It was a busy week for oil traders, with prices moving in a $4.25 range of $71.89 per barrel down to $67.63 per barrel as the market digested the news that U.S. President Donald Trump decided to unilaterally pull out of the Iran nuclear deal and reimplement economic sanctions.
New Zealand businesses would suffer if the government gave in to threats from the United States over sanctions on dealings with Iran, Iran's ambassador to New Zealand says. No regime loyalists would dare say it, especially to an American reporter, but Iranians are furious with their own government's failure to deliver basics like electricity, water and decent wages. However, instead of using this freed-up wealth to support its citizens, the Iranian regime - egged on by the fanatical Islamic Revolutionary Guards Corps which increasingly controls much of Iran's economy and politics - has expanded its supplies of funding and weaponry to support terrorist activities and rogue groups in Lebanon, Yemen, Syria, Gaza and across the Middle East.
"In 2012 the reduction in Iranian crude production and exports was around 1 million bpd", Wittner said.
Trump hit back Saturday evening, tweeting that the accord had failed to contain Iran's militarism.
Bolton also repeated the administration's objection to the sunset provisions in the Iran deal, which President Donald Trump had called "totally unacceptable", reported CNN. Benchmark U.S. crude oil was steady at $71.36 a barrel on the New York Mercantile Exchange, while Brent crude, used to price international oils, lost 19 cents to $77.28.
In making these moves, Trump's decision-making seems to hinge on the concerns of his domestic audience, hoping to stoke his base, get positive headlines and differentiate himself from his political predecessors.
ANZ bank said Trump's decision "puts into place a scenario that could see the crude oil market tighten significantly in H2 2018 and into next year".
The US ambassador in Berlin, Richard Grenell, said firms should question the morality of doing business with Iran.
State Department officials said Mr. Pompeo concurred that the deliberations were open and thorough.
"Iran's Military Budget is up more than 40 percent since the Obama negotiated Nuclear Deal was reached... just another indicator that it was all a big lie", he wrote.
While he has committed to remaining in the nuclear agreement, French President Emmanuel Macron floated the idea of a supplemental deal on Iran during a recent visit to Washington. Iran will consult with the other signatories to the JCPOA for several weeks before taking any further action.
Following the lifting of sanctions in 2015, more than $US100 billion ($132 billion) flowed into Iranian coffers.
"I'm not the national security decision-maker", Bolton said, adding that Trump "makes the decision and the advice that I give him is between us". Tehran needed time anyway and under the nuclear deal, when its restrictions expire, Iran would be no more than four months from breakout.
German leader Angela Merkel also told Trump on a visit to Washington late last month that the nuclear deal was insufficient in itself to curb Iran's ambitions in the region. It took years of painful negotiations to reach the Iran deal, but Trump has shown neither much inclination to be patient nor interest in long, intricate diplomatic wrangling.
This is unedited, unformatted feed from the Press Trust of India wire.
The surge in oil prices comes at a time of tight supply amid record Asian demand and voluntary output restraint by the Organization of the Petroleum Exporting Countries and non-OPEC producers counting Russia. "I think that will sink in; we'll see what happens then", Bolton said.