Thursday, 23 May, 2019

President Trump's sanctions on Iran could be a sharp blow to India

Iran vows to enrich uranium if US opts out of nuke deal President Trump's sanctions on Iran could be a sharp blow to India
Jean Garcia | 12 May, 2018, 23:32

Meanwhile, the annual inflation rate in the USA edged up to 2.5 percent in April from 2.4 in March, matching market expectations.

US light crude was down 16 cents at $71.20, having touched a 3-1/2 year high of $71.89 on Thursday.

They expect West Texas Intermediate, the most commonly cited U.S. contract, to trade $6 below the price of Brent in 2019. "It's definitely not an environment to go home short over the weekend". "There's not a lot of room for error".

Prices may strengthen later in the day as traders shore up their positions, he said. "I think we're supported on prices until there's more clarity".

The United States plans to impose new sanctions against Iran, which produces about 4 percent of global oil supplies, after abandoning an agreement reached in late 2015 that curbed Tehran's nuclear activities in exchange for removal of us and European sanctions.

Trump opted not to extend sanctions relief on Iran ahead of a May 12 deadline, vowing instead to re-impose nuclear-related economic penalties.

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. Sales to Europe are seen by analysts as the more likely to be reduced by the sanctions.

"It is not yet clear which concrete sanctions the US will impose".

Apple and Goldman Sachs Working Together on Credit Card
It does personal loans and savings accounts under the brand Marcus, and has been looking at introducing other consumer products. Apple declined to comment on the report, which cited unnamed people close to the matter.

Their trade ties may even be reinforced as Iranian cargoes would have to seek alternative export outlets, when the USA sanctions are reinstated. They will grumble and accept it.

"The composition of what happens when we sit down with the Iranians is several stages out", the official said, adding that talks would focus on how to raise pressure on Iran "in a way that is constructive and conducive to bringing them to the negotiating table". "Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States". While investors are still assessing the full impact of the US withdrawal from the nuclear accord, UBS Group AG said the sanctions could cut Iran's oil exports by as much as 500,000 barrels a day in the next six months.

"Looking into the next 18 months, we expect global oil supply and demand balances to tighten", Francisco Blanch, head of commodities research at Bank of America Merrill Lynch in NY, said in a report.

"The Saudi oil policy has been forced to change", said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland.

In reaction to a Tweet last month by Trump that accused OPEC of "artificially" boosting oil prices, Zanganeh said "Trump is not honest about oil prices". The government said the USA pullout damages US credibility on the world stage and the credibility of accords the US has signed, and puts "the present system of worldwide law in serious danger".

That is up 27 per cent since mid-2016 and means that USA output is creeping ever closer to that of top producer Russian Federation, which pumps about 11 million bpd. The agency has raised its forecasts every month since last August.

Khalid al-Falih, Saudi Arabia's energy minister (center) speaks during a news conference with Alexander Novak, Russia's energy minister, at the Joint Ministerial Monitoring Committee (JMMC) of Organization of Petroleum Exporting Countries (OPEC) in Jiddah, Saudi Arabia, on April 20, 2018.

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