Thursday, 15 November, 2018

China says its lawful trade with Iran should be respected

Targeting Iranian oil exports will hurt Tehran finances but also the oil market's balance Saudi oil output capacity may be close to maxing out Saudi oil output capacity may be close to maxing out
Jodi Jackson | 07 November, 2018, 06:34

Aside from restrictions on oil imports, the administration added more than 700 names - including individuals, entities, vessels and aircraft linked to the energy and financial sectors and other segments of Iran's economy - to the United States list of sanctioned entities.

All the USA sanctions on Iran that had been removed under the 2015 Iranian nuclear deal were restored by the United States on Friday and came into force on Monday.

As a long-time rival of Iran, Israel has carried out deadly airstrikes on Iranian targets in war-torn Syria, where Iranian troops have been fighting along the forces of Syrian President Bashar al-Assad. Iran's biggest oil buyers in recent years have been China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan.

In a statement issued over the weekend, the Kremlin's foreign ministry "strongly condemned" the new wave of USA sanctions, arguing that the move deals "another powerful blow to the Nuclear Nonproliferation Treaty (NPT)".

"Zero ... We will, we expect, have reduced Iranian crude oil exports by more than 1 million barrels even before these sanctions go into effect".

In an interview with Press TV, political columnist David William Pear said that the U.S. sanctions are "really putting such hardships on the Iranian people and it is totally unnecessary". Trump called the deal a failure as it only targeted Iran's nuclear programme and not its support for terrorism, including backing for the Lebanese militant organisation Hezbollah.

"More than 20 importing nations have zeroed out their imports of crude oil already, taking more than 1 million barrels of crude per day off the market", US Secretary of State Mike Pompeo told reporters in a briefing. The more significant sanctions that will affect oil exports, are expected on 5 November.

"We have also told the United States that we can not accept non-allies to the USA - such as China - benefitting from the ally's (South Korea's) sacrifice", the official said.

"If Iran decides, a single drop of this region's oil will not be exported and in 90 minutes all Persian Gulf countries will be destroyed", he told followers during a prayer sermon.

"At the current level, Iran is providing about 2.7 million barrels of oil per day to the global community".

He spoke to a conference of economists, who he said were at the "forefront of the resistance" against the United States.

The sanctions are designed, in part, to force Iran's main customers to stop buying its oil.

Mr. Trump called the Obama-era nuclear deal with Iran the "worst ever" agreement stuck by the U.S. But the other parties to the deal - Britain, France, Germany, China and Russian Federation - stuck with it.

The European Union, France, Germany and Britain said they regretted the USA decision and would seek to protect European companies doing legitimate business with Tehran.

Lord Lamont said the sanctions were aimed at bringing regime change in Iran by encouraging "discontent" among Iranian people.

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