Jim Fossel: Iran nuclear deal needed to be undone


Essentially, any nation that fights the US on this decision will be, in effect, choosing Iran over the United States and this is highly unlikely.

He said Trump's withdrawal also meant multiple cases of "significant non-performance" with the nuclear deal, and "clear non-compliance" with resolution 2231 of the UN Security Council, which endorsed the deal.

Trump's Iran announcement came earlier than expected - four days ahead of a May 12 deadline - and he made a point of mentioning that Secretary of State Mike Pompeo was on his way to North Korea "at this very moment".

US drillers added rigs for the sixth straight week, bringing the total rig count to 844, highest since March 2015, General Electric Co's Baker Hughes energy services firm said.

The deal between Iran and six world powers eased sanctions on Tehran in exchange for it limiting its nuclear program to prevent atomic bomb capabilities. "The Treasury Department thanks the UAE for its close collaboration on this matter".

Late on Tuesday, US President Donald Trump unilaterally announced that US will not stay in the nuclear agreement and will levy more sanctions against Iran.

But plenty of other analysts say the oil rally may not last, including Ben Cook of BP Capital Fund Advisors, who foresees an inventory drop of 300K-400K bbl/day instead of the 1M bbl/day that had been removed from the market before sanctions against Iran were lifted in 2015.

US President Donald Trump announced on May 8 that the US was withdrawing from the Joint Comprehensive Plan of Action (JCPOA), an global agreement reached in 2015 by Iran, the United States, Russia, France, China, Great Britain, Germany and the EU.

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Jefferies said OPEC has the capacity "to replace the Iranian losses" but added: "Even if physical supply is held constant. the market will still be faced with a precariously low level of spare capacity".

Mr Trump's decision to reinstate oil sanctions could not have come at a worse time for consumers but a good time for the market.

The US President described the deal as "insane", but Tehran has already promised to begin "industrial scale" enrichment.

Speculators are driving the momentum which is pushing WTI and Brent crude oil prices higher.

Global benchmark Brent crude stabilized near 3-1/2-year highs on Friday as the prospect of new US sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand. Effective November 5, 2018, General License H - which authorized non-U.S. entities owned or controlled by USA persons to engage in certain activities with Iran - will be terminated, after which point such activities will be prohibited. If you are too aggressive and Iran starts dumping oil on the market, you could be in for a world of hurt.

France's Finance Minister said European countries should push back harder against the Trump administration over the Iran nuclear deal and not act as "vassals" to the US. This formula, during pre-JCPOA years, halved Iran's oil exports and limited it to almost one million barrels per day in exports. This would essentially end the OPEC-led deal to trim production.

Side by side, the U.S. government also reimposed sanctions on the country. Fleet movement data analysis showed that roughly half the fleet had spent the time under sanctions storing crude oil and the rest trading with China and India under long-term barter agreements.