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Thursday, 26 April 2018

Trump’s Threat to Ax ‘Insane’ Iran Deal Is Scaring Off Oil Traders - Bloomberg

Trump’s Threat to Ax ‘Insane’ Iran Deal Is Scaring Off Oil Traders - Bloomberg:

"Some oil traders are already steering clear of doing business with Iran as U.S. President Donald Trump signals he’ll ditch the nuclear deal with OPEC’s third-largest producer.

Traders are unwilling to sign contracts for Iranian crude and refined products that would be valid after May 12, the deadline for Trump to decide whether to reimpose sanctions, according to recent interviews with six companies that buy and sell oil in the Middle East.

French President Emmanuel Macron, who met Trump this week in Washington, said he thinks the U.S. leader will abandon the nuclear accord that Iran signed with world powers in 2015. Trump ridiculed the existing deal as “terrible” and “insane.” U.S. curbs would squeeze Iran’s oil exports this year by as much as 500,000 barrels a day, according to consultant FGE and trader Gunvor SA. Iran currently ships about 2.5 million barrels a day."



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