Facebook to Ban Misinformation on Voting in Upcoming US Elections

Facebook Inc will ban false information about voting requirements and fact-check fake reports of violence or long lines at polling stations ahead of next month’s U.S. midterm elections, company executives told Reuters, the latest effort to reduce voter manipulation on its service.

The world’s largest online social network, with 1.5 billion daily users, has stopped short of banning all false or misleading posts, something that Facebook has shied away from as it would likely increase its expenses and leave it open to charges of censorship.

The latest move addresses a sensitive area for the company, which has come under fire for its lax approach to fake news reports and disinformation campaigns, which many believe affected the outcome of the 2016 presidential election, won by Donald Trump.

The new policy was disclosed by Facebook’s cybersecurity policy chief, Nathaniel Gleicher, and other company executives.

The ban on false information about voting methods, set to be announced later on Monday, comes six weeks after Senator Ron Wyden asked Chief Operating Officer Sheryl Sandberg how Facebook would counter posts aimed at suppressing votes, such as by telling certain users they could vote by text, a hoax that has been used to reduce turnout in the past.

The information on voting methods becomes one of the few areas in which falsehoods are prohibited on Facebook, a policy enforced by what the company calls “community standards” moderators, although application of its standards has been uneven. It will not stop the vast majority of untruthful posts about candidates or other election issues.

“We don’t believe we should remove things from Facebook that are shared by authentic people if they don’t violate those community standards, even if they are false,” said Tessa Lyons, product manager for Facebook’s News Feed feature that shows users what friends are sharing.

Links to discouraging reports about polling places that may be inflated or misleading will be referred to fact-checkers under the new policy, Facebook said. If then marked as false, the reports will not be removed but will be seen by fewer of the poster’s friends.

Such partial measures leave Facebook more open to manipulation by users seeking to affect the election, critics say. 

Russia, and potentially other foreign parties, are already making “pervasive” efforts to interfere in upcoming U.S. elections, the leader of Trump’s national security team said in early August.

Just days before that, Facebook said it uncovered a coordinated political influence campaign to mislead its users and sow dissension among voters, removing 32 pages and accounts from Facebook and Instagram. Members of Congress briefed by Facebook said the methodology suggested Russian involvement.

Trump has disputed claims that Russia has attempted to interfere in U.S. elections. Russian President Vladimir Putin has denied it.

Weighing ban on hacked material

Facebook instituted a global ban on false information about when and where to vote in 2016, but Monday’s move goes further, including posts about exaggerated identification requirements.

Facebook executives are also debating whether to follow Twitter Inc’s recent policy change to ban posts linking to hacked material, Gleicher told Reuters in an interview.

The dissemination of hacked emails from Democratic party officials likely played a role in tipping the 2016 presidential election to Trump, and Director of National Intelligence Dan Coats has warned that Russia has recently been attempting to hack and steal information from U.S. candidates and government officials.

A blanket ban on hacked content, however, would limit exposure to other material some believe serves the public interest, such as the so-called Panama Papers, which in 2015 made public the extensive use of offshore tax havens by the world’s wealthy.

Months ago, senior Facebook executives briefly debated banning all political ads, which produce less than 5 percent of the company’s revenue, sources said. The company rejected that because product managers were loath to leave advertising dollars on the table and policy staffers argued that blocking political ads would favor incumbents and wealthy campaigners who can better afford television and print ads.

Instead, the company checks political ad buyers for proof of national residency and keeps a public archive of who has bought what.

Facebook also takes a middle ground on the authenticity of personal accounts. It can use automated activity it finds to disable pages spreading propaganda, as happened last week, but it does not require phone numbers or other proof of individual identity before allowing people to open accounts in the first place.

On the issue of fake news, Facebook has held off on a total ban, instead limiting the spread of articles marked as false by vetted fact-checkers. However, that approach can leave fact-checkers overwhelmed and able to tackle only the most viral hoaxes.

“Without a clear and transparent policy to curb the deliberate spread of false information that applies across platforms, we will continue to be vulnerable,” said Graham Brookie, head of the Atlantic Council’s Digital Forensic Research Lab.

