Iran's Rouhani in Vienna to shore up nuclear deal

05 July, 2018, 02:33 | Author: Bert Pena
  • Despite impact on prices, U.S. will aim to bring Iran's oil revenue to zero

The Trump administration's demand that all countries quit importing Iranian oil outright starting in November won't just be a tough sell diplomatically - it also threatens to derail the US administration's own effort to push down high crude prices. The U.S.is also pressing allies to cut out Iranian oil imports entirely by November 4. Turkish officials told Foreign Policy Tuesday the government had no reaction yet to the new USA demands.

Hook said USA officials are traveling around the world meeting with American allies to try to persuade them to cooperate with the sanctions.

They also said the Petroleum Ministry has not decided on cutting oil import from Iran.

In a letter to Rouhani on Wednesday, Major General Soleimani described as "a source of pride" the president's comment that if Iran's oil is not allowed to be exported, then there will be no guarantee that other countries in the region would be able to export theirs.

The EU, which still supports the Iran nuclear accord, sought to shield European companies from U.S. sanctions, but the companies that actually buy Iranian oil are already limiting their purchases for fear of falling afoul of the U.S. Treasury.

Since pulling out of the deal, Washington has told countries that they must halt all imports of Iranian oil from November 4, or face U.S. financial measures.

Government officials called speculation over the cancellation "unfounded". Under the accord, Iran agreed to reduce its nuclear facilities to have sanctions lifted to free up oil revenue and frozen assets of more than US$100 billion. "But history will judge other nations based on what they do today", he said.

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On July 6, the foreign ministers of Iran and the five world powers still party to the nuclear deal - Britain, France, Russia, China, and Germany - will meet in the Austrian capital to discuss ways to preserve it in the wake of the USA withdrawal.

Switzerland - where significant parts of the pact known as the Joint Comprehensive Plan of Action were negotiated - will work to ensure that future USA sanctions do not target any humanitarian goods, Bern said in a statement.

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.

Rouhani also told International Atomic Energy Agency (IAEA) Director General Yukiya Amano during a meeting that Tehran reserves the right to make "new decisions" based on whether or not Iran could still benefit from the 2015 nuclear deal, after the United States unilaterally withdrew from the accord in May. But European officials acknowledge that US sanctions make it hard to give Tehran guarantees.

Iran now exports around 2 million barrels per day of its oil from a total production of over three million barrels per day.

The leader of Saudi Arabia promised US President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday.

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