Sunday, 20 May, 2018

The impact of Iran sanctions - in charts

OPEC chief: Ditching Iran deal would harm global economy OPEC, awaiting Trump Iran decision, to keep working for stable oil market
Kenneth Drake | 12 May, 2018, 20:51

Iran in the third largest exporter of crude within the Organization of the Petroleum Exporting Countries (OPEC), with April exports standing above 2.6m barrels per day (bpd).

In an address to the nation from the White House, President Trump said, the United States will withdraw from the Iran nuclear deal and warned countries against any cooperation with Tehran on its controversial nuclear weapons programme.

The Treasury secretary said that the sanctions will also sharply curtail sales of oil by Iran, which is now the world's fifth-largest oil producer.

A senior State Department official said Wednesday that the US and Israel worked closely together leading up to US President Donald Trump's decision to quit the Iran nuclear deal and reimpose sanctions on Tehran over its nuclear program.

US Treasury Secretary Steven Mnuchin declined yesterday to specify what additional sanctions the Trump administration might impose on Iran, but he expressed confidence that they would still be powerful even if other American allies did not follow suit. As I said before with regards to the deal, we are on autopilot heading towards a mountain. Since Iranian doors were opened with the JCPOA, French energy company Total was among the first to move back into the Iranian energy sector.

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


There is a risk of crude oil prices hitting $100 per barrel next year due to tightening of supply and demand balance in global oil market, investment banking giant Bank of America Merrill Lynch said in a report Thursday. Prices have gained over 8% over the past month and 15% since the beginning of the year.

Meanwhile, Western powers today said, they are committed to the Iran nuclear deal. In the case of oil sales, there will be a 180-day period for countries to wrap-up existing contracts and achieve "significant reductions" in their purchases of crude from Iran.

"The government will take all necessary measures which are required to safeguard our interests", said the MEA spokesperson.

Many analysts expect oil prices to rise significantly, as the market adjusts to looming USA sanctions and Iran's exports sink amid strong demand.

There is still some hope for Iran's trading partners, as the other parties to the 2015 nuclear agreement - the UK, France, China, Russia and Germany - have pledged their continuing support for the deal.

Paul Sheldon, an associate director at Platts Analytics, said enforcing compliance with Trump's unilateral sanctions move is much more hard than previous multilateral sanctions, however.

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