January 16, 2019

Iran Oil Exports to Asia Rush Ahead of Impending Sanctions

14 May 2018, 04:21 | Austin Hogan

Iran Oil Exports to Asia Rush Ahead of Impending Sanctions

Iran Oil Flare

As Iran reconsiders its commitment to the deal that no longer protects it from USA sanctions, Jubeir told CNN, "I believe that if Iran restarts its enrichment program beyond what it has right now that should trigger the snapback provision and cause all the other P5 [U.N. Security Council's five permanent members] countries to abandon the deal and reimpose sanctions on Iran".

Last night Trump described the deal, signed by his predecessor President Obama and the other permanent members of the UN Security Council - UK, France, China and Russian Federation - as well as Germany, as "decaying" and "rotten".

Fortunately, the Obama-era sanctions that Trump has moved to reimpose have some lesser-known safety valves should oil markets later overheat as a result of the Iran decision. Iran's decision depends on the readiness and ability of the other signatories - Britain, France, Germany and Russian Federation - to also stand up to the United States.

Under the new sanctions, the United States will begin blocking new deals with Iran immediately, but will provide leniency toward firms with existing commercial agreements if they demonstrate that they are reducing their involvement with Iran over a 180-day "wind-down" period.

In a phone call dominated by Iran, the Prime Minister and President agreed to hold talks between the United Kingdom and U.S. governments on the effect ofsanctions on British companies. Iran has maintained its nuclear activities were only for peaceful purposes and the International Atomic Energy Agency has verified its compliance with the 2015 nuclear agreement, but the U.S., Israel and Saudi Arabia have remained suspicious. "The president took a decision, but it does not bind his European partners", the official said. "Europe and China will not fight against the US sanctions". In exchange, Iran required that all global sanctions against them be lifted.

Japan was a first - and fast - mover on reducing Iranian oil imports in 2012, after the United States tightened sanctions. "Contacts with American authorities are ongoing".

Blasts in 3 Churches : At Least 8 Killed, 35 Injured
Police said the family was among 500 Islamic State sympathizers who had returned to the country from Syria. Religious minorities in Indonesia, especially Christians, have been repeatedly targeted by militants.

ZTE Downplays Deathbed Reports Following Crippling US Ban
The suspension of ZTE's operations follows several recent actions by the USA government that hindered its business prospects. Spokesmen for Zinke and Pompeo didn't immediately respond to a request for comment sent outside normal business hours.

White House official derides McCain over Haspel opposition: 'He's dying anyway'
Meghan McCain called that a "real ugly nickname" on Friday. "I like people that weren't captured". Thomas McInerney will no longer be allowed on the network.

At the Board of Governors meeting in March, IAEA chief Yukiya Amano had said Iran was abiding by the deal and IAEA inspectors had been given access to all sites and locations, upon request.

"These people are being lost in the shuffle", Jason Rezaian, a Washington Post reporter imprisoned in Iran for about 18 months, told CNN's Wolf Blitzer after Trump announced his decision. Some analysts and European Union officials and diplomats also questioned why North Korea would ever agree to a deal with Trump to limit its own nuclear weapons program given that Washington was not necessarily committed to its global agreements from one administration to the next.

Senator John Boozman also supports the President's decision to exit the Iran nuclear agreement.

Kristian Coates Ulrichsen, Fellow for the Middle East at Rice University's Baker Institute assessed that there likely would be "jubilation" in both Saudi Arabia and the UAE because "the Trump administration - or at least the White House - has now come round to their thinking on Iran's threat to regional security".

Airbus, which is subject to the US license because of its use of American-made parts in its aircraft, didn't immediately respond to a request for comment.

In that case, the terms of the deal allow for reimposition of sanctions "but these provisions would not apply with retroactive effect to contracts signed between any party and Iran or Iranian individuals and entities" while the JCPOA was in effect. "They agreed for talks to take place between our teams".

Other News

Trending Now

IPL Highlights MI vs RR: Jos Buttler stuns twitterati with unbeaten 94
Later, Buttler continued his good work and found good support from Sanju Samson, who played a quickfire knock of 26 off 14 balls. If Yadav, Rohit, Lewis, Ishan Kishan and JP Duminy are in the form, Mumbai will be hard to stop.

Fans go insane as Hamburg suffer first Bundesliga relegation
The fires were put out and police gradually left the field so the game could resume and the final seconds be played out. Hamburg has been relegated from the Bundesliga for the first time ever, and fans are not taking it very well .

Dame Tessa Jowell dies aged 70 after battle with brain tumour
Her belief that Labour should "modernise" was passionately held - forged at the coal face of a decade of Labour local activism. She stood down from the House of Commons at the 2015 general election and was nominated for a life peerage later that year.

US Delegation For Embassy Opening, Led By Ivanka Trump Arrives In Israel
Israel's army said it would nearly double the number of troops surrounding the Gaza Strip and in the occupied West Bank. Guatemala and Paraguay plan to move their embassies to Jerusalem later this month.

Wilfried Zaha Reportedly Set for £50M Move
He made just two league appearances for the Red Devils, however, before returning to his boyhood club and rediscovering his form. Patrick van Aanholt provided the cross and Zaha was there to direct it into the back of the net from six yards out.

Father speaks out after Australia's worst mass shooting for decades
Education Department Southwest Region director Neil Milligan said the coming weeks would be challenging for many local students. Mr Cockman - who was estranged from Katrina - said he had not spoken to Peter and Cynda "since they cut him off from the kids".

5 killed in storm; air, road traffic badly hit
In the wake of this massive storm , flight movement at Delhi's Indira Gandhi International Airport has been put on hold. Gusty winds and rain lashed the national capital, causing the temperature to drop to 25.2 degrees Celsius.

Cano hit by pitch, has fracture on right hand
In the fifth season of a $240 million, 10-year contract, Cano has played in at least 150 games in each of the last 11 seasons. To create room on the 40-man roster, the Tigers designated left-hander Chad Bell for assignment.

Avengers: Infinity War Exceeds Expectations After Opening in China
Outside the top five, and landing in the top ten for the 13th consecutive week, is Disney and Marvel's Black Panther . Melissa McCarthy's comedy " Life of the Party " debuted in second with $18.5 million from 3,656 locations.

SpaceX launches newly updated Falcon 9 rocket
After a day's delay , Bangladesh's first satellite was today successfully launched atop the first SpaceX Falcon 9 Block 5 rocket. The largest changes between Block 3 and Block 5 are higher thrust on all of the engines and improvements on landing legs.