• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 20 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 days Does Toyota Know Something That We Don’t?
  • 5 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 7 days China is using Chinese Names of Cities on their Border with Russia.
  • 8 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 8 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 8 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 7 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 8 days Putin and Xi Bet on the Global South
  • 8 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 9 days United States LNG Exports Reach Third Place
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Hydrogen Mining: The New Energy Transition Challenge

Hydrogen Mining: The New Energy Transition Challenge

French researchers have discovered a…

U.S. Considers Lifting Oil Sanctions On Iran

While acknowledging that Iran has so far complied with the nuclear deal it agreed to, U.S. Secretary of State Rex Tillerson said on Tuesday that the Islamic Republic continues to sponsor terrorism, and an interagency review will evaluate whether continuing to lift sanctions would be in U.S. national security interests.

“Iran remains a leading state sponsor of terror, through many platforms and methods. President Donald J. Trump has directed a National Security Council-led interagency review of the Joint Comprehensive Plan of Action that will evaluate whether suspension of sanctions related to Iran pursuant to the JCPOA is vital to the national security interests of the United States,” Secretary of State Rex Tillerson said in a letter addressed to the Speaker of the House of Representatives, Paul Ryan.

The Secretary of State did not specify how long the review would take, but noted that “when the interagency review is completed, the administration looks forward to working with Congress on this issue.”

Since some of the international sanctions on Iran were lifted in January 2016, the Islamic Republic has vowed to regain the share of the oil market it had lost, and to reach pre-sanction output levels of around 4 million bpd.

Iran managed to catch a break from OPEC’s production cut deal, after arguing that it was trying to restore market share lost during sanctions—and was allowed to slightly raise production to a ceiling of 3.797 million bpd. Meanwhile, all others—except for Libya and Nigeria—had to cut production, most notably Saudi Arabia, Iran’s archenemy and OPEC’s biggest producer and exporter.

Related: Alaska Needs Much Higher Oil Prices To Reverse Its Oil Fortunes

OPEC’s secondary sources put Iran’s oil output in March at 3.790 million bpd.

In February, the U.S. Department of Treasury slapped new sanctions on Iran, targeting 13 individuals and as many companies in response to an Iranian ballistic missile test just days earlier. The targeted sanctions were not a reversal of the 2015 nuclear deal reached with Iran, but blacklisted Iranian citizens, including members of Iran’s Revolutionary Guards Corps, two Lebanese, and one Chinese, among others. The targets were alleged to have been involved in Iran’s ballistic missile program.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News