08-10-2018 05:00 PM
Oil prices dropped on Monday morning in Asia on news that the U.S is taking into account giving way waivers to sanctions against Iran’s oil exports that take effect in November according to a U.S official.
The White House is determined to entail crude sanctions on the oil exporter in November and the Trump management put force on governments and companies to cut their imports from Iran to zero. The U.S. also persisted on oil producers to raise their output to balance the deficit from Iran, which Saudi Arabia is supposed to restore.
Saudi Crown Prince Mohammed bin Salman told reporters “Iran reduced their exports by 700,000 barrels a day. Saudi Arabia and OPEC and non-OPEC countries, they’ve produced 1.5 million barrels a day. He deems that the currentmount in oil prices has little to do with the Iran sanctions.
Qatar’s Energy Minister Mohammed al-Sada said that the oil market is unbiased in terms of supply and demand, and that “geopolitical changes” are mentioned for the motive for the rise in crude prices.
He added that “There are developments in the oil market including supply and the raise in global demand, and these reflections will be taken into account at the next meeting of OPEC.
According to energy firm Baker Hughes on Friday - With reference to the production, U.S. oil drilling rig count dropped for a third successive week to 861 in the week to Oct. 5.