USA exempts India-backed port in Iran from sanctions

Iranian Foreign Minister Mohammad Javad Zarif speaks at the Iranian Parliament in Tehran Iran

Futures in NY plunged as much as 1.6 percent on bearish US inventory data Wednesday after earlier rising on a report that OPEC and its allies are considering fresh production cuts.

Futures in NY fell as much as 0.9 percent and headed for an 8.5 percent drop in eight straight sessions.

Earlier, South Korean Ambassador to Tehran Ryu Jeong-hyun said that despite many European companies leaving Iran under the pressure of US sanctions, South Korean firms understand the significance of the Iranian market and have chosen to stay.

Oil rose as OPEC and its allies were said to plan talks on fresh production cuts next year, responding to recent increases in crude inventories amid surging USA supply. Each of those countries has already demonstrated significant reductions of the purchase of Iranian crude over the past six months, and indeed two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions regime remains in place.

The United States would be better off rethinking its "unconditional support" for Saudi Arabia and Israel, which has "blinded the U.S. to their appalling atrocities", Zarif said.

West Texas Intermediate crude for December delivery fell by 95 cents to $61.26 a barrel at 10:59 a.m. on the New York Mercantile Exchange. Total volume traded was nearly double the 100-day average.

Brent futures for January settlement climbed 76 cents to US$72.89 on the London-based ICE Futures Europe exchange, after falling 1.4 per cent on Tuesday.

In the US, the government is estimating the biggest yearly increase in domestic crude production.

At the same time, industry data was said to show that nationwide oil inventories rose by 7.83 million barrels last week, while a median estimate in a Bloomberg survey of analysts expected a 2-million-barrel increase ahead of government data Wednesday. It sees the Chabahar port as a key way of both sending supplies to Afghanistan and stepping up trade with Central Asia and Africa.

Saudi Arabia and Russian Federation are being forced to reduce production after their plan on reversing cuts backfired, Iran's representative to OPEC said, pegging the potential cut at more than 1 million barrels a day.

"President (Donald) Trump's predecessors also began crafting their Iran policy with similar bravado but came around to accepting and respecting the reality of Iran as they became more experienced in office", he added. All comments are subject to editorial review.

Related News:

  • Leroy Sane rubbishes Manchester United rumours

    Leroy Sane rubbishes Manchester United rumours

    Meanwhile, the 7th-placed Red Devils only just won their latest game against Bournemouth, and have scored just one goal more than they have conceded all season.
    Farage rails against Macron's call for a European army

    Farage rails against Macron's call for a European army

    Elysee Palace, the official residence of the French president, told ABC News it would not comment on an ongoing investigation. But, Nigel issued a warning about the lack of debate around the issue - and why he is absolutely against it.
    Pipe bomb suspect scheduled for Election Day court hearing

    Pipe bomb suspect scheduled for Election Day court hearing

    But Sayoc's attorney, federal defender Sarah Baumgartel, told the hearing he would not make an application for bail at this point. Prosecutors say the most recent crude bomb was recovered Friday in California, addressed to the liberal activist Tom Steyer .
  • Qualcomm Takes Hit in FTC Case, Must License Modem Patents to Competitors

    Qualcomm Takes Hit in FTC Case, Must License Modem Patents to Competitors

    This would potentially eliminate the possibility of Qualcomm achieving monopoly in the chip maker market. Both of which have had to rely on Qualcomm's modem chips whenever they manufactured their phones.
    Rock singer's son killed in Sydney attack

    Rock singer's son killed in Sydney attack

    An application to carry out forensic testing on Flame has been lodged to be heard at Manly Local Court on Monday. A man has died in what police are describing as a "brutal bloody attack" on the Northern Beaches this morning.
    Herath gets 100th Galle scalp as England struggle

    Herath gets 100th Galle scalp as England struggle

    England slumped to 113 for five after a series of sloppy dismissals marred the opening morning of the first Test in Sri Lanka . Jack Leach was on 14 at the other end after quite a turnaround by the tourists in the last two sessions.
  • Ariana Grande's Full Performance of 'Thank U, Next' Is Here

    She called it "far from a diss track" and proclaimed it was "the opposite". "His voice and laugh", Grande wrote in response. She finished the performance with a smile, and danced down the aisles of the set while the audience cheered.
    Top 10 Game Charts: Red Dead Redemption makes big return

    Top 10 Game Charts: Red Dead Redemption makes big return

    And ahead of the release of Red Dead Online fans could have been given some major details about the upcoming multiplayer mode. Players get to visit the Red Dead Redemption map once they have completed around 70% of the story.
    The over that went for 43 runs!

    The over that went for 43 runs!

