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giftedviz.com November 21, 2018


Netanyahu calls start of new Iran sanctions a ‘historic day’

07 November 2018, 02:59 | Austin Hogan

Saudi oil output capacity may be close to maxing out Saudi oil output capacity may be close to maxing out

Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance

"This oversight enhances our ability to constrain Iran's program and keep pressure on the regime while we pursue a new, stronger deal", it said.

The US move restores sanctions lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama and five other world powers.

Those sanctions also include 50 Iranian banks and subsidiaries, more than 200 people and vessels in its shipping sector, and Tehran's national airline, Iran Air, and more than 65 of its aircraft, according to a US Treasury statement.

Meanwhile, in Tehran, demonstrators poured onto the streets to mark the 39 anniversary of the occupation of the US embassy there, an action that precipitated a protracted hostage standoff that helped tank President Carter's chances at re-election and almost took down the Reagan administration amid the Iran-Contra scandal. However, the USA has granted eight temporary waivers to countries that will let them wind down their imports over time.

The other parties to the nuclear deal - Britain, France, Germany, China and Russian Federation - opposed the United States move and say the accord is working as intended in keeping Iran from obtaining nuclear weapons for now.

The goal: "to force the iranian regime to change its behavior".

He spoke to a conference of economists, who he said were at the "forefront of the resistance" against the United States. "Therefore, we will proudly break the sanctions". The exemption will allow China, India, Japan, South Korea, Taiwan, Italy, Greece and Turkey, to continue trading with Iran as normal.

Iranian oil exports have fallen by about a million barrels a day in that time, though India and China have continued to purchase it.

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Tehran vowed to defy the economic war while Iranian clerical rulers have dismissed concerns about the impact on the economy. "We have the toughest sanctions ever imposed, but on oil we want to go a little bit slower because I don't want to drive (up) the oil prices in the world", he told reporters before flying to a midterm campaign event on Monday. "We are prepared to resist any pressure", Rouhani said.

The same day as the sanctions were reimposed, SWIFT, the Belgium-based bank messaging system, suspended some Iranian banks from using its system.

"But U.S. bullying is backfiring, not just because JCPOA (nuclear deal) is important, but because the world can not allow Trump to destroy global order".

China is a signatory to the 2015 Joint Comprehensive Plan of Action - which includes Britain, France, Germany and Russian Federation - that Trump pulled out from earlier this year. 300 targets of the reimposed sanctions are new.

Asked if the U.S. had firm commitments from India and China to stop all oil purchases from Iran within six months, Pompeo replied: "Watch what we do".

It then announced that eight nations, including Korea, had received waivers and could continue imports of Iranian crude for 180 days on the condition that they significantly reduce the volume of imports from Iran during that period.

"It's expected to provide South Korean firms with more opportunities for the trade of non-sanctions items such as medical products, processed food and home appliances, although the exports of some products including steel and automobile parts will be affected by the sanctions", the source said. USA crude futures were up about one percent at $63.85 a barrel. "If the sanctions are prolonged, it will be a factor (in causing production costs to increase)", said one official from a local petrochemical company.



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