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Bearish EIA Data Sends Oil Lower

Bearish EIA Data Sends Oil Lower

Oil fell on Wednesday morning,…

Republican Senator Says ‘No’ To Tearing Up Iran Nuclear Deal

Bob Corker

Senate Foreign Relations Committee Republican Chair Bob Corker says President-elect Donald Trump should not and would not reverse the nuclear deal with Iran.

Speaking to journalists on Friday, Senator Corker (Tennessee) said the 2015 Iran nuclear agreement should remain in place, even if there was a need for stricter enforcement of the deal’s terms.

“In spite of the all the flaws in the agreement, nothing bad is going to happen relative to nuclear development in Iran in the next few years. It’s just not,” news agencies quoted Corker as saying.

Though Trump has colorfully implied that the Iran deal would be torn up and has called it a “horrible” deal, even Israel—to which Trump has been paying great lip service via his favored social media service—seems to think privately that tearing up the deal would be dangerously destabilizing.

As we get closer to the new president’s inauguration, however, Iran may be viewed more soberly, and the earlier promised radical change may not be so radical at the end of the day.

“The Iran deal from my perspective was flawed. It was not negotiated in a good way, because as almost all of us know, so much leverage was given up on the front end,” Senator Corker said.

Related: Platts Sees OPEC Cuts Eliminating Oversupply By Q3

“At the same time,” Corker added, “you’ve got a choice. You can come in and figuratively tear it up ... and you can create a crisis on the front end by doing so. Or you can understand that we have lots of challenges to deal with around the world."

“What you can do instead is to begin to radically ensure its being implemented properly,” he added.
Corker’s statements come right after the issuance by Iran of a list of 29 companies that qualified for bidding on oil and gas tenders—and only one U.S. player was among them. Most others pulled out of the race due to concerns that relations between Iran and the U.S. will take a turn for the worse once Trump takes office later this month.

By Charles Kennedy for Oilprice.com

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  • Canyonlobo on January 11 2017 said:
    "hoping against hope" - Good luck with that.
  • Jonathan Pulliam on January 10 2017 said:
    I'm a Trump supporter who would count himself among those earnestly hoping against hope that Trump will elect to carry forward two key aspects of the outgoing administration's U.S. foreign policy:

    1.) The U.S. commitment to a so-called "2-state solution" of the Israeli-Palestinian reconciliation.

    2.) The U.S. commitment to the terms of the so-called "Iran Nuclear Deal".

    I see oil at US$ 55.00 per 42-Gal bbl. for the foreseeable future, owing to the over-production by Iraq, Iraq, Saudi Arabia, Venezuela, Nigeria, Russia, and the U.S.

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