Defy Donald Trump and keep trading with Iran, France says

Erika Holt
May 14, 2018

During a phone call on Friday, Theresa May, UK's Prime Minister said she was "firmly committed to ensuring the deal was upheld, as its the best way of preventing Iran from developing a nuclear weapon", Xinhua News agency reported quoting Downing Street spokesperson.

"The decision to unilaterally pull out of this agreement carries risk".

A senior official with a Chinese oil major, who declined to be named because he is not authorized to speak to the media, said new sanctions would hurt Chinese refiners by pushing up the price of crude oil, the most important feedstock for the petroleum industry.But Chinese refiners say there are alternative suppliers, especially in Russia, Saudi Arabia, and West Africa. Crude has topped $78 a barrel, the highest since 2014, following Trump's sanctions announcement. Just as with Venezuela's plunge in output, any unexpected outage in Iran will be a boon for Saudi Arabia.

The reapplication of US sanctions - particularly if effective - likely marks the practical end of the supply cut agreement as OPEC operates through unanimous decision-making, and Saudi and Iranian oil market interests will grow increasingly divergent.

"The Iranian regime and its Central Bank have abused access to entities in the UAE to acquire US dollars to fund the IRGC-QF's 'malign activities, ' including to fund and arm its regional proxy groups, by concealing the objective for which the USA dollars were acquired", Treasury Secretary Steven Mnuchin said.

Some now say the logic of Trump's "maximum pressure" tactics leads not to a new quest for an accord but an attempt to crush Iran's already weak economy and to topple its regime.

Bolton went further in an interview with Martha Raddatz on ABC's "This Week". On 8 May President Donald Trump denounced the deal, saying he would withdraw the United States from it. Additionally, if these prices continue on their current course, then it will be the fourth straight quarter of gains for the commodity, which would the longest stretch of gains in the last 10 years. Le Maire asked. "Or do we want to say we have our economic interests, we consider we will continue to do trade with Iran?"

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The oil price could climb as high as $100 per barrel in 2019 amid a combination of geopolitical developments. Any short-term spike in the oil price in response to the curtailment of Iranian imports is likely to provide higher revenues to actors like Russian Federation.

They would have to wind up investments by November or face USA sanctions.

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.

India is the world's third largest oil consumer and imports three-quarters of its supplies.

European Union trade, by contrast, makes up 6% of Iran's total.

To avoid the entire group returning to full production, there would need to be some sort of adjustment to the production limits for all of the participating countries.

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