Wednesday, 24 October, 2018

Iran nuke deal: France condemns USA move to re-impose sanctions

Mnuchin Boeing's sales licenses to Iran will be revoked Press. All rights reserved. This material may not be published broadcast rewritten or redistributed
Scott Davis | 12 May, 2018, 20:54

Bolton's op-ed follows President Donald Trump's decision to withdraw from the Iranian nuclear deal.

The Treasury secretary said that the sanctions will also sharply curtail sales of oil by Iran, which is now the world's fifth-largest oil producer.

The United States plans to re-introduce sanctions against Iran, which produces around 4 percent of global oil supplies, after abandoning an agreement reached in late 2015 that limited Tehran's nuclear ambitions in exchange for removing U.S. -Europe sanctions. Iran has become a new voice for moderation in oil markets, with the minister saying Sunday that a "suitable price" is $60 to $65/bbl - below the reported $80 that the Saudis are seeking.

Uncertainty is hanging over the future of the Iran nuclear deal following the U.S. decision to withdraw. Since Iranian doors were opened with the JCPOA, French energy company Total was among the first to move back into the Iranian energy sector.

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

Kloza says the biggest reason prices are up now is that supply and demand are tightening.

Under the financial sanctions, European companies will have 90 to 180 days to wind down their operations in Iran, or they will run afoul of the American banking system.

"We do not want to let Iran use the USA financial markets and financial system and transact in dollars until they agree that not only will they not have a nuclear weapon now, but we've put in provisions that they will never have one", Mnuchin said.




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

USA oil prices have gained more than 16% since the start of the year.

Analysts' estimates of the possible reduction in Iranian crude supplies as a result of any new USA sanctions range from 200,000 bpd to 1 million bpd.

But Kloza sees relief in the future because oil production is booming in the U.S. The E.I.A. projects domestic crude production will rise to almost 12 million barrels a day in 2019 - that's a million more barrels of oil a day than the country is expected to produce this year.

"We believe the previous 1 million BPD (barrel per day) limit for exports (imposed during previous sanctions) will be reimposed".

The energy market is swinging wildly ahead of President Trump's announcement on the fate of the Iran nuclear deal. "I think they would as quickly as possible try to implement the sanctions".

The sanction bars U.S. individuals and entities from doing business with the affected entities following the move, which was carried out in conjunction with the United Arab Emirates (UAE).

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