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Gulf State Welcomes US Call on Iran Deal

12 May 2018

"We'll see what happens", Trump said last week about his decision on the Iran deal.

On May 9, 2018, Donald Trump announced withdrawal from the nuclear deal and said that it was unable to stop Iran from developing nuclear weapons.

European oil companies could be particularly hit - French company Total signed a $5bn deal with Iran after the agreement, while BP has a joint venture to operate the Rhum gas field with Iran's state oil company.

"My expectation is not that oil prices go higher", he said.

Brent Crude and the American benchmark for oil, West Texas Intermediate, rose to three-year highs on Wednesday after President Donald Trump announced plans to withdraw the USA from the Iran nuclear deal.

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The back and forth Friday came as thousands of Iranians took to the streets in cities across the country to protest President Trump's decision this week to re-impose sanctions, arguing the 2015 nuclear deal that lifted sanctions wasn't tough enough on Iran.

USA bank Goldman Sachs said renewed sanctions and risks to supplies elsewhere, especially in Venezuela, meant there was a strong possibility of higher prices than the bank's summer Brent forecast of $82.50 per barrel.

He said Iran's right to peaceful use of nuclear energy should be respected along with worldwide community's strong interest in the exclusively peaceful nature of Iran's nuclear program.

Iranian oil exports have increased by roughly 1 million barrels per day since early 2016, and the big question is whether the market will be able to cope with a sharp drop in supply if sanctions are reimposed.

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U.S. crude settled at $70.73 per barrel. And there is no guarantee that Iran's major customers will comply with new sanctions.

For quite some time, the oil price has been active now after a number of initiatives taken by Organization of Petroleum Exporting Countries (OPEC) and others to keep prices at a competitive level.

They expect West Texas Intermediate, the most commonly cited U.S. contract, to trade $6 below the price of Brent in 2019.

"Looking into the next 18 months, we expect global oil supply and demand balances to tighten", he added. Even before Trump's announcement gasoline prices were almost 50 cents a gallon higher than a year ago.

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Gulf State Welcomes US Call on Iran Deal