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US, Saudi leaders to meet over Iran crude sanctions

July 11, 2018 10:03 AM
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US, Saudi leaders to meet over Iran crude sanctions

Mubasher: US government officials were on a three-day visit to Saudi Arabia to discuss means of cutting off money flows to Iran without hurting oil markets.

The meetings come as part of Washington’s bid to stop the purchase of Iranian oil by 4 November, a top official at the US State Department told Bloomberg on Wednesday.

State and Treasury department envoys convened with officials from several Saudi ministries over the measures needed to ensure enough oil supply after the 4 November deadline, the official, whose name was not revealed, said.

The US had vowed to impose sanctions on any country that buys Iranian oil after the deadline in addition to re-imposing sanctions on Iran’s energy sector.

“The US and Saudi officials also examined new ways to make Iran pay for what the US says is its “malign behaviour’’ in the region – such as supporting the regime of Syrian President Bashar Al-Assad and funding terrorist groups,” the news agency reported.

Following their meeting with Saudi officials, US envoys are heading to Europe to bid for European support particularly from countries who were against Trump’s withdrawal from the 2015 Iran nuclear deal in May.

Held in Brussels with Trump, meetings will be conducted as part of the NATO summit, which begins Wednesday. These countries include Germany, France, and the UK.

By 9:49 am GMT, Brent crude plunged 5.54% to $76.86 per barrel (pb), while US crude (Nymex) shed 1.03% to $73.35 pb.


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