 

$1*/ mo hosting! Get going with us!

Facebook to Ban Misinformation on Voting in Upcoming US Elections

Facebook Inc will ban false information about voting requirements and fact-check fake reports of violence or long lines at polling stations ahead of next month’s U.S. midterm elections, company executives told Reuters, the latest effort to reduce voter manipulation on its service.

The world’s largest online social network, with 1.5 billion daily users, has stopped short of banning all false or misleading posts, something that Facebook has shied away from as it would likely increase its expenses and leave it open to charges of censorship.

The latest move addresses a sensitive area for the company, which has come under fire for its lax approach to fake news reports and disinformation campaigns, which many believe affected the outcome of the 2016 presidential election, won by Donald Trump.

The new policy was disclosed by Facebook’s cybersecurity policy chief, Nathaniel Gleicher, and other company executives.

The ban on false information about voting methods, set to be announced later on Monday, comes six weeks after Senator Ron Wyden asked Chief Operating Officer Sheryl Sandberg how Facebook would counter posts aimed at suppressing votes, such as by telling certain users they could vote by text, a hoax that has been used to reduce turnout in the past.

The information on voting methods becomes one of the few areas in which falsehoods are prohibited on Facebook, a policy enforced by what the company calls “community standards” moderators, although application of its standards has been uneven. It will not stop the vast majority of untruthful posts about candidates or other election issues.

“We don’t believe we should remove things from Facebook that are shared by authentic people if they don’t violate those community standards, even if they are false,” said Tessa Lyons, product manager for Facebook’s News Feed feature that shows users what friends are sharing.

Links to discouraging reports about polling places that may be inflated or misleading will be referred to fact-checkers under the new policy, Facebook said. If then marked as false, the reports will not be removed but will be seen by fewer of the poster’s friends.

Such partial measures leave Facebook more open to manipulation by users seeking to affect the election, critics say. 

Russia, and potentially other foreign parties, are already making “pervasive” efforts to interfere in upcoming U.S. elections, the leader of Trump’s national security team said in early August.

Just days before that, Facebook said it uncovered a coordinated political influence campaign to mislead its users and sow dissension among voters, removing 32 pages and accounts from Facebook and Instagram. Members of Congress briefed by Facebook said the methodology suggested Russian involvement.

Trump has disputed claims that Russia has attempted to interfere in U.S. elections. Russian President Vladimir Putin has denied it.

Weighing ban on hacked material

Facebook instituted a global ban on false information about when and where to vote in 2016, but Monday’s move goes further, including posts about exaggerated identification requirements.

Facebook executives are also debating whether to follow Twitter Inc’s recent policy change to ban posts linking to hacked material, Gleicher told Reuters in an interview.

The dissemination of hacked emails from Democratic party officials likely played a role in tipping the 2016 presidential election to Trump, and Director of National Intelligence Dan Coats has warned that Russia has recently been attempting to hack and steal information from U.S. candidates and government officials.

A blanket ban on hacked content, however, would limit exposure to other material some believe serves the public interest, such as the so-called Panama Papers, which in 2015 made public the extensive use of offshore tax havens by the world’s wealthy.

Months ago, senior Facebook executives briefly debated banning all political ads, which produce less than 5 percent of the company’s revenue, sources said. The company rejected that because product managers were loath to leave advertising dollars on the table and policy staffers argued that blocking political ads would favor incumbents and wealthy campaigners who can better afford television and print ads.

Instead, the company checks political ad buyers for proof of national residency and keeps a public archive of who has bought what.

Facebook also takes a middle ground on the authenticity of personal accounts. It can use automated activity it finds to disable pages spreading propaganda, as happened last week, but it does not require phone numbers or other proof of individual identity before allowing people to open accounts in the first place.

On the issue of fake news, Facebook has held off on a total ban, instead limiting the spread of articles marked as false by vetted fact-checkers. However, that approach can leave fact-checkers overwhelmed and able to tackle only the most viral hoaxes.

