Iran to keep enriching uranium despite USA move: parliament speaker

Shale,India oil import,US shale

Iran to keep enriching uranium despite USA move: parliament speaker

Iran is expected to announce plans to scale back compliance with a landmark nuclear deal on the anniversary of the United States's decision to withdraw from the worldwide accord, state media reported on Tuesday.

The Wall Street Journal reports the latest comments by Abas Aslani, Journalist; visiting scholar at the Center for Middle East Strategic Studies (CMESS), as he cites "sources saying that Iran's President will likely announce countermeasures against USA withdrawal from JCPOA on Wednesday May 8 (anniversary of United States withdrawal)".

Crude oil prices inched up Friday, as strong US economic data boosted demand feelings, and as production drops in sanctions-hit Iran and Venezuela tightened the market, Kallanish Energy reports.

Can the United States drive Iran's oil production to zero?

Other observers were much more skeptical of the intentions of Bolton, who advocated attacking Iran and enjoyed close ties to the country's formerly armed opposition before Trump hired him. The US also blacklisted Iran's Revolutionary Guard Corps as a terrorist organization.

The other signatories to the deal - Germany, France, Britain, Russia and China - remain committed to it.

USA sanctions have already halved Iranian crude exports over the past year to less than 1 million barrels per day (bpd), with shipments to customers expected to drop to as low as 500,000 bpd in May as sanctions tighten.

Cautioning against the U.S. plot to sow discord and division in Iran, the president said some people do not still believe that Iran is faced with a political, economic and psychological war with the US.

The sanctions are expected to be announced on Wednesday, May 8, which marks the one year anniversary of Trump's withdrawal from the Iran nuclear deal.

Axios reported on Monday that the move was made partially due to information that the United States received from Israel concerning an alleged Iranian plot to attack American interests in the Gulf.

Bank of America Merrill Lynch said it expected Saudi Arabia "to bring back oil production slowly as Iranian barrels exit the market", adding that it expects Brent to have a floor at $70 a barrel in current market conditions. Afterwards, Washington re-imposed unilateral sanctions on Iran that had been lifted under the deal.

However, under the deal - known as the Joint Comprehensive Plan of Action (JCPOA) - Iran stated that it would treat any reintroduction of sanctions "as grounds to cease performing its whole or in part".

Latest News