Publicado: Lun, May 14, 2018
Global | Por Milagro Delgado

Stock indexes, oil edge lower as USA pulls out of Iran deal

Stock indexes, oil edge lower as USA pulls out of Iran deal

The indexes had been drifting slightly lower as investors weighed the Trump administration's decision to withdraw from a 2015 nuclear deal with Iran and reinstate sanctions on the country.

But Israel's prime minister Benjamin Netanyahu said it "fully supports president Trump's bold decision to reject the disastrous nuclear deal with the terrorist regime in Tehran".

Zanganeh said foreign investment was needed to develop Iran's its oil industry, but that it could survive even if foreigners made a decision to stay away for fear of US penalties.

In the CNN interview, Mr. Bolton did not respond directly when asked whether Mr. Trump might seek "regime change" in Iran, or whether the US military would be ordered to make a preemptive strike against any Iranian nuclear facility.

At that time, conflict had engulfed fellow OPEC member Libya, driving its oil production down to little more than 200,000 barrels per day from around 1.4 million bpd in the space of 12 months.

There have been apprehensions that the U.S. decision may adversely impact New Delhi's oil import from the Persian Gulf nation as well as Chabahar port project.

Peek acknowledged there are some "diplomatically tactical disagreements" with Europeans, but said those differences could be overcome.

"We're doing nothing", said the head of trading at another European customer of Iran's.

The top diplomats of Iran, France, Britain and Germany are expected to meet early next week to discuss their next steps.

Several US military officials told CNN that there are increasing concerns Iran is on the cusp of an attack against Israel. And Iran's parliament speaker said that, "Trump only understands the language of force".

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During the last round of sanctions, Iran's oil supplies fell by around 1 million barrels per day (bpd), but the country re-emerged as a major oil exporter after sanctions were lifted in January 2016.

Walking away from the deal means that the United States will likely re-impose sanctions against Iran after 180 days, unless some other agreement is reached before then.

He said the United States move is going considerable difficulty because of these are "extraterritorial sanctions".

Major companies in the USA and Europe could be hurt, too. If South Korea is seen as complicit in the abrogation of the Iran deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), it may fear losing credibility with Pyongyang in the negotiations over its nuclear program.

If Iran's talk with other signatories of the deal i.e, European Union, England, China, and Russian Federation fails it could resume its Nuclear weapon programme which will further intensify tensions in Middle-East. "By exiting the deal, America has officially undermined its commitment to an worldwide treaty".

Refiners are created to use specific qualities of crude, and Korean facilities are geared for Iranian condensate, a super-light form of crude.

Production in the United States is surging thanks to the shale revolution.

Iran's government must now decide whether to follow the US and withdraw or try to salvage what's left with the Europeans. "In the case of USA light crude, it's not that economical to use at the moment and doesn't fit well with Korean facilities".

Investors are anxious that renewed sanctions on Iran, a major oil producer, could lead to supply disruptions. Oil prices have been rising, however, as a worldwide glut of crude is burned off by strong global demand and limits on drilling by Saudi Arabia and other major producers. In an election year this may be detrimental says the report.

"The goal is ultimately to reach a point where we sit down with the Iranians and negotiate a new deal, but I don't think we're at that point today or will be tomorrow", the State Department official said.

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