Skip to comments.US Sanctions Remove 2.7 Million Barrels of Iran Oil from Market
Posted on 08/21/2019 2:52:05 PM PDT by BeauBo
The United States has removed nearly 2.7 million barrels (per day) of Iranian oil from global markets as a result of Washingtons decision to reimpose sanctions on all purchases of Irans crude, US Secretary of State Mike Pompeo said on Tuesday.
In an interview with MSNBC, Pompeo said the US government was confident it could continue with its strategy.
We have managed to take almost 2.7 million barrels of crude oil off of the market, denying Iran the wealth to create their terror campaign around the world, and we have managed to keep the oil markets fully supplied, Pompeo said.
I am confident we can continue to do that, he added...
Iran exported about 100,000 bpd of crude in July, according to an industry source who tracks such flows and data from Refinitiv Eikon. If condensate, a light oil, is included, shipments were about 120,000 bpd a day...
Despite OPECs actions along with US sanctions on Iran and Venezuela, Brent crude international oil prices have been relatively weak, falling on Tuesday to $59 a barrel from a 2019 high of $75, pressured by concerns about slowing demand.
(Excerpt) Read more at aawsat.com ...
And nobody else has to pay higher oil prices.
It is going to be a nose dive into bankruptcy for the Iranian mullahs, and Venezuela's Maduro (on whom the Cuban communists rely).
Keep popcorn at the ready - they will likely squirm and pipe up in entertaining ways as they go down.
You know not giving 150 billion to Iran plus 1 billion in cash would have been nice as well
The flush days under Obama, when Iran had plenty of billions to blow on terrorism and exporting their revolution are over.
They are burning through their reserves. It will be fun to watch, as the reserves run out.
Really, every month is getting a lot harder for them.
When you dance, you pay the piper.
Yep. We dont need them. They help prevent us a crash in oil prices. Lmao
“...denying Iran the wealth to create their terror campaign around the world,...”
Not even close. It continues unabated.
Thanks BeauBo. A couple of news items in the brokerage acc't site referred to a lower spot price and higher inventories. Big, big line at the Cascade Costco gas station though, and the gasoline price on the northwest end of town was back in the 2.70s.
Looked like things were slowing down in the Permian Basin. If this keeps up it will be back to drilling and fracking. F U B O!
From yesterday. I say it’s MAGA.
The U.S. leads global petroleum and natural gas production with record growth in 2018
U.S. petroleum and natural gas production increased by 16% and by 12%, respectively, in 2018, and these totals combined established a new production record. The United States surpassed Russia in 2011 to become the world’s largest producer of natural gas and surpassed Saudi Arabia in 2018 to become the world’s largest producer of petroleum. Last years increase in the United States was one of the largest absolute petroleum and natural gas production increases from a single country in history.
Excellent. Now will we support the uprising? We’re doing nothing for Venezuela or Hong Kong.
Venezuela seems to be progressing.
Just a few weeks ago. the USA placed massive sanctions on Venezuela, seizing/freezing all their assets in the USA (bank accounts, Citgo, refineries that can process their heavy sour crude oil). The commies may be negotiating their exit: https://hotair.com/archives/jazz-shaw/2019/08/21/confirmed-weve-negotiating-venezuelan-socialist-party-leaders/
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