“Without a clear and transparent policy to curb the deliberate spread of false information that applies across platforms, we will continue to be vulnerable,” said Graham Brookie, head of the Atlantic Council’s Digital Forensic Research Lab.

 

$1*/ mo hosting! Get going with us!

Caution, Cancellations, Protests as Concerns Grow on China’s Belt and Road

Concerns about debt diplomacy on China’s expansive infrastructure megaproject — the Belt and Road — have become an increasing source of debate from Asia to Africa and the Middle East. In recent weeks, more than $30 billion in projects have been scrapped and other loans and investments are under review.

 

Public opposition is also testing the resolve of ruling authorities from Hanoi to Lusaka, the capital of Zambia, as concerns about Chinese investment build.

In late August, Malaysia’s newly elected Prime Minister Mahathir Mohamad canceled more than $20 billion in Belt and Road projects for railway and pipelines, and Pakistan lopped another $2 billion off plans for a railway following a decision late last year to cancel a $14 billion dam project, citing financial concerns. Nepal canceled its dam project last month and Sierra Leone announced last week that it was dropping an airport project over debt concerns.

 

In some countries such as Vietnam, it is just the idea of Chinese investment — against the backdrop of the Belt and Road — that has led to push back.

Following public protests, Vietnam recently decided to postpone plans for several special economic zones.

 

Several Belt and Road projects have seen setbacks in countries where debt concerns have coincided with political elections and a change of power — be it Pakistan, Malaysia or the Maldives, says economist Christopher Balding.

 

“The people in these countries are very worried about the level of debt that these countries are taking on in regard to China and I think that is very important to note,” Balding said. “It’s not just anti-China people that are driving this, but that there is a lot of concern on the ground in the countries about that.”

 

China says there are no political strings attached to its investments and loans. It also argues it is providing funding in places others will not. But Beijing’s takeover of a port in Sri Lanka last year and the sheer volume of Chinese investments along the Belt and Road project have done little to ease those concerns.

 

String of ports

 

Late last year, according to the New York Times, China agreed to forgive Sri Lanka’s debt in exchange for a 99-year lease of Hambanthota Port and 15,000 acres of surrounding land.

The government of Sri Lanka denies it divested land to a Chinese company, but the deal has convinced some that China is setting up debt traps to then take over the infrastructure that Chinese state-run companies build.

 

Hambanthota is one of 42 ports where China has participated in construction and operations, with more on the horizon.

In 2021, China will take over operation of one of Israel’s largest ports in Haifa. Beijing is also being eyed as a possible candidate for the development of Chabahar port in Iran, which is near the Iran-Pakistan border.

The port proposal remains in limbo, however, due to U.S. sanctions. And that’s not the only obstacle, according to David Kelly, research director at the Beijing-based group China Policy.

“It’s in the driest and most remote part of Iran,” Kelly said. “It looks like a real loser commercially, unless it handles a lot of oil.”

Analysts say the Middle East, with its oil money and deep pockets, is less at risk for debt traps.

 

However, the port that is most likely to follow in Sri Lanka’s footsteps is Djibouti, a strategically important country on the Horn of Africa, where China recently established its first overseas military base.

According to official figures, Djibouti’s debt is more than 88 percent of the GDP and China owns $1.4 billion of that. That kind of debt overhang could lead to the same type of concessionary agreements as in Sri Lanka, analysts note.

 

Debt traps

 

A report released earlier this year by Washington, D.C.-based Center for Global Development said 23 of the 68 countries where China is investing for Belt and Road projects are at high risk of debt distress. Another eight, including Djibouti, are vulnerable to debt distress linked to future projects.

 

China argues its investments are aimed at boosting trade and commerce and giving developing countries a leg up.

 

China Policy’s Kelly says places where the debt situation is more critical are countries such as land-locked and poverty-stricken Zambia. There, concerns are causing a very public push for the government to disclose the full burden of Chinese debt.

