US sanctions deal body blow to Iran's economy

12 May, 2018, 20:56 | Author: Shannon Aguilar
  • Oil Prices Reach Highest Since November 2014 On Venezuela, Iran Worries

Iran is the third largest supplier of crude oil to India after Saudi Arabia and Iraq.

However, Supreme Leader of the Islamic Revolution in Iran, Imam Sayyed Ali Khamenei said it was illogical that Tehran stays in the deal with other signatories without solid guarantees from the Europeans.

As a result of the new USA sanctions, companies worldwide must stop doing business with Iran or risk US fines or other punishment.

Trump's interpretation of USA strategic interests has also led to withdrawal from major global climate and trade accords, the paper said, noting that many have expressed concern about the lack of a visible plan. An exit has raised concern that Iranian oil exports could be cut, putting upward pressure on prices.

"The prime minister raised the potential impact of US sanctions on those firms which are now conducting business in Iran", her spokeswoman said.

Kloza says the biggest reason prices are up now is that supply and demand are tightening.

App on top ISIS commander's phone used to capture high-ranking terrorists
We will remind that on may 6, military-air forces of Iraq attacked a position of the command of the ISIS terrorists in Syria. According to the Daily Mail , the terrorists were "lured" from Syria into Iraq using a popular mobile phone application.

Finally, Australian scientist takes own life with joy
Switzerland is one of only two countries, along with Colombia, that allows foreigners to enter the country for assisted suicide . Euthanasia is illegal in Australia, though the state of Victoria is planning to allow assisted dying from mid-2019.

Rolls-Royce Debuts Its First SUV, the $325000 Cullinan
Rolls-Royce claims that the Cullinan "is the most versatile, family oriented, fun-to-drive super-luxury SUV available today". With a 540 mm wading depth, the Cullinan doesn't quite match the Range Rover's 900 mm but trumps the Bentayga's 500 mm.

Outside OPEC, soaring United States crude oil production C-OUT-T-EIA may also help fill Iran's supply gap, hitting another record last week by climbing to 10.7 million barrels per day (bpd). BofA doesn't expect Iran's crude oil exports to change much in the coming months.

Major companies that could take a hit because of USA sanctions on Iran are France-based Total, Airbus, and Accor, Germ-any-based Volkswagen, Spain's Melia and US-based Boeing and GE.

Saudi Arabia will seek to develop its own nuclear weapons if Iran does, Foreign Minister Adel al-Jubeir told CNN on Wednesday, amid spiraling tension between the regional rivals.

"The Prime Minister raised the potential impact of United States sanctions on those firms which are now conducting business in Iran".

A number of French firms have have signed billion dollar agreements with Iran since the nuclear accord was signed in 2015.

That's because the European Union, whose members have been urging Trump not to pull out of the deal, may not go along with new sanctions. Venezuela's oil output has halved since the early 2000s to just 1.5 million bpd, as the country has failed to invest enough to keep its production and refinery facilities maintained. He said companies doing business in Iran would not be able to generate new business but would be able to wrap up existing contracts. Demand has also been very strong, thanks to economic momentum in the United States and overseas.

Recommended:

  • Miranda Kerr and Evan Spiegel are the parents of

    Miranda Kerr and Evan Spiegel are the parents of

    Miranda also has a six-year-old son from her first marriage to Orlando Bloom - Miranda and Flynn pictured here back in 2014. The baby is Miranda's second child, as she shares son Flynn , seven, with ex husband Orlando Bloom .
    Cleveland Cavaliers won't discipline Rodney Hood for refusal to play

    Cleveland Cavaliers won't discipline Rodney Hood for refusal to play

    Hood was the only player not to play in Game 4, though the Cavs do not view what he did as an act of defiance, a source said. It was the first time since joining the Cavs that Hood was clearly out of the rotation - and rightfully so.
    Draymond Green Sent Kevin Durant 4 AM Text Prior to Game 4

    Draymond Green Sent Kevin Durant 4 AM Text Prior to Game 4

    The New Orleans Pelicans had moved within one victory of tying the series, and Green realized that the team had to play better. After Cousins went out for the season with a left Achilles tear in late January, the Pelicans picked up the pace even more.
  • Alex Ferguson No Longer Needs Intensive Care

    Alex Ferguson No Longer Needs Intensive Care

    A few days, Wenger started his farewell speech at the Emirates stadium by wishing a speedy recovery for Ferguson. Asked if the situation had left a cloud over the club, he added: "We are positive - very, very positive".
    Four ND schools ranked nationally by US News

