Iran Sanctions May Be a Blessing for US Crude Exports

Iran Sanctions May Be a Blessing for US Crude Exports

Boeing Co said on Tuesday it will consult with the U.S. government on "next steps" following President Donald Trump's decision to withdraw from a 2015 global agreement created to deny Iran the ability to build nuclear weapons.

President Trump said that he will sign a presidential memorandum to begin reinstating U.S. nuclear sanctions on Iran.

A White House statement issued after Trump's speech said the U.S. president directed his "administration to immediately begin the process of re-imposing sanctions" related to the deal, formally known as the Joint Comprehensive Plan of Action (JCPOA). In recent polls, almost two-thirds of those responding, or 63 percent, supported the Iran deal, the highest level of support ever recorded.

Today the president called the deal "defective at its core", and promised to punish Iran with "the highest level of economic sanctions". The International Atomic Energy Agency has confirmed Iran is complying with the terms of the JCPOA, as has President Trump's own administration and our international allies.

But Israeli prime minister Benjamin Netanyahu praised the USA president's decision as "a historic move". Add in a fresh round of US sanctions implemented this week against Venezuela - whose production has already been decimated - and two big sources of supply might end up being taken off world oil markets.

After the stealth efforts were reported by The Boston Globe, the Republican president took to Twitter to criticize and taunt the 74-year-old former diplomat for his "possibly illegal Shadow Diplomacy".

"I believe that the decision to put the JCPOA at risk without any Iranian violation of the deal is a serious mistake", Obama said in a statement.

Like Dubowitz, Albright felt the Iran deal didn't sufficiently block the Iranian regime from a pathway to nuclear weapons.

He said "a great portion of the Iranian elite" who benefited from the post-deal business would want the deal to survive.

Trump also warned other countries not to help the Iranian government.

Iran's president Hassan Rouhani, meanwhile, said there's a "short time" to negotiate with the countries remaining in the nuclear deal, warning his country could start enriching uranium more than ever in the coming weeks.

Mr Trump likes to think of himself as a master of deal-making. "Together with the rest of the worldwide community, we will preserve this nuclear deal".

US President Donald Trump displays a presidential memorandum after announcing his intention to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, US, May 8, 2018.

Donald Trump's decision to violate world powers' agreement with Iran - which took seven years to create through sanctions and diplomacy, with the help of China and Russian Federation - is his most extreme response possible in the circumstances.

In a statement, France, Germany and the United Kingdom - who are also signatories to the deal - have said they "regret" the American decision.

Trump, who repeatedly criticized the accord during his presidential campaign, said Tuesday that documents recently released by Netanyahu showed Iran had attempted to develop a nuclear bomb in the previous decade, especially before 2003.

The deal was crafted under the Obama administration, and saw Iran giving up its nuclear weapons program in exchange for the easing of economic sanctions against it. The Iran Deal gave the West a fifteen-year delay in Iran's nuclear program.

The Obama-era deal imposed restrictions on the Islamic republic's nuclear program in return for the lifting of most of the USA and worldwide sanctions against Tehran. The highly controversial move comes in defiance of US allies' pleas to save the agreement from collapse, and leaves an uncertain future for Iran's nuclear program. The president said he wanted a "real, comprehensive and lasting solution" that would thwart Iran's nuclear ambitions.

Sen. Tim Scott, who is also from SC and serves on the panel, called on USA allies to "come to the table to lay out a new course focused on furthering global security if we are going to get serious about curbing Iran's nuclear program".

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