Rhetoric over USA exit from Iran deal rises

Donald Trump Xi Jinping

President Donald Trump's decision to withdraw from the Iran nuclear deal and re-impose sanctions means companies worldwide must stop doing business with the country or run afoul of the USA government, which can impose fines or other punishment.

Moreover, Trump's decision seems to have angered European officials, with Europe set to lose out billions of dollars' worth of trade deals if the Iran sanctions are reimposed.

US President Donald Trump's recent announcements concerning Iran could negatively affect trade relations between South Africa and Iran, but only if he follows through on his threats of sanctions, according to Institute for Security Studies chief executive Jakkie Cilliers. Brent, the global benchmark, fell 8 cents, or 0.1%, to $77.39 a barrel on ICE Futures Europe.

According to Reuters, Asian refineries have already started preparing themselves for replacing Iranian crude. "Russia is outwitting the USA in the Middle East because it has a strategy, which America lacks", says von Maltzahn.

But as of Friday, companies in Europe said they were still taking Iranian oil.

"Guarantees of benefits of the JCPOA should be given to Iran".

In the past, sanctions against Iran have cut the country's crude exports by around 1 million barrels a day. The cartel - led by Saudi Arabia - and 10 outside producers, including Russian Federation, have been holding back crude output by around 1.8 million barrels a day since the start of 2017.

Japan's Foreign Minister Taro Kono said May 9 that his country had supported the nuclear deal, which "helps to strengthen global non-proliferation and the stability in the Middle East".

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Boeing has yet to deliver any aircraft to Iran under those deals and said that it will "continue to follow the US government's lead".

Among U.S. companies, plane maker Boeing has signed the biggest deals, and U.S. Treasury Secretary Steven Mnuchin said Tuesday that its existing licenses - as well as those of its European competitor, Airbus Group - would be invalidated.

"Iran has asked the European Union and particularly Germany, France and Britain to announce as soon as possible their stand on how Iran's interests can be fulfilled and guaranteed under the nuclear agreement after America's withdrawal", the TV report said.

Russian Federation and Iran once had hard relations, but have seen ties improve since the end of the Cold War.

During the last round of sanctions, Iran's oil supplies fell by around one million bpd, but the country re-emerged as a major oil exporter after sanctions were lifted by producing 3.81 million bpd in March 2018. Additionally, if these prices continue on their current course, then it will be the fourth straight quarter of gains for the commodity, which would the longest stretch of gains in the last 10 years.

South Africa has strong and longstanding trade relations with both countries, with the United States being South Africa's third biggest trading partner.

It's not often that an OPEC producer accuses the USA of driving up oil prices. The sanctions will not only bar USA companies from doing business with Iran, but they also will hurt European and other companies by prohibiting them from using American banks unless they cut links with Iran.

When sanctions were loosened against Tehran in 2016, India ramped up imports from Iran to nearly 900,000 bpd in late 2016, but intake has fallen back to around 500,000 bpd since the start of the year. The country is reportedly set to buy the most oil it has ever bought within any given period at more than nine billion barrels, almost 10 per cent of global demand.

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