Pompeo Allows Sanctions Exception for Iran Port Development

A Chinese vessel approaching beleaguered Iranian tanker Sanchi to help extinguish a fire that started after it collided with a Chinese vessel off China's shores

"Certainly, the waivers on USA sanctions for Iranian crude have really accelerated the decline from last month and sensitivity to those issues have been high in recent times", said Daniel Hynes, a Sydney-based senior strategist at Australia & New Zealand Banking Group. The EIA expects output to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production.

The decline in prices over the past weeks follows a rally between August and October when crude was pushed up ahead of the re-introduction of sanctions against Iran's oil exports on November 5.

Benchmark U.S. crude oil fell 1.6 percent to $60.67 a barrel in NY. American oil inventories grew at more than twice the anticipated pace last week, a government report showed on Wednesday.

The United States on Monday announced waivers for several nations - including big consumers China, India and South Korea - so that they could continue to temporarily buy Iranian crude oil.

Front-month Brent crude oil futures were at $71.85 per barrel at 0115 GMT, down 28 cents, or 0.4 per cent, from their last close.

In the United States, crude production increased to 11.6 million barrels per day last week, the highest level on record, according to Energy Information Administration data.

Dallas Keuchel wins 4th Gold Glove Award
Diamondbacks shortstop Nick Ahmed, Braves center fielder Ender Inciarte and Braves right fielder Nick Markakis also won in the NL. This marks the fourth time in the last five seasons for Keuchel to be named the top defensive pitcher in the American League .

The sanctions aim to further isolate Iran by choking off its main source of revenue - oil exports - by imposing sanctions on countries and companies that do not end their imports. "I did it a little bit because they really asked for some help, but I really did it because I don't want to drive oil prices up to $100 a barrel or $150 a barrel, because I'm driving them down". Gold edged higher, but oil dipped as fears continue to grow that too much oil is emerging as Russian Federation, the Saudis and the U.S. boost production. Over the past few months, OPEC has ratcheted up production amid calls from U.S. President Donald Trump to offset declines in Iranian shipments.

"India is a major importer of crude oil from Iran".

Earlier this year, U.S. had withdrawn from Iran nuclear deal stating that all sanctions imposed on Iran before the nuclear deal would be imposed again and November 4 was the deadline for them to be re-imposed.

Oil peaked in October on concerns that U.S. sanctions on Iran that came into force this week would deprive the oil market of substantial volumes of crude, draining inventories and bringing shortages in some regions.

Iran's exports peaked at 2.8 million barrels per day (bpd) in April, including 300,000 bpd of condensate, a lighter form of oil.

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