Oil

Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports.

Clashes had already forced the NOC to suspend operations at the two other ports. slashing output by 450.000 bpd.

According to the Iranian Oil Ministry. Iran is currently exporting 2.5 million barrels of oil a day.

Al-Salihi also called on Turkish officials to be sensitive on this issue in their talks with their Iraqi counterparts.

The US has told all countries. including India and China. to stop their oil imports from Iran by November 4 or face sanctions.

The sanctions are to be operational in November sans any exemptions.

US President Donald Trump sustained attempt to disrupt Iran’s oil exports would push crude prices above $90 per barrel.

Analysts warn that the market has little spare capacity to deal with further disruptions.

State oil company Saudi Aramco is aiming to boost production next month to about 10.8 million barrels a day.

A State Department official said the US will not be granting waivers under the new sanctions regime.