 

“The upset and upheaval in Zambia recently, where you’ve got African civil society coming out and making this case,” Kelly said, “That is always going to be more significant where you have the local people, making a local case.”

 

BRI indigestion

 

Oh Ei Sun, a senior fellow with the Singapore Institute of International Affairs, says cancellations and changes are what he calls Belt and Road indigestion.

Concerns about debt traps and debt diplomacy will not have an impact on China going forward, he says, but stops, starts and cancellations will continue.

 

Oh says China’s model of development — build infrastructure and the economy will grow — may have worked at home, but it doesn’t always fit along the Belt and Road.

 

“In many of these Belt and Road initiative countries, if you lay out the infrastructure, it doesn’t automatically mean that trade and investment will take place,” Oh said, “Some of these projects will have to be more attuned to the local requirements of particular countries.”

$1*/ mo hosting! Get going with us!

Caution, Cancellations, Protests as Concerns Grow on China’s Belt and Road

Concerns about debt diplomacy on China’s expansive infrastructure megaproject — the Belt and Road — have become an increasing source of debate from Asia to Africa and the Middle East. In recent weeks, more than $30 billion in projects have been scrapped and other loans and investments are under review.

 

Public opposition is also testing the resolve of ruling authorities from Hanoi to Lusaka, the capital of Zambia, as concerns about Chinese investment build.

In late August, Malaysia’s newly elected Prime Minister Mahathir Mohamad canceled more than $20 billion in Belt and Road projects for railway and pipelines, and Pakistan lopped another $2 billion off plans for a railway following a decision late last year to cancel a $14 billion dam project, citing financial concerns. Nepal canceled its dam project last month and Sierra Leone announced last week that it was dropping an airport project over debt concerns.

 

In some countries such as Vietnam, it is just the idea of Chinese investment — against the backdrop of the Belt and Road — that has led to push back.

Following public protests, Vietnam recently decided to postpone plans for several special economic zones.

 

Several Belt and Road projects have seen setbacks in countries where debt concerns have coincided with political elections and a change of power — be it Pakistan, Malaysia or the Maldives, says economist Christopher Balding.

 

“The people in these countries are very worried about the level of debt that these countries are taking on in regard to China and I think that is very important to note,” Balding said. “It’s not just anti-China people that are driving this, but that there is a lot of concern on the ground in the countries about that.”

 

China says there are no political strings attached to its investments and loans. It also argues it is providing funding in places others will not. But Beijing’s takeover of a port in Sri Lanka last year and the sheer volume of Chinese investments along the Belt and Road project have done little to ease those concerns.

 

String of ports

 

Late last year, according to the New York Times, China agreed to forgive Sri Lanka’s debt in exchange for a 99-year lease of Hambanthota Port and 15,000 acres of surrounding land.

The government of Sri Lanka denies it divested land to a Chinese company, but the deal has convinced some that China is setting up debt traps to then take over the infrastructure that Chinese state-run companies build.

 

Hambanthota is one of 42 ports where China has participated in construction and operations, with more on the horizon.

In 2021, China will take over operation of one of Israel’s largest ports in Haifa. Beijing is also being eyed as a possible candidate for the development of Chabahar port in Iran, which is near the Iran-Pakistan border.

The port proposal remains in limbo, however, due to U.S. sanctions. And that’s not the only obstacle, according to David Kelly, research director at the Beijing-based group China Policy.

“It’s in the driest and most remote part of Iran,” Kelly said. “It looks like a real loser commercially, unless it handles a lot of oil.”

Analysts say the Middle East, with its oil money and deep pockets, is less at risk for debt traps.

 

However, the port that is most likely to follow in Sri Lanka’s footsteps is Djibouti, a strategically important country on the Horn of Africa, where China recently established its first overseas military base.

According to official figures, Djibouti’s debt is more than 88 percent of the GDP and China owns $1.4 billion of that. That kind of debt overhang could lead to the same type of concessionary agreements as in Sri Lanka, analysts note.

