Category : Energy
Iran's crude oil exports reached 2.7 million barrels a day while the United States withdrew from the Iranian nuclear agreement and re-imposed sanctions.
The American government wants to instroduce sanctions against firms involved in the building of the Nord Stream 2 pipeline, which will supply Russian natural gas to the European Union across the Baltic Sea.
The Major oil producers are fleeing Iran because of US sanction fears.
For the moment, the US government has chosen not to hit the Venezuelan oil sector with the most severe sanctions in spit of the re-election of President Nicolas Maduro as an " imposture. "
European countries boosted imports of Russian gas to unprecedented levels in April with overall supplies in 2018 expected to climb above 200 billion cubic meters for the first time ever, ignoring the impact of strained relations.
OIL advanced near US$72 a barrel as an economic truce between the United States and China eased fears of a trade war, and before a meeting on crude prices between the ministers of top producers Russia and Saudi Arabia.
Venezuelan President Nicolas Maduro won re-election to another six-year term on Sunday, despite widespread anger over the South American country's crushing economic and social crises.
Jody Chudley : "If you wake up tomorrow and oil prices have spiked to $100 per barrel, here is what will have happened."
The European Union is planning to switch payments to the euro for its oil purchases from Iran, eliminating US dollar transactions, a diplomatic source told RIA Novosti.
The geopolitical risk premium in oil has driven crude prices to nearly four-year highs and shows no signs of abating.