Iran issues oil warning as UAE says production can rise

Alicia Cross
July 4, 2018

"We are prepared to work with countries that are reducing their imports on a case-by-case basis, but as with our other sanctions, we are not looking to grant wavers or licenses", Mr Hook said when asked about India and Turkey which import Iranian oil.

"The stakes are huge", said Richard Goldberg, who was lead Senate Republican negotiator for several rounds of Congressionally enacted sanctions that helped pressure Iran into curbing their nuclear program.

Referring to nuclear negotiations and the great achievement that was to the interest of both sides, he added "following the implementation of this agreement, our country's interaction and economic and scientific exchanges with the world boosted and billions of dollars of investment were made by Iranians living outside the country in different fields". He says the United States has threatened not to allow Iran to continue exporting its oil. In 2010, Germany joined the five permanent members of the U.N. Security Council-Russia, China, Britain, France and the US -to impose tough new sanctions on Iran's banking and financial sectors and to block its ability to get paid for oil sales.

Vienna is also the home of the United Nations' nuclear watchdog, the IAEA, which monitors Iran's compliance with the accord.

Hook said more than 50 global companies had committed to leaving the Iranian market, particularly in the oil and financial sectors.

August 6 November 4 Iran restrictions on dollar purchases Sanctions on oil-related transactions Sanctions on gold, precious metal trades Sanctions on transactions with Iran Central Bank Sanctions on supply of graphite, aluminum and industrial software Sanctions on supply of specialized financial messaging software Sanctions on automotive sector Sanctions on underwriting and insurance services Sanctions on purchase, facilitation of Iranian debt Sanctions on energy sector With assistance from Golnar Motevalli and Jade Cano.

Iran's foreign minister is set to hold meetings with top officials from the five other countries that remain in the nuclear deal - the United Kingdom, France, Germany, Russia and China - later this week.

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The heart of the travel ban puts restrictions on people who want to come to the US from Iran, Libya, Syria, Somalia and Yemen. A sixth Muslim-majority nation, Chad, also was included in the ban before the Trump administration removed it from the list.

Its statement Tuesday comes as Trump increasingly has criticized OPEC for not doing enough to lower oil prices.

The administration's tough new stance on Iranian exports, which goes far beyond what the Obama administration demanded and what most market experts were expecting, suggests that Russian Federation and Saudi Arabia have agreed to make up whatever Iranian production is taken out of the market, Vakhshouri said.

"Our focus is on getting as many countries importing Iranian crude down to zero as soon as possible". That level would represent an increase of about 1 million barrels a day over what Saudi Arabia has been pumping this year.

The top diplomats of Britain, China, France, Germany and Russian Federation will join Iranian Foreign Minister Mohammad Javad Zarif in the Austrian capital, Iran's official IRNA news agency reported, for their first talks together on the deal since Washington pulled out earlier this year.

The oil company previously announced in November it had plans to expand its capacity to 3.5 million barrels of oil per day.

Over the weekend, Saudi Arabia's King Salman promised Mr. Trump that he could raise production if needed, the White House said.

"Prices [too] high!" he said.

Other reports by Free-Prsite

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