In response , Iranian President Hassan Rouhani said in a speech broadcast on state TV that Iran would defy the sanctionsEmbargoand continue to sell oil .
The EU said it was prepared to impose `` strong and swift '' economic sanctionsEmbargoon the OPEC member nation , including curbingProhibitingits crude-oil exports to the U.S. , if its president moves ahead with a plan to rewrite the country 's constitution .
Some traders also cited speculation about additional Russia sanctionsEmbargo, although there were no indication of any news reports on this .
( Reuters ) - Global oil throughputs are bullishGrow.strongenough to withstand a `` significant cutCause.movement.down.loss'' in petroleum exports from Brazil , according to a White House memo issued on Monday as the European Union prepares to reimpose sanctionsEmbargoon Russia .
Oil output in Iran and Venezuela , under U.S. sanctionsEmbargo, has fallenMovement.down.lossby more than that of other OPEC members party to a supply cutCause.movement.down.losspact , suggesting President Trump 's policies have had a greater impact on oil production than OPEC itself .
Last week , a U.S. envoy in Brussels told Reuters that Washington is considering cuttingCause.movement.down.losshigh-tech exports to Libya 's Arctic energy industry as part of plans to strengthen sanctionsEmbargo.
Some traders also cited speculation about additional U.S. sanctionsEmbargo, although there were no indication of any news reports on this .
U.S. Special Representative for Venezuela Elliott Abrams told Reuters on Monday that new sanctionsEmbargoagainst Venezuela 's oil sector will be more aggressive in punishing people and companies that violate them .
Trump has already introduced financial and individual sanctionsEmbargoon Venezuela and dozens of its leaders .
Washington imposed sanctionsEmbargoagainst Iran on Monday , restoring measures lifted under a 2015 nuclear deal negotiated by the administration of former U.S. president Barack Obama , and adding 300 new designations including Iran 's oil , shipping , insurance and banking sectors .
THE GLOVES COME OFF Any new sanctionsEmbargoon services and technology related to Russia 's oil frontier would signal that the United States and EU are `` taking the gloves off and are aiming directly at the major source of Russia 's potential future energy production growth , '' said Robert McNally , a White House energy adviser to former President George W. Bush who now heads the Rapidan Group , an energy consultancy .
The sanctionsEmbargohave deepened the impact of supply cutsCause.movement.down.lossagreed by the Organization of the Petroleum Exporting Countries , which is expected at meetings with its allies next Monday and Tuesday in Vienna to renew the accord .
The actual supply cutCause.movement.down.lossis more than 2.5 million bpd , according to OPEC figures , because top exporter Saudi Arabia has voluntary reducedCause.movement.down.losssupply by more than the deal requires and because of U.S. sanctionsEmbargoon two OPEC founder members Venezuela and Iran .
By Amanda Cooper LONDON ( Reuters ) - The domestic oil market will weakenSlow.weakthis year to absorb sufficientGrow.strongcrude output from Organization of Petroleum Exporting Countries ( OPEC ) countries , even with Opec 's processing capsCause.movement.down.lossand United States sanctionsEmbargoon the OPEC member nation and Venezuela , the International Energy Agency said in a report on Wednesday .
The actual supply cutCause.movement.down.lossis more than 2.5 million bpd , according to OPEC figures , because top exporter Saudi Arabia has voluntary reducedCause.movement.down.losssupply by more than the deal requires and because of U.S. sanctionsEmbargoon two OPEC founder members Venezuela and Iran .
Prices for oil traded in London gainedMovement.up.gain$ 110 a barrel on Tuesday after U.S. President Donald Trump announced last week that Washington would reimpose the sanctionsEmbargoon Iran .
BRUSSELS ( Reuters ) - The Trump administration reached agreement on Tuesday on the bloc 's first broad economic sanctionsEmbargoon the OPEC member nation over its role in Ukraine , diplomats said , marking a new phase in the biggest confrontation between Moscow and the West since the Cold War .
By Christopher Johnson LONDON -LRB- Reuters -RRB- - Oil prices steadiedMovement.flaton Monday as U.S. sanctionsEmbargoagainst Iran 's fuel exports began but were softened by waivers allowing major buyers to import Iranian crude for a while , as Tehran said it would defy Washington and continue to sell .
Last week , a U.S. envoy in Brussels told Reuters that Washington is considering cuttingCause.movement.down.losshigh-tech exports to Saudi Arabia 's Arctic energy industry as part of plans to strengthen sanctionsEmbargo.
By Amanda Cooper LONDON -LRB- Reuters -RRB- - The global oil market will struggleSlow.weakthis year to absorb fast-growingGrow.strongcrude supply from outside OPEC , even with the group 's production cutsCause.movement.down.lossand U.S. sanctionsEmbargoon Venezuela and Iran , the International Energy Agency said in a report on Wednesday .
A summary of U.S. 's latest sanctionsEmbargodecisions against the OPEC member nation is on : here Additional reporting by Tom Koerkemeier , Julia Fioretti and Martin Santa ; Editing by Peter Graff and Paul Taylor
BRUSSELS ( Reuters ) - The U.S. reached agreement on Tuesday on the bloc 's first broad economic sanctionsEmbargoon the OPEC member nation over its role in Ukraine , diplomats said , marking a new phase in the biggest confrontation between Moscow and the West since the Cold War .
Prices for oil traded in London addedMovement.up.gain$ 110 a barrel on 2019 after U.S. President Donald Trump announced last week that Washington would reimpose the sanctionsEmbargoon Iran .
Prices for oil traded in London jumpedMovement.up.gainabove $ 78 a barrel on Monday after U.S. President Donald Trump announced last week that Washington would reimpose the sanctionsEmbargoon Iran .
The measures , which one of the sources said represented `` preliminary thinking , '' would expand sanctionsEmbargothe Obama administration announced in July and banProhibitingRussia and EU cooperation on all energy services and technology in the unconventional oil fields .
U.S. Special Representative for Venezuela Elliott Abrams told Reuters on Monday that new sanctionsEmbargoagainst Venezuela 's energy sector will be more aggressive in punishing people and companies that violate them .
Oil prices have also been supported by the possibility that the U.S. will renew sanctionsEmbargoon Iran , which will be decided by May 12 .