    Four ND schools ranked nationally by US News

    They get extra help with tough topics during an advisory period, he said, and the school places a premium on parent involvement. At Preuss School, students are in class for a longer school year, 198 days versus 180 for most public schools, Barton said.
    Gmail's new 'Smart Compose' features writes replies for you

    Gmail's new 'Smart Compose' features writes replies for you

    Google explains that the new snooze button in Gmail for iOS means you can delay dealing with an email until later. Google then says to find " Experimental Access " in the "General" settings tab and enable it.
  • Police parade 'space suit' scammers after NASA claims exposed

    Police parade 'space suit' scammers after NASA claims exposed

    The duo found success in convincing the businessman to buy the special metal plate called "rice puller" for $213,156 (£157,600). The "spacemen", however, were caught out when the businessman went to police complaining about them.
    Fox shares up on potential Comcast offer

    Fox shares up on potential Comcast offer

    Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc . Comcast plans to put $52 billion (€43.7bn) in cash on the table for the majority of the Fox's assets.
    Mark Williams honours naked press conference pledge after winning World Snooker Championship

    Mark Williams honours naked press conference pledge after winning World Snooker Championship

    Ray Reardon was 45 when he won in 1978, and his fellow Welshman Williams is the oldest man to get to grips with the trophy since. The last frame was just a joke there for him to play that well under that pressure.
  • Teen Missing After Possible Gator Attack: 'It Bit me, It Bit me'

    Teen Missing After Possible Gator Attack: 'It Bit me, It Bit me'

    Williamson said the victim appeared to be a "dark-skinned Hispanic or black female" in her late teens or early 20s. A 15-year-old is believed to be missing in a possible gator attack at a lake in Orlando, Florida.
    Man accused of trying to hire hit man to kill black neighbor

    Man accused of trying to hire hit man to kill black neighbor

    He also mentioned he might want to have more people killed later if the hitman could get the first job done, an affidavit said. Unbeknownst to him, however, one of the white supremacists he spoke to was an Federal Bureau of Investigation informant.
    John Legend to Lend His Voice to Google Assistant

    John Legend to Lend His Voice to Google Assistant

    Sweeney, an assistant professor at the University of Alabama who specializes in digital media, told Moneyish. In addition, Assistant will be available in 30 countries and 80 languages by the end of the year.


Popular

Ford Suspending F-150 Production Due to Plant Fire
The F-150 is a brand at Ford that drives profits. "This isn't like picking up screws at the hardware store". If production is back up and running in the projected time frame, they won't have issues with shortages.

Netanyahu says Iran crossed 'red line' with rocket fire
Israel said early Thursday that Iran's Quds Force fired 20 rockets at Israeli front-line military positions in the Golan Heights . Russian Federation said 28 Israeli F-15 and F-16 planes took part in the raids with a total of around 70 missiles fired.

Arsene Wenger 'convinced' Arsenal will contend for title next season
Arsenal manager Arsene Wenger believes the team need "two or three" more signings to challenge for the Premier League title next season.

Kim Jong-un summit set for Singapore on June 12
State Department officials refused to discuss anything but the most basic details of their conditions, citing privacy concerns. We ask that you continue to pray for the people of North Korea and for the release of all who are still being held.

World Health Organization swings into action after fresh outbreak of Ebola in Congo
Ebola is thought to be spread over long distances by fruit bats and is often transmitted to humans via contaminated bushmeat. We will also ensure we step up all activities screening people coming in so that we will not be caught unawares.

'Huge destruction of both life and property' as Kenya dam bursts
He said the county government will donate foodstuffs and other items to the displaced families on Thursday. At least 38 people were killed, though the death toll could rise as search-and-rescue operations continue.

Gulf braces for fallout after U.S. exit from Iran deal
Saudi Arabia has threatened to build a nuclear weapon if Iran pursued such a weapon of mass destruction, in the wake of a US exit from a historic nuclear deal.

Closing bell: Sensex witnesses 292.76-pt hike, Nifty above 10700
The Sensex touched a high of 35,388.87 points and a low of 35,136.01 during the intra-day trade. On the BSE , 1,509 shares declined, 1,175 shares gained while 126 shares remained unchanged.

Walmart to restrict opioids to 7-day supply for some
Further, as of January 1, 2020, Walmart and Sam's Club will require e-prescriptions for controlled substances. The CDC also notes that patients who are prescribed higher dosages are more likely to die from an overdose.

Red Sox, Yankees to meet in London
Three more National Football League games are scheduled for this year, including one at Tottenham's new stadium . Beginning Tuesday night in the Bronx, the Red Sox and Yankees play their second series of the season.