 

Debt traps

 

A report released earlier this year by Washington, D.C.-based Center for Global Development said 23 of the 68 countries where China is investing for Belt and Road projects are at high risk of debt distress. Another eight, including Djibouti, are vulnerable to debt distress linked to future projects.

 

China argues its investments are aimed at boosting trade and commerce and giving developing countries a leg up.

 

China Policy’s Kelly says places where the debt situation is more critical are countries such as land-locked and poverty-stricken Zambia. There, concerns are causing a very public push for the government to disclose the full burden of Chinese debt.

 

“The upset and upheaval in Zambia recently, where you’ve got African civil society coming out and making this case,” Kelly said, “That is always going to be more significant where you have the local people, making a local case.”

 

BRI indigestion

 

Oh Ei Sun, a senior fellow with the Singapore Institute of International Affairs, says cancellations and changes are what he calls Belt and Road indigestion.

Concerns about debt traps and debt diplomacy will not have an impact on China going forward, he says, but stops, starts and cancellations will continue.

 

Oh says China’s model of development — build infrastructure and the economy will grow — may have worked at home, but it doesn’t always fit along the Belt and Road.

 

“In many of these Belt and Road initiative countries, if you lay out the infrastructure, it doesn’t automatically mean that trade and investment will take place,” Oh said, “Some of these projects will have to be more attuned to the local requirements of particular countries.”

$1*/ mo hosting! Get going with us!

US Budget Deficit Hits Six-Year High

The U.S. government’s budget deficit hit $779 billion in the fiscal year that ended Sept. 30, while spending increased and tax revenues remained nearly flat, the Treasury said Monday.

It was the biggest deficit since 2012, and $113 billion more than the figure a year ago. The 2018 deficit amounted to 3.9 percent of the country’s more than $18 trillion annual economy, up from 3.5 percent last year.

The government’s deficit spending boosted the country’s long-term debt figure to more than $21 trillion, forcing the government to pay an extra $65 billion last year in interest on money the government has had to borrow to run its programs.

In all, government spending rose by $127 billion last year, while tax collections increased by $14 billion.

The Treasury said the annual deficit rose partly because corporate tax collections dropped by $76 billion after Congress approved cuts in tax rates for both businesses and individuals that were supported by President Donald Trump.

Mick Mulvaney, the government’s budget director, said the country’s “booming economy will create increased government revenues — an important step toward long-term fiscal sustainability. But this fiscal picture is a blunt warning to Congress of the dire consequences of irresponsible and unnecessary spending.”

$1*/ mo hosting! Get going with us!

US Budget Deficit Hits Six-Year High

The U.S. government’s budget deficit hit $779 billion in the fiscal year that ended Sept. 30, while spending increased and tax revenues remained nearly flat, the Treasury said Monday.

It was the biggest deficit since 2012, and $113 billion more than the figure a year ago. The 2018 deficit amounted to 3.9 percent of the country’s more than $18 trillion annual economy, up from 3.5 percent last year.

The government’s deficit spending boosted the country’s long-term debt figure to more than $21 trillion, forcing the government to pay an extra $65 billion last year in interest on money the government has had to borrow to run its programs.

In all, government spending rose by $127 billion last year, while tax collections increased by $14 billion.

The Treasury said the annual deficit rose partly because corporate tax collections dropped by $76 billion after Congress approved cuts in tax rates for both businesses and individuals that were supported by President Donald Trump.

Mick Mulvaney, the government’s budget director, said the country’s “booming economy will create increased government revenues — an important step toward long-term fiscal sustainability. But this fiscal picture is a blunt warning to Congress of the dire consequences of irresponsible and unnecessary spending.”

$1*/ mo hosting! Get going with us!

Zimbabwe’s Government Says Worst of its Economic Woes is Over

Zimbabwe’s government says the country is emerging from a recent economic meltdown that saw shops run out of goods and motorists spend long hours in lines at gas stations. Economists say Zimbabwe’s crisis is not over, as people have no confidence in the currency or in President Emmerson Mnangagwa’s government.

