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OPEC member complains U.S. president is driving up prices

OPEC member complains U.S. president is driving up prices

If talks to keep the nuclear deal alive fail by year's end, and the USA reimposes the sanctions that were in place before the deal, then the situation grows more ominous, warned Bob McNally, president of the Rapidan Group energy consulting firm. The regulation wasn't an empty threat: For example, it was upheld in 2007 when Austria forced one of its banks to reinstate the accounts of 100 Cubans it had closed while being taken over by a USA company.

He added that there was a "perfect storm for higher prices" owing to crude-rich Venezuela's economic woes, which have been made worse by fresh U.S. sanctions.

China's petrochemical imports from Iran are not expected to take a major hit upon the US' re-imposition of sanctions against the Middle Eastern country.

Emma Marcegaglia, head of employers association BusinessEurope, said European companies needed "legal clarity" and were counting on the EU and its member states to assist companies. On Tuesday, Trump said the US was exiting the nuclear deal.

"By declaring. the U.S. will be instituting the highest level of sanctions against Iran - adding that any country that aids Iran will also be sanctioned - President Trump is clearly articulating that he has minimal desire in an alternative agreement with Iran", Khoman said.

Once the U.S. sanctions are put back in place, companies and countries will have 180 days to reduce their consumption of Iranian oil or face penalties from the USA, according to analysts.

"Let me offer that the security and safety of Americans is our top priority", the official said. The European Union's answer was a regulation protecting European companies from such sanctions. Iran's support for terrorism grew while the sanctions were lifted, according to USA officials.

Germany and France have significant trade links with Iran and remain committed to the nuclear agreement, as does Britain, and the three countries' foreign ministers plan to meet on Tuesday to discuss it.

Trump excoriated Iran for its "destabilizing activities" in the region in his remarks from the White House Diplomatic Room, including Tehran's "support for terrorism", its "nuclear threat" as well as the dangers posed by its ballistic missile program.

"They hadn't been doing business with Iran for a long time", Windau said.

The lion's share of Iran's oil exports, more than 1.5 million barrels per day (bpd), goes to Asian countries, and the reaction of China, Japan, India and South Korea to these new sanctions will be key to their impact. The secondary sanctions reached further, threatening to punish foreign citizens and businesses if they did certain types of business with Iran or with particular Iranian individuals and entities - even when the transactions had nothing to do with the U.S. This basically forced foreign companies to choose between being able to operate in U.S. markets or in Iran - an easy choice for most since the U.S.is the world's largest economy.

Speaking to the France Culture radio station, Le Maire called Trump's decision an "error", and accused the American president of trying to turn the USA into the "economic police officer of the planet". "The answer is no", Le Maire told reporters.

"We're going to speak with our companies, our European partners", the French official said. Most observers suspect Trump was merely acting out his neurotic anger against its American author and his predecessor, Barack Obama.

Officials and diplomats in Brussels conceded that their options to preserve the deal are limited, and that it would be hard to blunt the efforts by the United States to put Iran in a financial chokehold.

Israeli Prime Minister Benjamin Netanyahu said Trump made a "brave and correct decision". The net loss of Iranian supply will not be half of the total, therefore, but more like the range of 300,000-500,000 bpd. The agreement limited Iran's nuclear capabilities in exchange for the removal of the US-Europe sanctions.

Gold prices slid as safe-haven buying failed to kick in after the US withdrawal from the Iran nuclear accord. Iran has said it will continue to abide by the nuclear accord only if Europe guarantees continued economic benefits from the agreement. This commitment is likely to be hit by the U.S. decision.

Airbus, which is subject to the USA license because of its use of American-made parts in its aircraft, didn't immediately respond to a request for comment.

She noted that it has been "years that the Levinson family has been struggling with not knowing where Bob is, and I think it will be particularly painful to see the detained in North Korea come home without North Korea really having done anything, where Iran has fully complied with the Joint Comprehensive Plan of Action since January of 2016, almost 2 years of full compliance. They agreed for talks to take place between our teams".

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