Iran slams USA 'disregard for global law' in United Nations letter

16 May, 2018, 23:10 | Author: Regina Silva
  • Iran slams USA 'disregard for global law' in United Nations letter

Iranians gather in Tehran to protest U.S. President Donald Trump's decision to leave the 2015 nuclear deal.

Also on Wednesday, British Foreign Secretary Boris Johnson pledged not to "walk away" from Iran nuclear deal, and demanded "concrete proposals" from Washington on how to now curtail Tehran's alleged nuclear weapons ambitions after the US president Donald Trump ditched the landmark agreement.

The Brent crude price leapt to $US77.97 a barrel overnight before slipping 0.5 per cent in Friday afternoon trading to $US77.22. Insurance companies will be very reluctant to underwrite cargoes and vessels touching Iran after the sanctions are imposed.

The U.S. says the sanctions will also sharply curtail sales of oil by Iran, which is now the world's fifth-largest oil producer.

Brent crude was flat at $77.47 a barrel by 1:33 p.m. EDT [1733 GMT], just below the $78-level it hit on Thursday, its highest since November 2014.

"Europe and China will not fight against the US sanctions". Europe now buys 700,000 bpd of Iranian crude. Total volume traded was about 17% above the 100-day average.

Japanese Foreign Minister Taro Kono reiterated that his country will keep supporting the nuclear deal of 2015, also dubbed as the JCPOA, which was signed by the sextet including US.

Iranian state television said the U.S. decision was "illegal, illegitimate and undermines worldwide agreements".

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The big question at this point is how disruptive unilateral sanctions from the US will be to Iranian oil flows.

It is possible for Iran to flood the market with oil in anticipation of the sanctions.

And apart from Dubai and Oman, the wealthy Gulf oil exporting states have minimal trade and investment links with Iran, meaning they have little to lose.

According to the most recent OPEC report, Iran was producing about 3,814 tb/d.

The commitment of other partners to the Iran deal should be respected, said Le Drian, adding that the effects of the United States move were already being felt in rising oil costs and an increase in political uncertainty in the Middle East. More than ten percent of Airbus parts come from the U.S., after all, so manufacturers in the country are also affected by Airbus losing its share of the $40 billion contract. Our model suggests that roughly 25% of Iranian oil exports will be curtailed over the course of a year, but far less over the next 180 days, which is the window provided by the US Treasury to comply with the sanctions.

Global benchmark Brent crude stabilized near 3-1/2-year highs on Friday as the prospect of new USA sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.

When sanctions were loosened against Tehran in 2016, India ramped up imports from Iran to nearly 900,000 bpd in late 2016, but intake has fallen back to around 500,000 bpd since the start of the year. If you are too aggressive and Iran starts dumping oil on the market, you could be in for a world of hurt.

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