Thursday, 20 September, 2018

Trump administration seeks to drop Iran's oil revenue to nothing

Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill Iran to allow private sector to export oil, beat US sanctions
Laurie Berry | 03 July, 2018, 15:38

Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

Oil prices have been rising despite OPEC and Russian Federation agreeing to increase production by 1 million barrels per day from the start of this month.

The Trump Administration is shrugging off this fairly glaring flaw with their plan, with President Trump demanding Saudi Arabia simply produce far more oil to wholly replace Iran on the market.

WTI oil prices dipped into 71.80 at the market's open this week, but has since recovered above 72.50, though current prices are still below Friday's closing price of 73.54.

In the previous round of sanctions on Iran's oil, India was one of the few countries that continued to import Iranian oil, albeit at lower volumes because the US and European sanctions at that time were choking most of the banking, shipping, and insurance processes. The main focus of this is re imposition of sanctions on Iran, particularly an effort to drive oil exports to zero.

Rouhani accused the United States of trying to fully prevent the Iranian oil export.

"We're not granting waivers", the official said.

Federer faces ID crisis in switch from Nike to Uniqlo
Federer looked his same old self in his new gear, disposing of Dusan Lajovic 6-1, 6-3, 6-4 in the first round. The good thing is it's not theirs forever. "In a short period of time, it will come to me".

Trump announced earlier this year that he would pull the USA out of the pact, which offered Tehran sanctions relief in exchange for curbing its nuclear program.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour.

"They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets", said Jahangiri.

The president also had tough words for other U.S. allies.

This increase was needed to cope with the "turmoil and dysfunction in Iran and Venezuela", Trump said, referring to U.S. plans to impose new sanctions on Iran and low oil production in the South American country.

Now, Washington is stepping up pressure on all countries, including India and China, to completely stop buying oil from Iran by November 4. A third of all oil traded by sea passes through the strait and the U.S. Navy regularly has direct, tense encounters with Iran's paramilitary Revolutionary Guard there.

Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.

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