Published: Tue, May 15, 2018
Money | By Armando Alvarado

Turkey, Russia to Discuss US Withdrawal from Iran Nuclear Deal

Turkey, Russia to Discuss US Withdrawal from Iran Nuclear Deal

Another unsurprising performance for crude unfolded Friday in the wake of the USA pulling out of the Iran nuclear deal and Britain, France, and Germany vowing to support it regardless: West Texas Intermediate settled down 66 cents to $70.70 per barrel, while Brent settled down 35 cents to $77.12.

Higher oil prices boost the US economy and employment and increase taxes the federal government collects, according to Zanganeh. USA light crude oil was down 5 cents at $70.65.

The People's Republic stands to benefit if it can use its leverage as the world's largest importer of crude by insisting that its oil purchases from Iran be priced in yuan.

Iran re-emerged as a major oil exporter in 2016 after worldwide sanctions against it were lifted in return for curbs on its nuclear program, with its April exports standing above 2.6 million barrels per day (bpd).

Washington has given European firms doing business in Iran up to six months to wind up investments or risk USA sanctions and they are also forbidden from signing any new contracts with Iran.

The 2015 deal had placed unprecedented restrictions on Iran's nuclear program in exchange for billions of dollars in sanctions relief.

Fortunately, the Obama-era sanctions that Trump has moved to reimpose have some lesser-known safety valves should oil markets later overheat as a result of the Iran decision. Other analysts think that the reduction of Iranian exports could be closer to 1 million bpd. "This time around, we expect much less of an impact".

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But its oil minister said on Thursday that Trump's decision to quit the pact would not affect Tehran's exports.

On the bullish side of the coin, the USA plans to re-impose sanctions against Iran, which produces around 4 percent of global oil supplies.

A Saudi energy ministry official said that Saudi Arabia "will work with major producers and consumers within and outside OPEC to limit the impact of any supply shortages".

According to presidential sources, Erdogan and Putin agreed that the USA decision on the nuclear deal is "wrong" and pointed out that the nuclear deal was a diplomatic success that should be protected.

As far as boosting the U.S. economy, the old rule of thumb was that a sustained $10/bbl rise in oil prices would shave about 0.3% off of U.S. GDP the following year.

"Soaring U.S. shale output will continue to put a cap on prices", said Hussein Sayed, chief market strategist at futures brokerage FXTM.

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