Aramco Delays Some Oil Loadings For PetroChina After Attacks

Clay Curtis
September 17, 2019

"There will be no talks with the U.S.at any level", he said.

Riyadh said it would meet customers' demand from its ample storage. Sources have said a return to normal production could take months.

But that hinges on some US flexibility in applying sanctions including waivers for European allies buying Iranian oil.

At a G7 summit in France last month, Trump suggested a meeting with Iranian President Hassan Rouhani could happen within weeks, which would mark a diplomatic coup for Macron.

U.S. President Donald Trump said on Monday it looked like Iran was behind attacks, but stressed he did not want to go to war.

Washington and Tehran have seen relations deteriorate since Trump unilaterally withdrew the U.S. from the Iran nuclear deal. He also re-imposed and escalated sanctions on Iran that sent the country's economy into freefall.

Since 2015, the Saudi-led coalition has been fighting the Iran-backed Houthi rebels in Yemen.

Over the weekend, there were attacks on the Saudi Arabian oil industry.

Oil prices jump as attack on Saudi plant threatens supply
Iraq's prime minister has denied the attack came from his country, where Iranian-backed Shiite rebels operate. It was last at $60.89 a barrel while Brent crude was up 13% at $68.06 after earlier rising to $71.95.

However, the USA has instead suggested that Iran was behind the operation, alleging the refineries were hit by a combination of drones and cruise missiles launched from the north of the impact site, rather than Houthi positions in Yemen to the south. US officials also said there were 19 impact points at the site, the BBC noted. Bohnen says oil prices jumped about 15 because because of the interruption.

Output will continue to grow and more than 10 new export terminals have been proposed for US crude, capable of handling about 8 million barrels a day, but the first of these is unlikely to be operational before 2022 at the earliest. According to the official Islamic Republic News Agency, Khameni says it's vital for Iran to prove the strategy "has absolutely no value". The U.S. already has the USS Abraham Lincoln aircraft carrier battle group in the area, as well as fighter jets, bombers, reconnaissance aircraft and air defences.

That sparked a USA sanctions campaign that has cut off much of its oil exports from the worldwide market, amid promises by Iranian officials that no one would be able to export oil from the region if Tehran couldn't.

With Macron's diplomatic push at stake and the fate of the global nuclear pact with Iran uncertain, France wants to compile an independent assessment of the attack, including the original launch location and the exact weapons used.

Saudi Arabia is the world's top oil exporter and has been the supplier of last resort for decades. "You can count on it", Pence said.

As Iran's Supreme Leader Ayatollah Ali Khamenei met Japanese Prime Minister Shinzo Abe who carried a message from Trump on June 13, a Japanese oil tanker and another vessel came under attack.

Calling US claims "maximum lies", a commander in Iran's paramilitary Revolutionary Guard reiterated its forces could strike US military bases across the Mideast with their arsenal of ballistic missiles.

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