European Deal Signatories Criticize US Move On Iran Nuclear, Oil Sanctions

European Deal Signatories Criticize US Move On Iran Nuclear, Oil Sanctions

The Wednesday speech will come on the one-year anniversary of Mr. Trump's controversial move to leave the multilateral Iranian nuclear deal, which offered Tehran relief from economic sanctions in exchange for halting much of its nuclear weapons program.

United Nations inspectors say that Iran has remained in compliance with the nuclear deal, which is still backed by European powers as well as Trump's Democratic rivals seeking to unseat him next year.

U.S. President Donald Trump said on Sunday he would raise tariffs on $200 billion worth of Chinese goods from 10 to 25 percent by Friday, comments that dragged down Asian and U.S. stock markets. "They denounce the U.S.'s withdrawal from this agreement, but they can not do much [in practice]". It also appears created to force Iran to halt heavy water production as well as uranium enrichment in order to adhere to limits on the latter under the JCPOA.

Oil prices were under pressure on Tuesday from concerns the escalating Sino-U.S. trade dispute could slow the global economy, while U.S. sanctions on crude exporters Iran and Venezuela helped keep the market on edge.

"Iran has stated that it will treat such a reintroduction or reimposition of the sanctions ... or such an imposition of new nuclear-related sanctions, as grounds to cease performing its commitments under this JCPOA in whole or in part".

On the supply-side, oil markets remain tense as the United States tightens sanctions on Iranian oil exports, saying on Monday it was boosting its military presence in the Middle East.

On Friday, the U.S. acted to force Iran to stop producing low-enriched uranium and expanding its only nuclear power plant.

"Under the (nuclear accord) Iran can produce heavy water and this is not in violation of the agreement".

"Of course we will not be able to sell 2.5 million barrels of oil like when the sanctions were removed, so we should optimize the country's financial system by controlling and management", the official noted.

Reports of Iran's upcoming announcement come specifically in response to the US State Department's decision on May 3 that it would revoke waivers for Iran that would allow it to ship its heavy water overseas for storage and swap its enriched uranium for natural uranium.

More than 130 MMbbl of oil were exported from Iran's offshore fields in the fiscal year that ended March 20, Bovard said. Washington is attempting to bring the country's oil exports down to zero by pressuring buyers.

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