Trump's Iran oil sanctions risk Asian reprisals

Trump's Iran oil sanctions risk Asian reprisals

Trump tweeted on April 22 that USA ally Saudi Arabia will help to make up easily for any shortfalls in oil supply.

"The Trump administration and our allies are determined to sustain and expand the maximum economic pressure campaign to end the regime's destabilising activity threatening the United States, our partners and allies and security..."

The administration's critics say the real motive of the sanctions is to try to goad Iran into leaving the JCPOA, which imposed strict curbs on its nuclear activities in return for sanctions relief, and therefore end United States isolation on the issue.

"If regime change is the [US administration's] policy, I think it will fail as well, because the pressure at some stage ... instead of weakening the hard-liners, it will just have ... as a result the moderates vanishing", the diplomat added. The Trump administration is focused on increasing the pressure on Iran.

The White House said Saudi Arabia and the United Arab Emirates - close U.S. allies that back President Donald Trump's hawkish stance against regional rival Iran - would work to make up the difference in oil to ensure that global markets are not rocked. The EU and most USA allies continue to support the JCPOA.

Help us grow and continue telling Israel's story to the world. And we built that enormous coalition to work on this.

"Last summer didn't go above $3 a gallon as a national average, but this summer, if we don't have Iranian oil we probably do go over $3", Tom Kloza, global head of energy analysis at the Oil Price Information Service, told the New York Times.

Tasnim quoted the unnamed source as saying: "Whether the waivers continue or not, Iran's oil exports will not be zero under any circumstances unless Iranian authorities decide to stop oil exports. and this is not relevant now".

Left unclear by the USA decision is whether the five countries will face immediate American sanctions if they continue to take delivery of Iranian oil after the waivers expire.

In a message posted on Twitter on April 22, Turkish Foreign Minister Mevlut Cavusoglu said: "Turkey rejects unilateral sanctions and impositions on how to conduct relations with neighbors".

Tehran remained defiant, saying it was prepared for the end of waivers, while the Revolutionary Guards repeated a threat to close the Strait of Hormuz, a major oil shipment channel in the Gulf, Iranian media reported.

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Trump administration officials said the waivers, originally granted to eight countries, were motivated by a desire to avoid a spike in oil prices in a tight market past year. Now it's up to the governments of China, India, Turkey, and others to step in to guarantee the purchase of Iran's oil.

US sanctions waivers for Iranian oil that the United States issued to China, India, Japan, South Korea, Italy, Greece, Turkey, and Taiwan won't be renewed on May 2, according to the White House.

"The Bolton crew won clearly, no matter how State is spinning it", Nephew said.

It remains to be seen whether the administration's hard line approach on Iran will have any impact on Middle East politics and security.

He said, "The problem is that electricity and gas are not fungible; they can't buy them from elsewhere".

Secretary of State Mike Pompeo was to discuss the move at the State Department Monday morning.

Saudi Arabia will assess the impact of the US decision on the oil market before raising output, according to one of the people.

"In the next few weeks, the Kingdom will be consulting closely with other producing countries and key oil consuming nations to ensure a well-balanced and stable oil market, for the benefits of producers and consumers as well as the stability", Al-Falih said in a statement sent to journalists by the Saudi Embassy today.

Trump has taken a hard line on Iran, which is in confrontation both with Saudi Arabia and the chief USA ally in the region, Israel.

The administration also will announce commitments from other suppliers, including Saudi Arabia and the United Arab Emirates, that will offset the loss of Iranian crude on the market, according to two of the people.

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