Europe opposes US' role as a economic policeman

US President Donald Trump's announcement on Tuesday that the US will withdraw from the landmark 2015 accord has sparked worries about fresh tension in the Middle East, sending oil prices to a three and a half year high.

Dan Eberhart, CEO of oilfield services company Canary LLC, drew a direct connection: "Withdrawing from the Iran nuclear deal will support higher oil prices". "If the other contracting parties are unimpressed by Trump's threats, if the agreement simply remains in force without the US, and Iran doesn't, therefore, suffer too much from the USA sanctions, then Trump has just left the table with a lot of noise, but without achieving anything".

Analysts estimate that the re-imposition of sanctions could reduce Iran's exports by between 200,000 and 600,000 barrels per day.

"Europe and China will not fight against the US sanctions".

European and Asian importers may, however, soon find themselves faced with the choice of doing business with the United States or Iran. "I think we're supported on prices until there's more clarity". "It's a UN Security Council Resolution and it belongs to the entire world", said Mogherini, who will chair talks Tuesday with the British, French, German and Iranian foreign ministers in Brussels.

British Foreign Secretary Boris Johnson told his Parliament that Britain will continue to respect the deal as long as worldwide inspectors can verify Iran's compliance.

Analysts said the soaring prices were the result of an expected fall in Iranian oil exports.

Outside OPEC, soaring U.S. crude oil production may also help fill Iran's supply gap, hitting another record last week by climbing to 10.7 million barrels per day (bpd).

The major European countries, China and Russian Federation are all continuing to express their support for the agreement following Trump's decision to end U.S participation and restore sanctions against Iran.

More news: United Nations rights expert urges release of 6 South Koreans held in North

Japan was a first - and fast - mover on reducing Iranian oil imports in 2012, after the United States tightened sanctions.

This time, European countries do not support US policy.

Iran will focus on new overtures towards China, France, Germany, the Russian Federation, and the United Kingdom who all favor the nuclear deal.

"What made the multi-lateral sanctions enforced during the Obama era so effective was precisely the fact that they were multi-lateral, whereas President Trump's sanctions are not", wrote Chris Lafakis, Moody's chief economist. "When Modi took office, the price for the Indian crude basket was $108.05 per barrel; just before the Iran deal, it was $57.19 per barrel; and by the end of 2015, it was $33.36 per barrel".

Boeing later announced deals with Iran Air and Aseman Airlines totaling 110 planes said to be worth $20 billion.

Refiners are created to use specific qualities of crude, and Korean facilities are geared for Iranian condensate, a super-light form of crude. "History may recall it as the day the United States abandoned its belief in allies". "It depends on the conduct of other governments". "In the case of US light crude, it's not that economical to use at the moment and doesn't fit well with Korean facilities".

"Iran's interests in important areas and issues relevant to the JCPOA, like oil, gas, and petrochemicals sales, as well as banking relations should be clearly and explicitly defined and guaranteed", Rouhani said. He may encourage Saudi Arabia to jack up production to replace any loss in Iranian exports triggered by the sanctions.

A decline in volumes due to the sanctions will add to upward pressure on oil prices, which have gained this year because of an OPEC-led supply-cutting deal and strong global demand.

Related News:



Most liked

Boston Dynamics SpotMini Robot Will Go On Sale In 2019
The robot is able to move around on rough terrain and jump over objects using stereo vision, range sensing and other sensors. Clearly, the company is making progress with its next generation robots and how they can navigate the world.

Carapaz wins 7th stage as Yates maintains Giro d'Italia lead
Yates now has a 32-second lead over Chaves in the overall standings, with defending champion Tom Dumoulin 38 seconds back. Four-time Tour de France victor Froome had been ninth, 1 minute and 10 seconds behind Yates.

Days Gone Won't Have An Easy Mode or Any Other Difficulty Options
Have look at two videos showing of gameplay footage for Days Gone . "The game itself is already pretty hard." said Jeff Ross. More importantly, trophy hunters won't have to worry about completing ultra-hard difficulty settings to Platinum the game.

Andre 3000 Just Surprise Dropped Two New Solo Tracks
Cruising in at over 17 minutes, the cut features a meandering bass clarinet solo played by 3K over softly-tickled piano chords from James Blake .

Celtic Target Rhian Brewster's Liverpool Contract Reportedly Extended
He is thriving in the Bundesliga, and the fact that City fought to extract an £8million fee from Dortmund can give Liverpool hope. The 18-year-old is highly regarded by Jurgen Klopp and trains regularly with the first team at Anfield.

US sanctions 'possible' on European companies doing business with Iran
Bolton, a National Security Council spokesman said, consulted widely with his colleagues and European allies on Iran. I think recognizing reality always enhances the chances for peace".

Bolton warns economic sanctions possible for business with Iran
Mike Pompeo, Trump's secretary of state, said on Sunday wealth created in Iran under the terms of the nuclear deal "drove Iranian malign activity" in the region.

Arsenal fans respond to Huddersfield chant with the worst comeback ever
There was another amusing banner flown over the stadium reading: 'Kroenke - you're next!' in reference to owner Stan Kroenke. Despite the 50-year-old the prime target for either of the London based clubs, Allegri is in a dilemma to pick his job.

Top US Baby Names List of 2017 Released by Social Security Administration
Interestingly, the names Sophia and Sofia were both in the top 15 for girls due to their different spellings. The United States Social Security Administration released its annual list of the top USA baby names of 2017.

Analysts Are Gushing Over Pfizer Inc. (PFE), TransEnterix, Inc. (TRXC)
NewRiver REIT pic is a premium listed REIT on the London Stock Exchange and a constituent of the FTSE 250 and EPRA indices. Following the sale, the insider now owns 36,959 shares in the company, valued at $1,374,505.21. (NYSE:PFE) or 309,906 shs.

4 dead, over dozen missing as bridge collapses in Neelum Valley
Police officials stated that 25 tourists tried to take clicks on a bridge, located over the Jagran Nullah in Kundal Shahi area. An operation is underway to rescue the tourists, with authorities having rescued at least four people up till now.

Dust storm lashes Delhi and NCR, traffic hit
The MeT department had earlier today warned that 26 districts of Uttar Pradesh are likely to witness the harsh change in weather. The disruption was caused after a tree fell on the tracks of the route between Rajiv Chowk to RK Ashram metro stations.

IPL 2018: MI vs RR Preview
Suryakumar Yadav has been in good form and is giving Mumbai Indians a solid start time and again but he needs support from Lewis. Mumbai Indians allrounder Krunal Pandya says that the team aren't thinking about making the Indian Premier League playoffs.

Conoco authorized to seize $636 mln in Venezuela PDVSA assets
Earlier this week, the US company said it would continue to pursue PDVSA's assets while trying to enforce the arbitration award. PDVSA's deteriorating infrastructure and declining oil export revenues have thrown Venezuela into severe recession.

Fortnite Buffs Thanos' damage, The Avengers: Infinity Mode balance
Lupita Nyong'o's Nakia played a pivotal role in Black Panther and helped convince T'Challa to open Wakanda up to the world. Howard the Duck debuted in Guardians of the Galaxy and was last seen partying it up in Guardians of the Galaxy Vol. 2 .