Friday, 22 February, 2019

U.S. will 'absolutely' sanction European companies that do business with Iran

Iranian President Hassan Rouhani Iranian President Hassan Rouhani
Nellie Chapman | 03 July, 2018, 11:40

"With the oversupply fears still lingering in the background, rising production from OPEC+1 and USA shale, plus trade war fears, could negatively impact oil prices".

As Breitbart Jerusalem reported, Rouhani wants Europeans to financially compensate Iran if they want to preserve the Joint Comprehensive Plan of Action (JCPOA) that was originally drawn up by former president Barack Obama.

He hopes that will keep prices low - and motorists happy with cheaper fuel - as he tries to force the Iranians out of the market.

Some customers in Asia are already considering acquiescing to President Donald Trump's demand to end trade with Iran by early November when sanctions aimed at curbing the Islamic republic's nuclear program come into effect.

So, how much support can Trump garner for his economic assault against Iran?

On Fox, Trump directed blame at the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the biggest producer.

But a flurry of United States announcements over the weekend unsettled oil markets.

Oil prices dropped on Monday as supplies from Saudi Arabia and Russian Federation increased and the market continued to absorb the impact of US President Donald Trump's weekend tweets - although analysts expect the decline to be short-lived. "OPEC is and they better stop it because we're protecting those countries, many of those countries".

According to a Reuters survey, Saudi Arabia's output is up by 700,000 barrels per day from May, while Russian output is up to 11.06 million barrels per day in June from 10.97 million barrels per day in May, according to the Russian Energy Ministry, cited by Reuters.

Trump threatened in an interview that aired on Sunday to put sanctions on European companies that do business with Iran. Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence. "Absolutely", the president responded when asked if the US would sanction European countries that do business with Iran.

"It must be kept in mind that United States shale production has surged to record levels, while demand remains at risk of falling amid global trade tensions". Off-topic, inappropriate or insulting comments will be removed.