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

These Are The Potential Consequences Of Renewing Sanctions For Iran's Oil Importers

These Are The Potential Consequences Of Renewing Sanctions For Iran's Oil Importers

Iran's Petroleum Minister Bijan Namdar Zangeneh has said that the USA exit from the 2015 Iran nuclear deal will not affect the oil industry, state TV reported on Friday.

The UN nuclear watchdog confirmed Wednesday Iran is implementing "nuclear-related commitments" under its deal with world powers, a day after US President Donald Trump accused Tehran of lying about its nuclear ambitions.

Iran re-emerged as a major oil exporter in 2016 after global sanctions against it were lifted in return for curbs on its nuclear programme, with its April exports standing above 2.6 million barrels per day (bpd).

In another sign global supplies could rise further, data in the afternoon showed USA crude producers added 10 rigs in the latest week.

During the last round of sanctions prior to the nuclear deal, Iran's oil supplies fell by around one million barrels per day.

A number of countries have already cut their reliance on Iranian oil, as well as other "traditional" sources of supply, due to surge in cheaper USA crude exports.

Secretary of State Mike Pompeo is planning discussions with allies in Europe, the Middle East and Asia in an effort to win their support to pressure Iran to open talks, Reuters reported Thursday. US drivers who've noticed higher prices at the pump may be tempted to blame Trump's Iran decision, but it's only one factor at play right now.

Oil is priced and traded in USA dollars because of the dominance of the dollar-denominated Brent and West Texas Intermediate benchmarks.

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Other nations that do business with Iran also could face US sanctions.

He argued that even if the deal collapses entirely, the members of Organization of Petroleum Exporting Countries (Opec) can tap some 3.3 million barrels per day of spare capacity to fill any supply shortfall from Iran. Chinese crude imports recently hit record highs, and the country will be loath to cut imports from Iran or switch providers in the midst of a tight oil market.

The reluctance of other nations to abandon the pact, under which Iran will limit its nuclear activities for a decade or more and agree to permanent inspections, opens a significant gap between the US and its most vital European allies.

"We will be instituting the highest level of economic sanctions", Trump said.

"That said, the tough stance taken has helped prices pare losses into the close".

The nuclear deal obliged Iran to substantially limit its civilian nuclear program, and to agree to a safeguards agreement giving the IAEA a level of access far beyond what any other country is expected to allow.

USA pressure to decrease Iranian oil purchases puts South Korea in an especially tricky position while it is trying to convey to North Korea that it is serious about committing to a denuclearization deal. Iran's oil exports could credibly be curtailed by 200,000-300,000 bpd, ' RBC Capital Markets analyst Helima Croft said in a note.

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