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Oil Dips From Recent Highs On Hopes Of Alternatives To Iran Supply

14 Mai 2018

Iran has already ruled that out.

The president's dramatic withdrawal from the Iran nuclear deal was the most vivid illustration to date of how his impulses and capricious instincts tend to pull him in paradoxical directions. The Iranians have already indicated that they are more than happy to stay in the deal, provided that Europe offers them enough to offset Trump's decision. "And that's why, before 2019, we here will celebrate in Tehran!".

Virtually all multinational corporations do business or banking in the US, meaning any return to pre-pact sanctions could torpedo deals made after the 2015 agreement came into force.

Amidst all the noise, we must keep our eyes on what's important and focus on a broader strategy which addresses Iran's illicit nuclear and non-nuclear activities hand-in-hand with our European, Israeli and Arab allies.

So was today's historic unraveling of Barack Obama's biggest foreign policy achievement just another grand performance by Trump?

"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 said.

Given such rhetoric, it is unlikely he will back track from his decision. Even shut allies within the European Union are signaling frustration with Trump's choice. "I certainly stand by what I said at the time, but those are my opinions then", Bolton said Sunday.

Federica Mogherini, the European Union's top diplomat, called on the global community to preserve the deal.

"The kingdom [will] work with major producers within and outside OPEC, as well as major consumers, to mitigate the impact of any potential supply shortages", the official Saudi Press Agency said, citing a statement from the ministry.

US investment bank Jefferies said in a note it expects Iranian crude oil exports to start falling in the next few months.

He argued that the nuclear deal was wholly inadequate to keep the U.S. safe from Iran, but held out the possibility he could negotiate a tougher deal with Tehran in the future.

SHANA quoted Gholamreza Mr Manouchehri, deputy head of the National Iranian Oil Company, as saying on its website "They can not stop Iran".

The blow could be cushioned if Germany, France and the United Kingdom stick with the deal and encourage their companies to do the same.

Yet, there is no doubting that European leaders are disheartened over Trump's decision which comes after high-level lobbying in Washington from Macron, Merkel and Johnson.

Among all the many comments, images, threads, memes and sayings posted on social media about the Iran deal this week was an old video clip of Benjamin Netanyahu addressing the US Congress in 2002. -European relations, or to the agreement that was at least buying the worldwide community some time in dealing with Iran.

'This has provoked noteworthy protests across the country in recent months'.

"We will meet with my British and German colleagues on Monday, and also with representatives of Iran, to consider the entire situation", French Foreign minister Jean-Yves Le Drian said in an interview with French radio.

Europe took a similar path after Washington passed the ILSA legislation in 1996.

"Now we're starting to see that gap close, so this could be a bit of a short-term rally for the energy sector", he said.

So Trump's sanctions will inevitably affect companies in Russian Federation and China that are dealing with the United States, but at the end of the day, there is more political will in both of these countries to protect their own companies, to ignore the sanctions and to go ahead and do business with Iran. I am hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behavior, not just their nuclear program but their missiles and their malign behavior as well, Pompeo added.

Taken overall, transatlantic tensions are now spiking again and this could make a tricky G7 summit next month.

Oil Dips From Recent Highs On Hopes Of Alternatives To Iran Supply