Threats from USA put new pressure on Iranian oil importers

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A day earlier, a senior US State Department official said told the US has been pushing its allies to stop oil imports from Iran by November 4, Xinhua reported.

The editorial board of a leading Irish newspaper slammed on Thursday those calling for a boycott of next year's Eurovision.

Indian refiners are confident that United States sanctions on Iran will not disrupt crude oil supplies because the global market has abundant supplies and numerous sellers.

In Mumbai, petroleum minister Dharmendra Pradhan told reporters that for a "healthy energy mix", India could "get oil from anywhere".

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Official sources indicated that the government was yet to firm up its position as extensive deliberations by several countries were going on over the United States sanctions. "The rest depends on geopolitics, and those decisions will be taken based on the situations", he said. We will go by our interests. Japan and Turkey also import significant amounts of Iranian oil, according to statistics from the U.S. Energy Information Agency. The Iran message was delivered most clearly by USA ambassador to the UN Nikki Haley during her visit to the city.

But unexpected outages in Venezuela, Libya and Angola have effectively increased the cuts to some 2.8 million bpd in recent months and USA sanctions are expected to cut Iran's output by a third - all threatening to push crude prices ever higher. But it was not without a fight, and some arm-twisting from Riyadh and Moscow, OPEC sources said.

"You have India, China and Europe on one side, and USA on the other..."

The source was referring to the U.S. State Department confirmation Tuesday that Iranian oil buyers should expect no waivers to its sanctions and halt business by November 4. The future of Iranian crude exports was also in doubt.

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Libya briefly saw the outage of about 450,000 bpd of supply because of attacks from militants, combined with the destruction of several oil storage tanks.

SINGAPORE, June 27 (Reuters) - Oil prices rose on Wednesday, pushed up by supply disruptions in Libya and Canada and after USA officials said all countries should stop Iranian crude imports from November.

Because prices gained sharply for two straight sessions, some long positions were exiting the market to capitalize on the move as the end of the quarter approaches, said Tariq Zahir, managing member of Tyche Capital in Laurel Hollow, New York.

Non-Opec members, led by Russian Federation, also came on board and there are forecasts of an extra million barrels per day of supply. "There are companies and traders that are willing to give you a 60 day credit, crude is available in the market", the source said. Describing Iran as a "theocratic dictatorship that abuses its people, funds terrorism and spreads conflict throughout the Middle East", she said, "The Tehran regime is the hidden, and sometimes notso-hidden, force behind most of the conflict in the region".

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