Monday, 28 May, 2018

Europe moves to safeguard interests in Iran after US pullout

Trump Set a Deadline for the Nuclear Deal With Iran. Now Oil Prices Are the Highest in Almost 4 Years Oil Market May Get Blindsided by Iran Deal
Elsie Buchanan | 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".

The price of oil is not the only area that will affect the Caribbean, after President Trump's decision to withdraw the US from the Joint Comprehensive Plan of Action (JCPOA) with Iran which was negotiated and signed in 2015 by the US, Britain, France, Russia and China (the five permanent members of the United Nations Security Council) plus Germany.

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?"

One killed in Paris knife attack, attacker also dead
A man killed a passer-by and wounded four others in the heart of Paris before being shot dead by police, French authorities said. The injured have been taken to the Georges Pompidou hospital, where two are said to be in a very serious condition.


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.

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