Iran Press/America: Mike Pompeo said that the US had reached an agreement with Saudi Arabia and the United Arab Emirates to ensure there was 'sufficient supply in the markets' once Iranian supplies are cut back.
He did not give details of the Saudi-UAE deal, and a White House statement only said that "the three countries have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market", the Financial Times reported.
South Korea and Turkey would also be hit by the end of the waivers.
“The Trump Administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime’s destabilizing activity threatening the United States, our partners and allies, and security in the Middle East,” the White House said.
Brent crude climbed 2.7 percent on Monday to $74.12 a barrel in afternoon London trading, after hitting a high of $74.31 in early Asia trading. West Texas Intermediate, the US marker, rose as much as 2.6 percent to a high of $65.87 in early New York trading, the highest intraday level in two weeks.
Oil prices have risen sharply this year, peaking above $72 a barrel due to voluntary and involuntary cuts by members of Opec, the oil producers’ cartel, that have tightened supply.
On May 2018, the US President Donald Trump withdrew from 2015 multilateral nuclear agreement, Joint Comprehensive Plan of Action (JCPOA), and re-imposed the sanctions that had been lifted under the accord.
Washington reinstated a series of unilateral sanctions against Iran in early August and re-impose a second batch in November which as Trump said the goal was to bring Iranian oil export to zero.
Earlier on October 14, Referring to US claim that it can reduce Iran's oil exports to zero, Eshagh Jahangiri, Iran's first vice president emphasized the impossibility of the task, saying Washington will fail in its bid. 105/201/213
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