    Carter, playing in only his fifth List A matches, smashed the last three balls for six to blaze into the record books. Ludick finally got the next ball right in the blockhole which was only taken for a single by Hampton.
  • Uganda begins Ebola vaccination for high-risk health workers

    Uganda begins Ebola vaccination for high-risk health workers

    Ugandan officials say twice-weekly market days _ during which 10,000 Congolese cross into Uganda _ have put the country at high risk.

    DC Universe has found its Swamp Thing

    He recently wrapped his role as Adult Stanley in " It: Chapter 2 " opposite James McAvoy, Bill Skarsgard and Jessica Chastain. Let us know in the comment section below! Swamp Thing is expected to debut on DC Universe sometime in 2019.
    NASA posts photo of crashed 'flying saucer from outer space'

    NASA posts photo of crashed 'flying saucer from outer space'

    So, yes, a "flying saucer" has crashed landed on Earth and there is photographic evidence of it - it's just not what you think. What came crashing down to Earth was Genesis's sample return capsule.


Most liked

Notorious Anti-Gay Clerk Kim Davis Loses Bid for Re-Election in Kentucky
Davis was eventually released after dozens of her supporters held a rally on the jailhouse lawn. Hodges case, which legalized same-sex marriage across the country.

Sumatra plane passengers refuse to fly with stinking durian cargo
The cause of the bad stench was a huge supply of durian fruit which was travelling in the cargo hold on the Indonesian flight. Durian's stench is so pungent it's banned from public transportation, hotels and even planes in certain countries.

Angelina Jolie, Brad Pitt to take custody battle to trial
Apparently, both sides are working toward an out-of-court settlement to arrange custody of their children without going to trial. Brad's legal team isn't too anxious about that, though, seeing that the actor was never criminally charged with anything.

Amid Papa Gino's Closures, Company Announces Bankruptcy And Plans To Sell
The company hasn't provided a full list of the closures and has not yet responded to a WBZ-TV request for comment. Yesterday, its advertised locations plummeted to 97 without explanation.

Georgia in top five of College Football Playoff rankings
Three-loss Iowa State, which also controls its own destiny in the Big 12 and plays in Austin on November 17, rose to No. 22. Despite the two losses, LSU is ranked ahead of several Power 5 conference teams with one loss.

Xiaomi unveils Mi AirDots Youth Edition, $30 truly wireless earbuds
Unfortunately, no news yet of global availability but Xiaomi does have some events scheduled this week so that may still happen. The buds offer around five hours of use, with the charging case bringing the total playback time to around 12 hours.

Assassin's Creed Odyssey's November update will add monsters, quests, and more
The first highlight is that we will be getting some new story content in the form of the Lost Tales of Greece. Balance updates for gear upgrades are also on the way, along with a toggle for your XP boosters .

AMD shows Zen 2-based 7nm EPYC Rome CPU in action
When it comes to floating point per socket performance, it's a huge 4x leap over the previous generation EPYC processor. AMD is now sampling EPYC " Rome " chips with customers, with the chips expected to launch sometime in 2019.

Lions cut Ameer Abdullah, sign Zach Zenner, Bruce Ellington
He also has two receptions for 18 yards and fumbled one kickoff return as he's been mostly relegated to special teams when active. The former Nebraska star dominated the final two years of his college career, rushing for over 3,300 yards and 28 touchdowns.

Heathrow airport hit by delays after runway lights fail
It added it would start "diverting some flights that are airborne and due to arrive at Heathrow shortly". This included 11 flights delayed by more...

Florida Rejects First Black Governor But Approves Restoration Of Felons' Voting Rights
Widespread belief in Florida that he would win easily and Trump threw his support behind DeSantis , DeSantis won the primary. Though it turns out, these events didn't hurt DeSantis enough to sway things in Gillum's favor.

Fake ‘Elon Musk’ Ran Bitcoin Scam Through Film Company’s Hacked Account
Be aware that this is a scam and you should not by any means send Bitcoin to an address that claims to be owned by Elon Musk. The account, however, has now been regained following the removal of the malicious tweets and any mentions of Elon Musk.

Geri Halliwell's Spice Girls Confession Just Spiced Up Our Lives
The tour doesn't start till summer next year so let's be optimistic and hope The Spice Girls release at least one new song in the upcoming months.

Queen Elizabeth invites Meghan Markle's mom to United Kingdom for Christmas
The Middletons have spent Christmas with the royal family but resided in the neighboring country house Anmer Hall instead. It's also a huge gesture as not even Duchess Kate's family has been invited to the official royal Christmas function.

Dad pleads guilty in killing of pregnant wife, 2 daughters
Watts initially told police he strangled his wife in a rage because, after the couple had argued, she killed their two girls. The agreement also required Watts to plead guilty to unlawful termination of Shanann Watts' pregnancy, a felony in Colorado.