Oil prices fall 20 percent in a month

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Italy and Turkey have been importing around 200,000 bpd of oil from Iran over the past two years, with Greece importing less than 100,000 bpd.

Crude oil prices were lower Friday morning amid widespread concern that the market may be oversupplied, with yet another session where the impact of waivers announced Monday lingered.

However, he said as the spokesman for the MEA, "I am not at the liberty to give you details about the quantum of crude oil that we will continue to import". "We do want to achieve maximum pressure without harming friends or allies and we don't want to lift the price of oil".

Iran's exports peaked at 2.8 million barrels per day (bpd) in April, including 300,000 bpd of condensate, a lighter form of oil. Most recent monthly data for August showed overall production at more than 11.3 million bpd.

The National Technical University of Athens's associate professor of maritime transport Dimitrios Lyridis told reporters the majority of the Greek merchant shipping industry would adhere to Trump's sanctions, saying: "Many of these companies are on the U.S. stock market, so the risk of non-compliance is just too high".

Iranian state TV quoted the minster, Bijan Zanganeh, as saying he sees the months ahead as "painful months for oil consumers".

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Analysts now expect the loss of exports from Iran to be less severe than anticipated.

President Donald Trump's decision to cushion the sanctions against Iranian oil exports by allowing exemptions to eight countries surprised markets.

Speaking at a briefing, Hook said Washington's "maximum pressure" strategy was also going to apply to escrow accounts holding Iranian oil revenues. "We will police these very aggressively", he added.

Brian Hook, the special USA representative for Iran, said that as major insurers withdraw coverage from Iranian vessels, Iran will likely turn to domestic insurance companies that will not be able to cover losses for maritime accidents that could run into the billions of dollars. Iran regularly shipped "millions of barrels of crude" to Syria in support of Syrian President Bashar al-Assad, he said.

"Jameel Ahmad, head of market research at futures brokerage FXTM said the "sanctions on Iran have been priced into the oil markets a long time ago", and that he would instead focus more heavily on the global demand outlook because of the ongoing external uncertainties weighing down on economic prospects".

"From the Suez Canal to the Strait of Malacca and all choke-points in between, Iranian tankers are a floating liability", Hook said.