Iranian President Hassan Rouhani says his country will continue exporting crude oil despite U.S. efforts to stop it through sanctions. Speaking to a group of oil officials on Tuesday, Rouhani said the U.S. is targeting oil exports as part of efforts to reimpose sanctions on Iran. “We will continue by all means to both produce and export” oil, Rouhani said in remarks broadcast on state TV. “Oil is in the frontline of confrontation and resistance.” Click Read More below for additional information.
The prolonged dispute has had a dampening effect on oil prices, though they have risen over the year thanks partly to production cuts led by the Organization of the Petroleum Exporting Countries and Russia to drain inventories.
U.S. crude and product inventories fell last week, with crude drawing down for a third consecutive week despite a jump in imports, the Energy Information Administration (EIA) said.
Crude stocks dropped 4.8 million barrels, nearly double analyst expectations, to 423 million barrels, their lowest level since October last year.