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Published: Thu, July 05, 2018
Economy | By Melissa Porter

Iranian President No One Will Benefit From U.S. Nuclear-Deal Exit

Iranian President No One Will Benefit From U.S. Nuclear-Deal Exit

Recent days have seen officials in Washington expressing confidence that global oil supplies are robust enough to replace Iranian output as President Trump has ratcheted up pressure on the Organization of the Petroleum Exporting Countries (OPEC) and Saudi Arabia, the world's largest oil exporter, to boost production to balance the market.

"Insofar as it is possible for Iran, we shall remain party to the accord, we shall not quit the JCPOA (the Joint Comprehensive Plan of Action) on condition that we can also benefit from it", Rouhani said. "Rouhani will need to press the Europeans for particular commitments beyond the warm words, and communicate his own limited domestic ability to stick with the JCPOA should the Europeans cave under USA pressure".

When asked at a news conference in Bern later on Tuesday whether those comments constituted a threat to interfere with the shipping of neighboring countries, Rouhani said: "Assuming that Iran could become the only oil producer unable to export its oil is a wrong assumption".

Rouhani, who's facing intense pressure from hardline conservatives at home who accuse him of being naïve for ever trusting the USA, would be left with little incentive to remain in the deal and in compliance with its terms and conditions.

"The stakes are huge", said Richard Goldberg, who was lead Senate Republican negotiator for several rounds of Congressionally enacted sanctions that helped pressure Iran into curbing their nuclear program.

"Banking sanctions will also snap back on November 4th, and we will be aggressively enforcing these provisions to lock up Iran's assets overseas and deny the Iranian regime access to its hard currency", Mr Hook said.

And they worsened when the White House announced its plan to impose sanctions on Iran's business partners if they didn't cut Iranian oil imports "down to zero" by November 4, in a bid to isolate Tehran politically and economically.

Government officials called speculation over the cancellation "unfounded".

Details of his arrest emerged as Rouhani began a European tour seeking assurances about the Iranian nuclear deal, which has been thrown in to doubt after the unilateral withdrawal of the US.

Assadi was detained Sunday near the German city of Aschaffenburg on a European arrest warrant after a couple with Iranian roots was stopped in Belgium and authorities reported finding powerful explosives in their vehicle.

Rouhani said the new USA pressure would never succeed.

"We should send a message to Washington showing how much the position of countries participating in the deal differs from the stance of (US President) Donald Trump", he said. It's a high-stakes test of American leadership, the first of its kind for the Trump Administration's Iran strategy. The president stressed that no power in history has been able to make the Iranian nation give in to illogical demands.

But actually replacing more than 2 million barrels a day of Iranian crude exports won't be easy. That level would represent an increase of about 1 million barrels a day over what Saudi Arabia has been pumping this year. The kingdom now produces some 10 million barrels of crude daily.

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