Monday, 18 June, 2018

Iran's Oil Customers in Europe Might Reduce Imports

Saudi Arabia, other producers to ensure market stability amid Iran sanctions: Falih Oil prices highest in years as markets prepare for looming Iran sanctions
Kenny Thornton | 15 May, 2018, 00:09

Their public position is that Iran can be forced by economic pressure into even greater concessions than those it grudgingly accepted under the 2015 deal. It was the most serious military confrontation between the two rivals to date. The sanctions will not only bar USA companies from doing business with Iran, but they also will hurt foreign companies by prohibiting them from using American banks unless they cut links with Iran. After Friday Prayers in Tehran, the hardliners hit the streets, reports CBS News' Elizabeth Palmer. The protests resembled other aggressive but orderly gatherings typical under President Hassan Rouhani, who has portrayed himself as seeking rapprochement with the West and is simultaneously trying to save the nuclear deal with world powers while attempting to appease hard-liners seeking revenge for Israeli attacks.

Not only did Trump's Secretary of Defence Jim Mattis state on record that the Iran agreement was working in preventing Iran from acquiring a nuclear weapon, his Secretary of State Mike Pompeo and Director of National Intelligence Daniel Coats attested to the fact that Iran is adhering to its commitments under the deal.

The US President ignored the pleas and advice from leaders of France, Germany, and Britain.

At the same time, the government said it has tasked the president of the Atomic Energy Organization of Iran with "taking all necessary steps in preparation for Iran to pursue industrial-scale enrichment without any restrictions".

Last week, President Trump withdrew the U.S. from participation in the Iran nuclear deal and announced a restart to the sanctioning process.

"It sends a strong signal vis a vis North Korea, that Trump is serious about denuclearization", said Lippman, who recently met with the foreign ministers of the United Arab Emirates and Saudi Arabia, countries that like Israel backed Trump's pullout. Iran reportedly produces four percent of global oil supplies with daily output of about 3.8 million barrels.

However, the deal came with time limits and did not address Iran's ballistic missile program or its regional policies.

WPI inflation jumps to 3.18% in April
However, potato showed the highest rise in price, at 67.94% in April 2018 as compared to April previous year . Inflation in fruits was in double digits at 19.47 per cent in April, up from 9.26 per cent in March.

Trump has described the agreement as "the worst deal in history" and vowed to renegotiate it. But the deal's critics, such as Israel, the Gulf Arab states and many Republicans, say it's a giveaway to Tehran that ultimately would pave the way to a nuclear-armed Iran. "Trump has demolished America's credibility & paved the way for Iran to re-start its nuclear program".

"However, if they resist the pressure from America, then I expect to see a small number of refineries being targeted by the United States treasury - imposing heavy fines on them to make an example for other refineries". While Israel has backed Trump's move, countries like Russian Federation and other European nations have decried the unilateral call from the U.S. to isolate Iran.

European governments tried for months to persuade Trump to stick with the deal but failed, and now fear it will raise the risk of conflict in the region.

As a result of the new USA sanctions, companies worldwide must stop doing business with Iran or risk US fines or other punishment.

Zarif's statement said that with the USA withdrawal from the deal, Iran is prepared to embark on the 2025 enrichment project now.

"This deal is not a bilateral treaty".

But Trump's decision opened a rift with European allies that weakens the common front against Iran, and it is far from clear that Tehran can ever accept a tougher deal.

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