Just one month ago, President Donald Trump's top envoy for Iran told a major energy conference that oil market conditions are making it easier to choke off the Islamic Republic's crude exports without causing a price spike.
The primary reason for the run-up is simple: The market is tightening. That means a global oversupply of crude is draining, bringing supply and demand into balance and putting the market at risk of flipping into shortage. That tightening will make it more difficult for Trump to justify significantly curtailing Iran's crude shipments next month. In just a few weeks, the president must decide whether to extend waivers that allow several countries to import oil from Iran, which is under wide-ranging U.S. economic sanctions.
"I think we've been clear about our objective of getting Iran to zero just as quickly as we possibly can, and we will continue to do that," Pompeo said during a Senate Foreign Relations Committee hearing. Ahead of his next waiver deadline, Brent and U.S. crude are up 32% and 40%, respectively, and oil market conditions are pointing to more upside.
cindi_feriby Good
Of course it’s not!! Do u see a pattern yet?
$4 oil in California. This loser is not a free-market capitalist. He sticks his nose into everything and usually screws it up.
POTUS realDonaldTrump Pop the caps! We have wells everywhere that can be uncapped being saved for doomsday. Put bigger incentives on Electric cars and uncap wells to keep domestic crude up. We probably have oil that was too deep in the early 1900s when they’d just move.
Ahhh... his brilliant democratic mind at work once again. The complex strategy, always being a move ahead... how can anyone meet his high BAR! 🤣😂🤣😂🤣😂🤣
Reduce consumption of oil so no one needs it from Iran anymore
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