Iran hasn't cut offshore oil nor halted exports, according to IOOC

Iran Says Will Sell Oil On 'Gray Market'

Iranian President Hassan Rowhani plans to declare his country's "partial termination" of the nuclear deal with major powers on Wednesday, according to two Iranian news agencies.

The U.S. bank said "we therefore expect a near-term Brent rebound", although it added that "beyond the next couple months. all these supply and demand cross-currents will dissipate to bring a balanced global oil market, once new (U.S.) Permian transport capacity is online and core-OPEC ramps up".

Trump subsequently reimposed tough sanctions on Iran, including on its lifeblood oil exports with the stated intent of reducing them to zero and starving Iran's economy.

United Nations inspectors say that Iran has remained in compliance with the nuclear deal, which is still backed by European powers as well as Trump's Democratic rivals seeking to unseat him next year.

USA officials announced on Sunday that the movement of the Abraham Lincoln carrier strike group and a bomber task force towards the Middle East was meant to counter "credible threats", but Tehran dismissed the move as "psychological warfare".

The European Union has vowed to counter Trump's renewed sanctions on Iran, including by means of a new law to shield European companies from punitive measures. Parliament speaker Ali Larijani, a former chief nuclear negotiator, said May 4, "According to the JCPOA, Iran can produce heavy water - and according to the agreement, it would not be in violation".

Under the 2015 deal, Iran restricted the capacity of its uranium enrichment program in exchange for a lifting of most global sanctions.

Iran has denied ever pursuing a nuclear weapons program.

United Nations nuclear inspectors have repeatedly verified Iranian compliance with the accord.

Bolton - who has spearheaded an increasingly hawkish USA policy on Iran - said the decision, which could exacerbate tensions between the two countries, was meant to send a "clear and unmistakable message" of United States resolve to Tehran.

On Sunday, Secretary of State Mike Pompeo issued a warning to the Islamic Republic.

Moreover, many claim that if China resists calls to end Iranian oil imports, it could jeopardize ongoing sensitive trade talks, which appear to be heading to successful conclusion.

Friday's move, which Rouhani made no direct reference to, was the third punitive U.S. action taken against Iran in as many weeks.

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