Iran's oil customers in Europe might reduce imports, flag financing issue

12 May, 2018, 23:27 | Author: Wade Massey
  • Iran vows to enrich uranium if US opts out of nuke deal

After Friday Prayers in Tehran, the hardliners hit the streets, reports CBS News' Elizabeth Palmer.

The latest example is the military clash between Iran and Israel in Syria.

Speaking while touring the Israeli side of the occupied Golan Heights, Defense Minister Avigdor Lieberman said Israel is not looking for friction.

Sources with three global trading houses involved in Iranian oil purchases said they expected Iran's customers to ask for waivers under the USA sanctions.

Jefferies said that OPEC has the capacity "to replace the Iranian losses" but added: "Even if physical supply is held constant. the market will still be faced with a precariously low level of spare capacity".

Israel said its fighter jets then struck 70 military targets belonging to Iran inside Syria.

This week's speculative buying was initiated by President Trump's decision on Tuesday to walk away from the Iran nuclear deal.

Iran's nuclear program was not the West's only concern regarding the Islamic Republic's behavior.

Chinese firms are in a strong position to snap up any of the crude or ultra-light crude, known as condensate, dropped by other countries, and may benefit from lower prices on Iranian oil as a result of USA sanctions.

The US President ignored the pleas and advice from leaders of France, Germany, and Britain. The reason for them was the discovery in Iran is not considered by the worldwide atomic energy Agency (IAEA) centrifuges for uranium enrichment.

Outside OPEC, soaring USA crude oil production C-OUT-T-EIA could help to fill Iran's supply gap. The reduction is partially the result of hedging in anticipation of President Trump's withdrawal from the Iran deal. Iran's regional ambitions and its missile program were two of the other major sticking points in dealing with Iran. Trump has repeatedly pointed to those omissions in referring to the accord as the "worst deal ever". This time there's less clarity, Hochstein said.

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It is no secret that Iran has not stopped its mission to obtain a nuclear weapon, and Israeli intelligence actually proved Iran deceived negotiators from the outset by covering up their nuclear weapons program prior to signing the agreement in 2015.

He said France would propose sanctions-blocking measures to the European Commission in the next few days.

"We expect Iran will continue to implement the Additional Protocol and cooperate with the IAEA whether or not the JCPOA remains in place", one senior administration official said.

However, Trump's clear commitment to these countries could intensify conflicts between Israelis and Arabs, between Sunni and Shiite Muslims and between other parties, eventually contributing to destabilization in the Middle East. Iranian crude oil is something India looks up to.

Trump's decision to pull out of the accord, known as the Joint Comprehensive Plan of Action (JCPOA), was widely expected in Europe, especially after personal visits to Washington by French President Emmanuel Macron and German Chancellor Angela Merkel. And European Union foreign policy chief Federica Mogherini insisted that it's not up to the U.S.to determine the deal's future anyway. "It's a U.N. Security Council Resolution and it belongs to the entire world", said Mogherini, who will chair talks Tuesday with the British, French, German and Iranian foreign ministers in Brussels.

The three European powers - which brokered the JCPOA along with the EU, U.S., China and Russian Federation - had hoped to work with Washington on steps that might address Trump's concerns, including efforts to limit Iran's ballistic missile program and curb its military activity throughout the Middle East.

The letters closely track sentiments Trump has expressed publicly as he seeks to ratchet up pressure on Iran while at the same time scale back US involvement in a region that has consumed enormous resources and lives in the years since the September 11, 2001, attacks.

In October 2017, trump said about the readiness of the United States at any time to withdraw from the agreement, accusing Tehran of supporting terrorists. He may be taking that number from a study by the Watson Institute for worldwide and Public Affairs at Brown University that estimated future debt from war spending by 2053 at $7.9 trillion. This would essentially end the OPEC-led deal to trim production.

The two leaders agreed for their teams to hold discussions on the potential impact of U.S. sanctions on firms doing business in Iran. "He wrote: 'I spent $7 trillion and you must do something in return.' The U.S. wants to own humiliated slaves".

Iran is the leading state sponsor of terrorism, and that hasn't changed over the last three years. A Trump administration official told The Washington Post that the first letter was sent about two weeks ago.

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