Gas Prices Highest Since 2014 Heading Into Memorial Day Weekend
Iranian Foreign Minister visits Russia, China to save nuclear deal
16 May 2018, 11:06 | Cesar Cruz
Oil hits $77 for first time since 2014 after Trump scraps Iran nuclear deal - business live
OPEC is in no hurry to decide whether to pump more oil to make up for an expected drop in exports from Iran after the imposition of new United States sanctions, four sources familiar with the issue said, saying any loss in supply would take time.
Zarif's meetings in Brussels cap a whirlwind global tour, including trips to both Russian Federation and China, two other signatory nations, in a bid to bolster support.
"[But] if the nuclear deal is to continue, the interests of the people of Iran must be assured".
The steps forward underscored the EU's hopes that diplomacy and the promise of economic benefits might keep Iran in the fold of a nuclear deal that Europe sees as essential to security.
8 may the US President, Donald trump has announced the release of a Joint comprehensive plan of action, signed between Iran and six world powers in July 2015. And the consequences of American sanctions go well beyond goods shipped by American companies, because of our technology licenses to many other countries and businesses around the world, Bolton said. The International Atomic Energy Agency (IAEA) has constantly maintained that Iran is sticking to the terms of the agreement and is not cheating, a fact independently verified by the USA military as well.
US President Donald Trump said the deal was "horrible" because of expiry dates on its restrictions and because it did not cover Iran's ballistic missile programme or its regional influence.
The sanctions will target critical sectors of Iran's economy, including petrochemicals, energy and finance.
There is little doubt the pressure on supplies from Iran will have a supportive impact on prices, but USA producers are expected to increase output and Opec has the spare capacity to fill in any gaps in the mid-term, so this factor is likely to have a limited effect.
As a result of the new US sanctions, companies worldwide must stop doing business with Iran or risk USA fines or other punishment.
Moreover, Trump's decision seems to have angered European officials, with Europe set to lose out billions of dollars' worth of trade deals if the Iran sanctions are reimposed. Now, the outcome of the United States getting out of it is to reimpose all American sanctions as they were before the deal came into effect. Kerry has suggested that the United States leaving the JCPOA would lead Kim Jong Un to conclude that any agreement reached with a U.S. president could be thrown out by his successor.
Iran produced about 3.8 million barrels of oil per day in April, according to the latest S&P Global Platts OPEC survey.
EIA's May Short-Term Energy Outlook (STEO) forecast that Brent crude oil prices will average 71 US dollars per barrel in 2018, or 7 dollars per barrel higher than last month's STEO. "They have to meet somewhere in Europe".
Among them is the possible use of an EU "blocking regulation" which would, in essence, ban European companies from respecting American sanctions when the sanctions might damage EU interests, notably trade and the movement of capital.
Iran's Supreme Leader Ayatollah Ali Khamenei has called the U.S. withdrawal "impudent" and "worthless".
"As you know very well, we have many other disagreements", she said. "If a supply dislocation emerges and inventories get abnormally low, then OPEC and Russian Federation may act", said Yasser El Guindi, market strategist at Energy Aspects.
Iran has warned it could resume uranium enrichment "without limit" in response to Trump's decision.
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