Oil Rockets to 2014 Highs as Trump Quits Iran Deal

12 May, 2018, 20:53 | Author: Salvatore Jensen
  • Richard Drew — The Associated Press

This is undoubtedly bad news for India, and it's policymakers as they have to prepare for another boot of increase in crude oil price. And China, a huge oil importer, could also push back.

Trump said that he will re-impose even stronger sanctions against Tehran to make the Islamic republic sit at the negotiation table for changes of "flaws" in the deal.

Oil prices shot up in the weeks before Trump's well-telegraphed decision. "I do not expect any significant shift or sudden shutdown in trade with Iran", Teotia said. In the first quarter, PDVSA exported 1.19 million bpd of crude from its terminals in Venezuela and the Caribbean, a 29-percent decline versus the same period a year ago, according to Thomson Reuters data.

The United States imports no crude directly from Iran.

"The Prime Minister raised the potential impact of United States sanctions on those firms which are now conducting business in Iran".

Indeed, European governments are scrambling for ways to save billions of dollars in trade that could collapse because of Trump's decision.

Trump's decision to pull out of the Iran deal has left his country diplomatically isolated. The two countries are in talks, but appear to be far apart on major issues.

Energy analysts expect other major customers of Iran - including close U.S. allies Japan and South Korea - to adhere more closely to new sanctions.

China buys the largest share of Iranian oil, and most of the rest is sold to the other top Asian consumers, Japan and South Korea, which have also indicated that they will continue business with Iran despite the USA decision.

"The sanctions were in place for so many years".

That made Iran the third-biggest exporter of crude within the Organization of the Petroleum Exporting Countries, behind Saudi Arabia and Iraq.

"These missiles are Iranian manufactured and delivered to the Huthis". Israel said it conducted the biggest raid in at least three decades at Iran's military facilities inside Syria. And the impact on the global oil market may be less dramatic than some feared.

At that time, conflict had engulfed fellow OPEC member Libya, driving its oil production down to little more than 200,000 barrels per day from around 1.4 million bpd in the space of 12 months. It is possible that some other agreement is reached before then. They said they would work with the other signatories to the 2015 deal Russian Federation and China which have stressed continuing support for the deal.



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