Europe moves to safeguard interests in Iran after US pullout
Europe moves to safeguard interests in Iran after US pullout
Oil Market May Get Blindsided by Iran Deal
14 May, 2018, 04:17
In her latest comments on Iran and sanctions, Chancellor Merkel said: "It is in our interest to have a strong transatlantic relationship".
Jean-Yves Le Drian, the French foreign minister, told RTL radio: "Iran needs to continue its determination to remain in the pact in return for economic benefits that the Europeans will try to preserve".
In case the risk of sanctions snapping back had not been addressed in contracts signed with Iranian companies, adhering to USA sanctions will lead to liability risks.
One factor that could partially mitigate any shortfall from Iran is soaring US oil output.
Outside OPEC, soaring US crude oil production could help to fill Iran's supply gap. Already, Brent crude has crossed $75 per barrel and some feel it could climb as high as $100 per barrel over the next few months while others view current levels to be unsustainable.
The U.S. benchmark crude surged above $70 a barrel to start the week as traders speculated on Trump's next move against the Islamic Republic.
"Do we accept extra-territorial sanctions?"
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At an average cost of US$50 a barrel for oil, Caribbean economies did better. Iran on the other hand, has accused U.S. of imposing many other secondary sanctions which violate the deal terms.
During the last round of sanctions, Iran's oil supplies fell by around one million bpd, but the country re-emerged as a major oil exporter after sanctions were lifted by producing 3.81 million bpd in March 2018. If the OPEC deal dissolves and OPEC production increases to where it would normally be, oil prices are likely to fall from these lofty levels.
Earlier in the week, National Iranian Oil Company sold 2.88 million b/d of oil and gas condensates to April, with crude accounting for 2.62 million b/d.
The country has been leading efforts since 2017 to withhold production to prop up prices. With shifting agendas and political equations, there has been increasing division within OPEC lately.
After the American President, Donald Trump, made a decision to withdraw from the nuclear pact with Iran, Israel and Iran's conflict have helped oil price to extend gains above $71 a barrel level.
Indian demand for Iranian crude is rising steeply as both Indian state-owned and private refiners are buying more due to Iran offering the country some freight discounts. This coupled with low production from Mexico and Venezuela could lead to supply side pressure in the immediate term and we see some upside risk in the immediate term. Saudi Arabia will mitigate the effects of any supply shortages, it said.
"The Prime Minister raised the potential impact of U.S. sanctions on those firms which are now conducting business in Iran". Israel claimed that the bombing was in response to missile strikes directed at Israeli territory - all of them apparently intercepted - that Israel blamed on Iran. India imports almost 80 percent of its crude requirement from worldwide markets.
Human Rights Watch stands fully behind Shakir and has retained counsel to challenge the decision before an Israeli court. The group said it applied in January 2018 to extend Shakir's work visa, which was due to expire on March 31.
Juve had wrapped up the league title in April, for the fifth season in a row - and needed the Coppa Italia to make history. The Bianconeri can clinch a record-extending seventh consecutive Serie A title with only a draw against Roma on Sunday.
President Trump made a historically correct decision but the Iranian people must also take action to get their country back. Ripping-up the JCPOA deal makes this policy choice clear. "It is not solving any of our problems", she added.
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