India Says Closely Monitoring Situation Post US Pullout Of Iran Deal

12 May, 2018, 20:52 | Author: Lora Ball
  • OPEC chief: Ditching Iran deal would harm global economy

Blanch said: "With stocks falling quickly during the course of the next 18 months, we would expect continued upside pressure on crude oil prices and see Brent averaging $75/bbl in 2019 compared to $70/bbl this year". "Europeans should not have to pay for U.S. withdrawal from an agreement". Resulting rising oil prices would have a mixed impact across the region, driving prices higher for some countries that rely heavily on imports, such as Japan, while boosting revenues for exporters such as Indonesia.

Oil prices rose more than 3 percent on Wednesday to 3-1/2 year highs, after U.S. President Trump abandoned a nuclear deal with Iran and announced the "highest level" of sanctions against the OPEC member.

"Throughout the entire process in recent months and in particularly the past two weeks, we consulted with Israel and we wanted to make sure we coordinate closely with them", Andrew Peek, deputy assistant secretary for Iran and Iraq, was quoted as saying by Hebrew media.

Iran re-emerged as a major oil exporter in 2016 after worldwide sanctions against it were lifted in return for curbs on its nuclear program, with its April exports standing above 2.6 million barrels per day.

UK Prime Minister Theresa May, French President Emmanuel Macron and German Chancellor Angela Merkel issued a joint statement in the wake of the U.S. president's announcement calling on all the other parties to the JCPOA to stay committed to their obligations under the agreement.

Experts says even though exports from India might grow post the new sanction, what will impact India is the upward movement in worldwide crude prices in the coming days, as the sanctions raise concerns that the global supply of oil will be squeezed.

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He said Iran's right to peaceful use of nuclear energy should be respected along with global community's strong interest in the exclusively peaceful nature of Iran's nuclear program.

USA crude settled at $70.73 per barrel.

The Organization of the Petroleum Exporting Countries is in the midst of an oil supply-cutting deal with non-OPEC producers such as Russian Federation that has helped erase a global glut and boosted oil prices to $76 a barrel, the highest since 2014.

"There is at least a narrative building out there that OPEC is more likely than not going to signal to the market that it is willing to increase production to compensate for any losses to world supply from these sanctions", said Bart Melek, head of global commodity strategy at TD Securities in Toronto. "Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned by the United States".

Iran has said, it would restart uranium enrichment if the agreement could not be salvaged.

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