Trump's Threatened Sanctions Against Iran Could Cost US, European Firms Billions

Daniel Fowler
May 16, 2018

"At the moment it's not easy to quantify the possible economic impact of the US withdrawal on European business activities", said the head of the EU's business lobby, Emma Marcegaglia, who called for "legal clarity".

Before the imposition of punitive sanctions on Iran in 2012 the European Union was its biggest trade partner.

Oche said in Lagos on Sunday that it was sad that the U.

On the call, May also congratulated Trump on the safe return of three USA citizens who had been held in prison in North Korea and welcomed the upcoming peace summit with Kim Jong-un in Singapore. "The Treasury Department thanks the UAE for its close collaboration on this matter".

US President Donald Trump has announced he is pulling the United States out of the Iran nuclear deal, in a move set to upset America's European allies and disrupt global oil supplies. With President Donald Trump's decision to reimpose sanctions on Iran driving up oil prices, shale's less-loved plays are starting to look a bit more promising.

White House National Security adviser John Bolton on Sunday said US sanctions on European companies that do business with Iran were "possible, but Secretary of State Mike Pompeo said he remained hopeful Washington and its allies could strike a new nuclear deal with Tehran".

It comes just days after Israel revealed "secret nuclear files" accusing Iran of having covertly pursued nuclear weapons.

Jefferies said OPEC has the capacity "to replace the Iranian losses" but added: "Even if physical supply is held constant. the market will still be faced with a precariously low level of spare capacity".

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Iran was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its suspected nuclear programme relegated it to the 7th spot in the subsequent years. Iran does not seem to like the OPEC deal anyway, so this is exactly what we expect Iran to do.

The Organization of the Petroleum Exporting Countries has a deal with Russian Federation and non-OPEC producers to cut supplies that has helped erase a global glut and boosted oil prices to their highest since 2014.

Companies and countries with commercial deals with Iran would have either 90 or 180 days to wind down those activities, depending on the sector and type of products sanctioned. Instead of discussing an extension of production cuts, the organization will be discussing plans to replace Iranian oil on the market and thus increase their oil output.

Global benchmark Brent crude stabilized near 3-1/2-year highs on Friday as the prospect of new USA sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand. Prices jumped 3% Wednesday after President Donald Trump said the USA would exit a 2015 nuclear deal between the Persian Gulf state and world powers that had eased restrictions on the Islamic Republic's crude exports.

Iran, which is one of the world's largest oil producers, started pumping out another 1 million barrels of oil per day when economic sanctions were lifted in 2016.

While the USA could "totally d***" the Iranians, it would requires over a "couple of million" men, led to unspeakable causalities and require a full-scale invasion of Iran.

"We hope that with this visit to China and other countries we will be able to construct a clear future design for the comprehensive agreement", Mohammad Javad Zarif told reporters after talks in Beijing with his Chinese counterpart Wang Yi. They could risk losing access to the United States market and face fines if they choose to do business with Iran.

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