All this just for that ! The delegates of the OPEC had put all their talent negotiators in the battle to reach an agreement. Friday,June 22, the Organization of the petroleum exporting countries (OPEC), soon to be followed by its ally the Russian, announced a moderate increase in production to stabilize oil prices.
An agreement to be reached under pressure of the us president, Donald Trump, who had accused the OPEC, with great blows of tweets raging, to maintain “artificially high” oil prices. Admittedly, the agreement was not very explicit, but it gave carte blanche to saudi Arabia, in particular, to increase its production in order to balance the market.
But things don’t go as planned. After its release blaring of the agreement on the iranian nuclear, Donald Trump has demonstrated its willingness to exert maximum pressure on Tehran. Gold Iran, third largest producer of OPEC, has an economy that is very dependent on hydrocarbons.
Stop purchases before the November 4,
Tuesday, June 26, an official from the u.s. State department told journalists that all countries had to stop entirely their imports of iranian oil by 4 November, if they want to avoid u.s. sanctions. Statements which have had an immediate impact on a oil market is already stretched.
The United States has already warned a number of countries that are importers of black gold in iran, such as Japan, South Korea or India, that they had to act immediately to ensure that the purchases will be completely stopped on November 4th. During the last embargo us and eu on Iran, several countries have been granted specific exemptions. China and India had never ceased their imports. “This is one of our main priorities of national security. I won’t go so far as to say zero exemption permanently, but the position is that we…