Saudi Arabia readies to boost supplies over Iran oil sanctions

Saudi Arabia readies to boost supplies over Iran oil sanctions

Saudi Arabia readies to boost supplies over Iran oil sanctions

FILE - A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005.

Foreign Minister Mohammad Javad Zarif spoke by telephone with the European Union's foreign policy chief, Federica Mogherini, and his counterparts from Germany, Sweden and Denmark about European measures to counter the U.S. sanctions, the Iranian state news agency IRNA reported. That was one of the most ridiculous deals ever made by any country, at any time: "the Iran nuclear deal", he said.

"On Monday, November 5, the termination of US participation in the Iran nuclear deal will be complete".

Donald Trump, since breaking that deal in May, has vowed to cut off Iranian oil revenue completely, and oil exporters and tankers will be among 700 companies, individuals, vessels and aircraft that will be added to a USA sanctions blacklist on Monday.

Following United Nations sanctions against Iran in 2010, Taiwan's Ministry of Economic Affairs set up a system to help guarantee payments for Taiwanese companies exporting to the Middle Eastern country.

It appears Donald Trump, former reality TV host and current President of the United States, just announced plans to impose sanctions against Iran on November 5, via a fake Game of Thones-esque poster on Twitter.

Among events held on the embassy anniversary was a cartoon exhibit called "Donald Salman" - a reference to the close ties between the US President and King Salman, ruler of Iran's arch-rival for regional predominance, Saudi Arabia. We've been able to do that in a way that hasn't had a huge impact on crude oil prices.

Pompeo did not name the countries to be exempted, except to say that the European Union was not among them.

"Watch what we do" on China and Russia, Mr. Pompeo said during an interview on Fox News Sunday.

The US Treasury also confirmed that the main worldwide financial messaging network SWIFT would face penalties if sanctioned institutions are permitted to use it.

"This part of the campaign is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world, Pompeo said".

The UK, France, Germany, Russia and China were also parties to the 2015 accord and have stuck to it, saying they will set up a new payment system to maintain business with Iran and bypass USA sanctions.

With buyers at the centre of oil majors' future growth plans, India, which meets 83% of its crude oil requirement through imports, has been pushing for a change in the global energy architecture. The effect of the initial sanctions is already being felt -the rial has plummeted, Iran's economy is depressed and the results are evident.

Oil prices fell on Friday for a weekly loss of over 6 percent, as investors anxious about crude oversupply after the USA waivers.

Although precise figures are rarely available in the notoriously opaque oil market, most analysts say Iran's exports dropped from around 2.5 million barrels per day in April to roughly 1.6 million in October.

Two of the countries will completely cut off imports of Iranian oil, while the other six will "greatly" reduce their imports, Pompeo added. "This is the Trump administration trying to force the rest of the world to go along with a policy that most countries do not accept", said Barbara Slavin, an Iran expert at the Washington-based Atlantic Council.

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