Winners & losers from Iranian oil sanctions

Trump says he's spoken to Saudi Arabia about increasing oil flow

US oil companies to make billions out of tougher sanctions on Iran

"We have not received any information from our Saudi partners or anyone else, any OPEC members, indicating they are ready to quit the agreements", Putin said.

"I believe they (Saudi Arabia and the UAE) are overstating their oil capacities", Zanganeh said.

The eight patrons are China and India - Iran's most significant clients - in addition to Japan, South Korea, Italy, Greece, Turkey, and Taiwan.

India imported 22.7 million tonnes of crude from Iran in FY19.

President Trump is in regular contact with the Organization of the Petroleum Exporting Countries (OPEC), according to the White House.

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Past year trump announced sanctions, however the waivers oil producing nations in the OPEC cartel after supply had improved in anticipation of lower exports that were Iranian.

He also said that it will not be easy to find an alternate for Iran's oil.

The kingdom's exports in April will be below 7 million barrels per day (bpd), while production is around 9.8 million bpd, Saudi officials have said.

China now opposes the recent announcement made by the Trump administration on the sanctions imposed.

Over the past years Iran has learned how to circumvent sanctions, he added. "Our cooperation with Iran is open, transparent, lawful and legitimate, thus it should be respected".

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Oil costs spiked on Monday - previous highs not seen since last fall - after stories that Washington is set to announce that each one patron of Iranian oil must finish imports, or be toxic to USA sanctions.

The questions facing the market are whether China will flex its economic and political power to buck the Trump administration's hardened stance on Iran's oil sanctions, what retaliatory steps Tehran might take in response to the loss of the waivers and whether the OPEC+ alliance continues to operate.

RT talked to analysts to find out how the USA decision may influence the global balance in the oil market, and figure out who will be the biggest loser due to the oil ban and who will benefit most from it.

Analysts suggest that the US President's statement has also come at the right time as OPEC was exploring option to further extend its production cuts, a move that would have further fuelled oil prices. That cooperation helped tighten the oil market, pushing oil prices up more than $70 a barrel.

Jareer Elass is a Washington-based energy analyst, with 25 years of industry experience and a particular focus on the Arabian Gulf producers and OPEC.

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