Monday, 12 November, 2018

Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

Jodi Jackson | 03 July, 2018, 02:10

Hook sad more than 50 firms announced their intent to leave the Iranian market, particularly in energy and finance sectors, as the U.S.is moving toward placing sanctions on Iran.

"We will surely do something to thwart the U.S. rallying cry that Iranian oil must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.

"We want to defeat America's efforts ... to stop Iran's oil exports", he said.

The announcement by Jahangiri came just a day after US President Donald Trump said that Saudi Arabia had agreed to increase its oil exports to make up the difference lost to the sanctions.

After the USA withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

Late last week, Iran's Oil Minister Bijan Zangeneh urged the Organization of Petroleum Exporting Countries (OPEC) to prevent some of its members from increasing output without arriving at a consensus.

"We are not looking to grant licenses or waivers, because doing so would substantially reduce pressure on Iran, and this is a campaign of imposing pressure", Brian Hook, Director of Policy Planning at the State Department told reporters at a news conference.

"In this battle, any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason", he said.

Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy. Oil prices rose to multiyear highs last week after US officials signaled the administration would act to cut Iran exports faster than expected and.

But a flurry of USA announcements over the weekend unsettled oil markets. "Absolutely", the president responded when asked if the US would sanction European countries that do business with Iran.

The US on Monday said it is prepared to work with nations that are reducing their oil imports from Iran on a case-by-case basis, but ruled out granting waivers to countries like India or Turkey as it could substantially reduce pressure on Tehran.

But two key administration allies - Newt Gingrich and Rudy Giuliani - joined a rally in Paris over the weekend organized by an exiled opposition group that calls for the regime's violent overthrow.

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