For weeks now, there have been long and winding queues at most fuel stations in Zimbabwe, as the precious liquid has been in short supply. Lameck Mauriri is one of those now tired of the situation.

“We are really striving but things are tough to everyone,” said Mauriri. “I do not know how those in rural areas, how they are surviving, especially if in Harare it is like this. We are sleeping in fuel queues. There is not fuel, there is no bread, there is no drink. There is no everything. No cash, no jobs.”

For a decade, the country has been without an official currency and relied on U.S. dollars, the British pound and South African rand to conduct transactions. In the past three years, however, all three currencies have been hard to find, paralyzing the economy.

The introduction of bond notes — a currency Zimbabwe started printing two years ago to ease the situation — has not helped.

The bond notes were supposed to trade at par with the U.S. dollar; but, on the black market, a dollar now is now equal to close to three bond notes.

Prosper Chitambara, an economist of the Labor and Economic Development Research Institute of Zimbabwe says the bond notes are partly to blame for the price increases and shortages in the country.

“What is lacking in the economy, in the market is confidence. There is a distrust of the formal economic system,” said Chitambara. “The bond notes have definitely contributed a great deal to the current economic situation, a fallacy economic situation. What they have done is for example to increase money supply in the economy. And that money supply is not actually backed by significant productivity in the economy. That actually gives rise to general of inflationary pressures.”

He said the government’s recent introduction of a 2 percent tax on all electronic transactions pushed prices even higher and caused some shops to close.

Ndabaningi Nick Mangwana, Zimbabwe’s secretary in the Ministry of Information and Publicity, says the situation in the country is normal and there is no need for alarm.

“There is no shortage to oil itself, there is no challenge in terms of production of all these essential services,” said Mangwana. “That is why they are there if you go. There were a few people who panicked, closed a couple of shops, but those opened within hours. There was fake news and people panicked, but it is all under control.”

That is not exactly what seems to be the case on the ground. Some shops remain closed and prices continue rising. Long fuel lines remain the order of the day. 

$1*/ mo hosting! Get going with us!

Zimbabwe’s Government Says Worst of its Economic Woes is Over

Zimbabwe’s government says the country is emerging from a recent economic meltdown that saw shops run out of goods and motorists spend long hours in lines at gas stations. Economists say Zimbabwe’s crisis is not over, as people have no confidence in the currency or in President Emmerson Mnangagwa’s government.

For weeks now, there have been long and winding queues at most fuel stations in Zimbabwe, as the precious liquid has been in short supply. Lameck Mauriri is one of those now tired of the situation.

“We are really striving but things are tough to everyone,” said Mauriri. “I do not know how those in rural areas, how they are surviving, especially if in Harare it is like this. We are sleeping in fuel queues. There is not fuel, there is no bread, there is no drink. There is no everything. No cash, no jobs.”

For a decade, the country has been without an official currency and relied on U.S. dollars, the British pound and South African rand to conduct transactions. In the past three years, however, all three currencies have been hard to find, paralyzing the economy.

The introduction of bond notes — a currency Zimbabwe started printing two years ago to ease the situation — has not helped.

The bond notes were supposed to trade at par with the U.S. dollar; but, on the black market, a dollar now is now equal to close to three bond notes.

Prosper Chitambara, an economist of the Labor and Economic Development Research Institute of Zimbabwe says the bond notes are partly to blame for the price increases and shortages in the country.

“What is lacking in the economy, in the market is confidence. There is a distrust of the formal economic system,” said Chitambara. “The bond notes have definitely contributed a great deal to the current economic situation, a fallacy economic situation. What they have done is for example to increase money supply in the economy. And that money supply is not actually backed by significant productivity in the economy. That actually gives rise to general of inflationary pressures.”

He said the government’s recent introduction of a 2 percent tax on all electronic transactions pushed prices even higher and caused some shops to close.

Ndabaningi Nick Mangwana, Zimbabwe’s secretary in the Ministry of Information and Publicity, says the situation in the country is normal and there is no need for alarm.

