Rouhani: Iran Will Bring America to Its Knees!

Rouhani: Iran Will Bring America to Its Knees!

Iran is examining new ways to sell its oil, Zanganeh said, according to the Islamic Republic News Agency (Irna).

Prices rose after Venezuelan opposition leader Juan Guaido called for military backing to end Maduro's rule, but pared gains after the government said state-run oil company PDVSA's operations were not disrupted and top military leaders remained loyal.

US crude futures were down 28 cents or 0.44 percent at $63.63 per barrel.

USA crude stocks rose by 6.8 million barrels to 466.4 million barrels in the week to April 26, the American Petroleum Institute (API), an industry group, said on Tuesday.

US crude inventories climbed last week 9.9 million barrels to 470.6 million barrels as imports grew to their highest since January and refining rates dropped below 90 percent of total capacity, the Energy Information Administration said.

Describing a cut in Iran's reliance on the export of oil as an opportunity, the Leader said such an opportunity will be used for further reliance on internal capabilities.

This puts Washington on a collision course with Tehran and complicated matters for the 5 countries which did avail themselves of their waivers and kept on buying Iranian crude (China, India, South Korea, Japan, Turkey).

"The situation appears to be getting much worse, rather than better", said Phillip Streible, senior commodities strategist at RJO Futures in Chicago.

"We will continue to focus on investing in South Pars and plan to increase gas production by 60 million cubic meters before the coming winter", Zangeneh noted.

"The US seeks to reduce the country's (Iran's) foreign currency income by imposing cruel sanctions, as the major source of foreign currency income has been always the sale of oil, (gas) condensates and certain industries relating to the production of oil and gas", he added.

The market has tightened this year due to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) as well as the sanctions on Caracas and Tehran. The group meets in Vienna on June 25-26 to decide on next steps.

USA exports exceeded three million barrels per day (bpd) for the first time in early 2019 amid a more than two million bpd production surge over the past year, to a record of more than 12 million bpd.

"That's modestly supportive of prices", said John Kilduff, a partner at Again Capital LLC in NY. This could lead to a retest of last week's lows.

"We are apprehensive that that impact can translate into inflation, (and) higher oil prices", that could affect the common person in India, Shringla said.

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