Friday, 20 July, 2018

After Rouhani, Soleimani threatens to block Gulf oil exports

Iranian Vice President Jahangiri speaks during a news conference after a meeting with Iraq's top Shi'ite cleric in Najaf Despite impact on prices, U.S. will aim to bring Iran's oil revenue to zero
Lisa Bryan | 05 July, 2018, 02:33

Turkish officials told Foreign Policy Tuesday the government had no reaction yet to the new USA demands. "Question is what do we see as our national interest and how we respond to [the pressure], and how do we make our case to the USA", a source said, adding that USA officials have given "informal indications" that they understood India's reasoning for progressing on its Chabahar port and railway project.

On Tuesday, the Iranian president appeared to threaten to cut oil shipments from neighboring countries if Washington presses ahead with its goal of forcing all countries to stop buying Iranian oil.

The ministers are to discuss how their countries can best support the deal following the withdrawal of the United States.

Shipping to Iran and ports in the country are also coming under the United States sanctions. This week the U.S. State Department reiterated its intention to get tough with all countries engaging with Iran for trade, energy and infrastructure projects.

Rouhani and other Iranian officials, concerned about the reimplementation of US sanctions, are locked in an intense effort to convince world powers to remain in the 2015 agreement - officially called the Joint Comprehensive Plan of Action (JCPOA).

Government officials called speculation over the cancellation "unfounded".

A large bulk of Iran's oil revenues and banking ties will be at stake if neither can be protected by the EU.

Rouhani's European trip will be of "prime importance" as it could "provide a more precise picture of cooperation between Iran and Europe", the Iranian foreign ministry spokesman said at the weekend.


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.

"It will increase the prices of oil in the global markets", he said.

India may likely to fall back on the rupee-rial arrangement for importing oil from Iran in case the United States forces it to cut procurement of petroleum products from that country, the sources said.

The Austrian chancellor told Iran's visiting president on Wednesday that the European nation is unconditionally committed to Israel's security.

According to the sources, External Affairs Minister Sushma Swaraj had not given any assurance to her Iranian counterpart Mohammad Javad Zarif about oil import from Iran when they held talks here in May.

"The Americans say they want to reduce Iranian oil exports to zero".

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.

The White House said on Saturday that Saudi Arabia's King Salman had promised Trump that he can raise oil production if needed, and that Riyadh has 2 million barrels per day of spare capacity.

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