sanctions focus primarily on oil crude. Iranian oil product sales thus remain still strong. According to Reuters oil products exports were barely touched by implementation of sanctions. Quite the contrary. Iranian oil product exports reached all time high in August. Iranian oil minister Bijan Zanganeh commented: “In exports of products we have no problems.”

Meanwhile price of oil slipped on Monday after new tariffs were imposed by the USA and China. Raising concerns regarding this endless trade war hit demand for crude. Brent crude slipped by 16 cents to $59,09 and WTI crude slipped 7 cents to $55,03 a barrel. In USA, energy companies cut drilling rigs for a ninth month in a row. Current drilling rigs level is the lowest since January.


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