Published: Sat, May 12, 2018
Markets | By Josh Butler

Gulf State Welcomes US Call on Iran Deal

Gulf State Welcomes US Call on Iran Deal

Iran in the third largest exporter of crude within the Organization of the Petroleum Exporting Countries (OPEC), with April exports standing above 2.6m barrels per day (bpd).

Bolton's op-ed follows President Donald Trump's decision to withdraw from the Iranian nuclear deal.

The sanctions on oil will require European and Asian countries to reduce their imports from Iran, the paper said.

Trump's decision could eventually mean less oil on the world market from Iran because now the USA will reimpose economic sanctions on Iran that were lifted as part of the 2015 deal.

Countries having financial dealings with Iran are expected to be hit by the comprehensive sanctions regime announced by the Trump administration after withdrawal from the nuclear deal.

After Trump indicated that he would not renew the nuclear deal of 2015 with Iran, oil prices jumped three percent.

"Given the unilateral move by the United States, much of the movement on oil prices had been factored in", said Stephen Innes, head of Asia-Pacific trade at OANDA.

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"We expect Iran will continue to implement the Additional Protocol and cooperate with the IAEA whether or not the JCPOA remains in place", one senior administration official told AFP.

But Shum said the impact is unlikely to be as severe as the multinational sanctions imposed on Iran in 2012. Prices have gained over 8% over the past month and 15% since the beginning of the year.

According to analysts at the Bank of America, the collapse of Venezuelan oil production and a potential breach of Iranian exports could push the price of Brent crude oil to 100 United States dollars per barrel in 2019.

"It is clear to me that we can not prevent an Iranian nuclear bomb under the decaying and rotten structure of the current agreement.The Iran deal is defective at its core".

Oil prices pared losses Tuesday after falling sharply on uncertainty around the future of the Iran nuclear deal.

India and Iran have robust economic and commercial ties covering many sectors though it has traditionally been dominated by the import of Iranian crude oil by India. Demand has also been very strong, thanks to economic momentum in the United States and overseas. The interview was conducted before Trump said an announcement on Iran was imminent.

US National Security Adviser John Bolton is reported as saying that European companies doing business in Iran will have to stop doing so within six months or face US sanctions.

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