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Oil holds near multi-year highs on Iran supply concerns
16 May 2018, 11:11 | Kelvin Horton
Trump's Threatened Sanctions Against Iran Could Cost US, European Firms Billions
India pays its third largest oil supplier in Euros using European banking channels and unless these are blocked, imports will continue, they said.
The U.S. withdrawal is not expected to trigger any snap-back of EU, UN or other non-U.S. sanctions in Iran. Boeing separately struck another 30-airplane deal with Iran's Aseman Airlines for $3 billion at list prices.
USA drillers added rigs for the sixth straight week, bringing the total rig count to 844, highest since March 2015, General Electric Co's Baker Hughes energy services firm said.
U.S. President Donald Trump meets with British Prime Minister Theresa May during the U.N. General Assembly in NY, U.S., September 20, 2017. "The Treasury Department thanks the UAE for its close collaboration on this matter".
British Prime Minister Theresa May has told US President Donald Trump that the United Kingdom and its European Union partners will remain "firmly committed" to the Iran nuclear deal.
President Trump announced today, May 8, 2018, that the United States would withdraw from the Joint Comprehensive Plan of Action ("JCPOA"), the Iran nuclear deal implemented in January 2016.
Le Maire said he was seeking concrete exemptions for countries already present in Iran, including Renault, Total, Sanofi, Danone and Peugeot.
USA sanctions on Iran will have a six-month period during which buyers should "wind down" oil purchases, meaning any loss of supply will not be immediately felt in the market. He demanded to "fix" it, threatening to withdraw the U.S. from the deal.
Oil extended gains above $71/bbl on the risk of supply disruptions as a conflict between Israel and Iran ratcheted up, and after the USA renewed sanctions on OPEC's third-largest producer.
First, about half the 2.3M b/d of Iranian export crude oil still goes to China, India and Turkey (about 1.2M b/d is exported to those three nations, according to Poten and Partners head of research Erik Broekhuizen) and will continue to do so after USA sanctions are re-imposed.
"We believe the previous 1 million bpd limit for exports (imposed during previous sanctions) will be reimposed".
"It's the same witches brew of bullish stuff: Iran, Venezuela, the lack of alacrity by Saudi Arabia to bring more oil onto the market", said John Kilduff, partner at Again Capital in NY.
A spokesman for Mrs May said: "The Prime Minister reiterated the Government's position on the Iran nuclear deal, noting that we and our European partners remain firmly committed to ensuring the deal is upheld, as the best way of preventing Iran from developing a nuclear weapon". Iranian crude oil is something India looks up to.
Global benchmark Brent crude stabilized near 3-1/2-year highs on Friday as the prospect of new US sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand.
Britain must team up with Germany and France to do "everything we can" to salvage the deal, Admiral West said.
Flood watch in effect; here's how much rain we could get
After storms earlier in the week, heavy rain forecasted for the region on Wednesday afternoon poses a risk of isolated flooding. A Flash Flood Watch means that there is the potential for flash flooding which can be life-threatening.