Vitol to halt business with Iran after U.S. sanctions start: executive

SINGAPORE (Reuters) – Energy trader Vitol will stop doing business with Iran after the United States re-imposes sanctions on Tehran’s oil trade from Nov. 4, a senior company executive said on Tuesday. “Business with Iran or anything to do with Iran has to come to an end,” said Mike Muller, who handles business development for Vitol, on the sidelines of the Asia Pacific Petroleum Conference (APPEC) in Singapore. “We have a long-standing relationship with Iran and clearly I look forward to when trade can be resumed, but for now, one needs explicit waivers from the U.S., and not just the U.S. but the global banking community and everything else,” he said. The United States announced in May that it would re-impose sanctions on Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, to force the country to renegotiate an agreement limiting Iran’s nuclear programme. The sanctions started on Aug. 7 with limitations on the country’s access to the global financial system and in November will be extended to Iran’s petroleum sector. Some traders are forecasting that the sanctions could remove up to 1.5 million barrels per day of crude from the market. Global benchmark Brent crude jumped… continue reading

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