February 18, 2019

US, Saudi Arabia Discuss Keeping Oil Market Supplied After Iran Sanctions

12 July 2018, 08:45 | Joann Bryant

Iran promises to sell as much oil as it can in wake of US sanctions

US Secretary of State Mike Pompeo right meets with Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan left at the Al Shati Palace in Abu Dhabi‎ United Arab Emirates

He also said Pompeo was "very slowly to learn the ropes of diplomacy" by considering requests for exemption from the U.S. sanctions by the countries receiving the Iranian oil.

"It would be a mistake to think the United States economic war against Iran will have no impact", Jahangiri added.

Iranian vice president Eshaq Jahangiri acknowledged on Tuesday that United States sanctions would hurt the economy but promised to "sell as much oil as we can" and protect its banking system.

Trump swipes at NATO spending ahead of summit Pompeo offers support for Taliban peace talks during surprise Afghan visit Trump: China may be exerting "negative pressure" on North Korea MORE ramped up his warnings to Iran on Tuesday, saying that the US and its Gulf Arab allies would pay a "real high cost" for Tehran's "malign behavior" in the Middle East and elsewhere.

But so far it has proven hard to offset the impact of USA sanctions, with European firms reluctant to risk far-reaching US financial penalties to do business in Iran.

Pompeo was meeting with European officials in Brussels following a summit of North Atlantic Treaty Organisation leaders to make the case for clamping down on Iranian "terrorism and proxy wars".

"The one that we are most focused on today is ... that we deny Iran the financial capacity to continue this bad behavior", Mr. Pompeo said.

"I would say there might be an escalation between us and the Iranians". "I do not believe any country is going to take an aggressive posture", he told PTI in Hyderabad. And we'll make a deal.

Since the USA signaled a harder line against Iran's oil exports last month, analysts have started to warn that many more Iranian barrels would be removed from the market than initially expected, and the thinning global spare capacity as Saudi Arabia and Russian Federation raise production would boost oil prices.

In another tweet, Pompeo said that on Thursday, together with allies from Britain, France, Germany, Saudi Arabia and Jordan "we reaffirmed our support for the Syrian political process and our goals of removing Iran's influence, defeating #ISIS, deterring chemical weapons use".

German prosecutors said he was suspected of hiring a Belgian-Iranian couple in March to carry out a bomb attack at a meeting of the National Council of Resistance of Iran (NCRI) in Paris in late June.

Referring to the USA sanctions on oil import from Iran, Rahaghi made it a point to mention that his country has been a reliable energy partner for India and has always followed a "rationale pricing" of oil which ensures the interest of both, consumers and suppliers. "The armed forces... are ready to serve in line with the nation's welfare and interests", he said during a conference of the Defense Ministry's senior managers. "It's our responsibility to stop it".

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