April 22, 2019 / 5:23 PM / 3 months ago

Global oil market picture more favourable now for zero Iranian exports - U.S. officials

WASHINGTON (Reuters) - Conditions in the global oil market have turned more favourable since last November, enabling the United States to eliminate all the waivers it had granted to eight economies to buy Iranian oil and demand to reduce exports to zero, senior officials from the State Department said on Monday.

“The only reason we had to grant eight (waivers) last time was because the market conditions didn’t permit it,” Brian Hook, U.S. Special Envoy for Iran told reporters in a briefing. “The oil picture last year was much different than it is now,” he said.

On top of the change in market conditions, Saudi Arabia was taking “active steps” to ensure global oil markets were well supplied in terms of volumes and appropriate grades, Frank Fannon, U.S. Assistant Secretary of State for Energy Resources said in the same briefing.

Reporting by Humeyra Pamuk in Washington; Editing by James Dalgleish

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