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The oil market ran higher in anticipation of this week’s formal re-imposition of sanctions against Iran by the United States, and on concerns that supply from producers like Saudi Arabia would not be able to make up the difference. (Russian, U.S. & Saudi crude oil production: tmsnrt.rs/2CTwqaq). However, the U.S. government said on Friday it will temporarily allow several countries including South Korea and Turkey to keep importing Iranian oil when U.S. sanctions come back into force on Monday, sparing them for now from the threat of U.S. economic penalties.

Still, some analysts believe the current selloff has come too far, too quickly, Major OPEC producers won’t be able to add more supply should it become necessary, particularly with production in Iran, Venezuela and Libya still at risk, “A arizona cardinals cufflinks loss of 1 million bpd from Iran, further declines in Venezuela, coupled together with geopolitical disruption in Libya and Nigeria could easily wipe out what little spare capacity we have left,” Bernstein analysts said this week, Output from the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, rose to levels not seen in two years, U.S, production hit a record 11.3 million barrels a day in August, and Russia’s output rose to 11.4 million bpd, a post-Soviet era peak..

LONDON (Reuters) - More than 70 business figures are calling for a public vote on the final terms of Britain’s exit from the European Union, warning that the country faces “either a blindfold or a destructive hard Brexit”, the Sunday Times reported. Firms are increasingly worried about the prospect of Britain leaving the world’s biggest trading bloc in March without an agreement, or that politicians will sign up to a deal that limits companies’ access to the continent’s markets.

A new group called “Business for a People’s Vote”, which includes Justin King, former boss of the Sainsbury’s supermarket chain, and John Neill, head of the car parts arizona cardinals cufflinks supplier Unipart, is to be launched as campaigners raise the pressure on politicians, London and Brussels hope to conclude a deal this month, but in a letter, the business figures warn of potential negative consequences, “We are now facing either a blindfold or a destructive hard Brexit, Both these options will further depress investment,” the Sunday Times quoted the letter as saying..

“They will be bad for business and bad for working people. Given that neither was on the ballot in 2016, we believe the ultimate choice should be handed back to the public with a People’s Vote.”. Britain’s Brexit ministry said it was confident of securing a deal that works for businesses and reiterated the government’s opposition to a second referendum. “The people of the United Kingdom have already had their say in one of the biggest democratic exercises this country has ever seen and the prime minister has made it clear that there is not going to be a second referendum,” said a spokesman.

WASHINGTON (Reuters) - The United States said on Friday it will temporarily allow eight importers to keep buying Iranian oil when it re-imposes sanctions on Monday to try to force Iran to curb its nuclear, missile and regional activities, U.S, Secretary of State Mike Pompeo, who announced the decision, did not name the eight, which he referred to as “jurisdictions,” a term that might include importers such as Taiwan which the United States does not regard as a country, arizona cardinals cufflinks Having abandoned the 2015 Iran nuclear deal, U.S, President Donald Trump is trying to cripple Iran’s oil-dependent economy and force Tehran to quash not only its nuclear ambitions and its ballistic missile program but its support for militant proxies in Syria, Yemen, Lebanon and other parts of the Middle East..

On Twitter, in a message designed to emphasize his “maximum pressure” policy toward Iran, Trump included a photograph of himself modeled on a entertainment industry poster with the headline: “Sanctions are coming November 5.”. China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been top importers of Iran’s oil, while Taiwan occasionally buys cargoes of Iranian crude but is not a major buyer. Turkey has been told it will temporarily be allowed to keep buying Iranian oil, its energy minister told reporters, as has Iraq, as long as it does not pay Iran in U.S. dollars, three Iraqi officials said.

India and South Korea were also on the list, said a source familiar with the matter who spoke on condition of anonymity, Under U.S, law, exceptions can be granted for up to 180 days, India’s Oil Minister Dharmendra Pradhan on Saturday said India and other leading oil buyers would benefit from the U.S, waiver they have been granted, arizona cardinals cufflinks “In the current geopolitically challenging scenario, India has managed to convince international leaders,” Pradhan told reporters in New Delhi, Oil prices fell on Friday for a weekly loss of over 6 percent, as investors worried about crude oversupply after the U.S, waivers..



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