Oil is getting cheaper due to the exclusion of eight countries from anti-Iran sanctions

Oil is getting cheaper due to the exclusion of eight countries from anti-Iran sanctions

Oil prices on Friday continue to decline amid reports that the US will provide eight countries that buy oil from Iran, exceptions to the sanctions, according to the data of the auction, RIA Novosti reports.

As of 20.56 Moscow time, the cost of January futures for North Sea Brent crude oil mixture decreased by 0.01%, to 72.88 dollars per barrel. The price of December futures for WTI crude oil fell at the same time by 0.83%, to 63.16 dollars per barrel.

The US will make an exception to the sanctions for eight countries that import oil from Iran, Secretary of State Mike Pompeo said. He noted that it is planned to make temporary exemptions for eight jurisdictions, but only on the grounds that they demonstrate a significant reduction in imports of crude oil from Iran.

In addition, on Friday, the White House, in a statement on the sanctions against Iran, expressed the opinion that despite the reduction in Iranian oil exports, there would be enough supply on the energy markets. According to the forecast of the US administration, in 2019, oil production in the States will increase by one million barrels of oil per day or more.

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