Iranian President No One Will Benefit From U.S. Nuclear-Deal Exit

05 July, 2018, 02:32 | Author: Jason Torres
  • France’s President Emmanuel Macron left meets his Iranian counterpart Hassan Rouhani in New York

"Without question, they should be reducing ... they should be preparing now to go to zero".

Hoping to boost economic cooperation to help offset the return of United States sanctions following Washington's pullout from the historic deal, Rouhani arrived late Tuesday in Vienna - the city where it was signed. The only thing driving some oil refiners in Europe, India, and East Asia to look for other suppliers is the fear of being locked out of the US economy.

"If they want to stop Iranian oil exports, we will not allow any oil shipment to pass through the Strait of Hormuz", Ismail Kowsari was quoted as saying by the Young Journalists Club (YJC) website. And the State Department official acknowledged that talks have yet to begin with any of those countries regarding curtailing sales.

Tehran announced on Wednesday that it will buy goods only from those nations which purchase Iranian oil.

When asked at a news conference in Bern later on Tuesday whether those comments constituted a threat to interfere with the shipping of neighbouring countries, Rouhani said, "Assuming that Iran could become the only oil producer unable to export its oil is a wrong assumption ..." Maintaining, or even increasing, purchases of Iranian oil would be a way to push back against Washington.

The administration will also have to persuade other big buyers, including Japan, South Korea, Turkey, and members of the European Union, to forswear Iranian oil. Dubai also is the U.S. Navy's busiest port of call overseas. They have expressed strong disappointment at the US withdrawal.

Shipping to Iran and ports in the country are also coming under the U.S. sanctions.

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MP Assadollah Qarehkhani was quoted by media as saying that a special committee had been formed in the Parliament that would deal with bartering oil with goods, adding that this was meant to help Iran overcome the impacts of upcoming United States sanctions.

The sources said there has been an informal indication from the U.S. that the Chabahar port may be kept out of the sanctions regime. And pricey oil could be a political liability ahead of the US midterm elections this fall. "At the end it is the American consumer who will pay the price for Mr. Trump's policy".

Last week (June 22), OPEC and Russian Federation cobbled together an agreement that would see additional oil output in the coming months, designed as a way to push down prices, which have reached a three-and-a-half-hear high. Saudi Arabia has acknowledged the call took place, but mentioned no production targets.

Iran had struck the JCPoA (Joint Comprehensive Plan of Action) deal with the U.S., the UK, Russia, China, France and Germany after years of negotiations. It produced some 2.8 million barrels of oil per day in May, according to the most recent figures released by OPEC.

The oil company previously announced in November it had plans to expand its capacity to 3.5 million barrels of oil per day. The kingdom now produces some 10 million barrels of crude daily.

It also highlighted that the oil ministry's order to refiners "to prepare for drastic reduction or zero import of Iranian oil from November" was passed a day after U.S. ambassador to UN Nikki Haley visited India.

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