“There is no shortage to oil itself, there is no challenge in terms of production of all these essential services,” said Mangwana. “That is why they are there if you go. There were a few people who panicked, closed a couple of shops, but those opened within hours. There was fake news and people panicked, but it is all under control.”

That is not exactly what seems to be the case on the ground. Some shops remain closed and prices continue rising. Long fuel lines remain the order of the day. 

$1*/ mo hosting! Get going with us!

Market Can Cope with Push for Zero Iranian Oil Sales, Says US Envoy

The United States still aims to cut Iran’s oil sales to zero and does not expect restored oil sanctions against Tehran to have a negative impact on a market that is well-supplied and balanced, a senior U.S. official said on Monday.

U.S. special envoy for Iran, Brian Hook, was talking to reporters after a visit to India, a major importer of Iranian oil, and talks with officials from France, Britain and Germany before the start of a new round of U.S. sanctions on Nov. 4.

The three European countries have been trying to save the 2015 nuclear deal between Tehran and multiple global powers since U.S. President Trump announced in May that the United States would withdraw from the pact.

In a conference call from Luxembourg, where Hook was meeting European officials, he said that Iran uses oil revenue to support and fund terrorist proxies throughout the Middle East and that the U.S. goal is for countries to cut Iranian oil imports to zero as quickly as possible.

“We are working with countries that are reducing their imports to ensure that this happens,” he said.

Hook declined to answer questions on possible waivers on sanctions for countries that are reducing their imports but said the U.S. is confident that energy markets will remain stable.

“We are seeing a well-supplied and balanced oil market right now. We should focus on these fundamentals and not be distracted by the emotional and unbalanced claims coming from Tehran.”

Iran, OPEC’s third-largest producer, has repeatedly said that its oil exports cannot be reduced to zero because of high demand in the market.

Washington, meanwhile, plans to continue coordinating with oil producers and maintain U.S. supply.

“Our crude oil production increased by 1.65 million barrels in August compared to one year ago and that is expected to continue rising by as much as 1 million barrels a day within the next year,” he said.

Hook also said that European efforts to create a special purpose vehicle for trade with Tehran would find no demand because more than 100 foreign firms have indicated that they would be leaving the country.

$1*/ mo hosting! Get going with us!

Market Can Cope with Push for Zero Iranian Oil Sales, Says US Envoy

The United States still aims to cut Iran’s oil sales to zero and does not expect restored oil sanctions against Tehran to have a negative impact on a market that is well-supplied and balanced, a senior U.S. official said on Monday.

U.S. special envoy for Iran, Brian Hook, was talking to reporters after a visit to India, a major importer of Iranian oil, and talks with officials from France, Britain and Germany before the start of a new round of U.S. sanctions on Nov. 4.

The three European countries have been trying to save the 2015 nuclear deal between Tehran and multiple global powers since U.S. President Trump announced in May that the United States would withdraw from the pact.

In a conference call from Luxembourg, where Hook was meeting European officials, he said that Iran uses oil revenue to support and fund terrorist proxies throughout the Middle East and that the U.S. goal is for countries to cut Iranian oil imports to zero as quickly as possible.

“We are working with countries that are reducing their imports to ensure that this happens,” he said.

Hook declined to answer questions on possible waivers on sanctions for countries that are reducing their imports but said the U.S. is confident that energy markets will remain stable.

“We are seeing a well-supplied and balanced oil market right now. We should focus on these fundamentals and not be distracted by the emotional and unbalanced claims coming from Tehran.”

Iran, OPEC’s third-largest producer, has repeatedly said that its oil exports cannot be reduced to zero because of high demand in the market.

Washington, meanwhile, plans to continue coordinating with oil producers and maintain U.S. supply.

“Our crude oil production increased by 1.65 million barrels in August compared to one year ago and that is expected to continue rising by as much as 1 million barrels a day within the next year,” he said.

Hook also said that European efforts to create a special purpose vehicle for trade with Tehran would find no demand because more than 100 foreign firms have indicated that they would be leaving the country.

$1*/ mo hosting! Get going with us!
1 2 3 578