Europe isn't USA 'vassal,' wants to uphold Iran nuclear deal

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US President Donald Trump said the deal was "horrible" because of expiry dates on its restrictions and because it did not cover Iran's ballistic missile programme or its regional influence.

The bank's analysts wrote Thursday that collapsing oil production in Venezuela and potential export disruptions in Iran could push the price of Brent crude as high as $100 per barrel in 2019.

Trump's message to the Europeans in the run-up to his announcement was that they must come up with a way to toughen the nuclear deal if the United States was to remain in it, said sources familiar with the discussions.

Al Jazeera's Zein Basravi, reporting from Tehran, said the cleric's words were a "sign that hardliners in Iran have been emboldened".

According to the report, India under the Modi government have benefited from lower oil prices in recent years.

GE affiliates based outside the United States since 2017 received contracts totaling tens of millions of dollars for equipment for gas production projects and gas and petrochemical plants, according to a May 1 securities filing.

Iran's Foreign Minister Javad Zarif has begun a diplomatic tour to seek assurances that signatories to a landmark nuclear deal will back it despite its abandonment by the US.

The sources familiar with the debate said Trump wanted a separate agreement with the other main signatories of the original deal - France, Britain, Germany, China and Russian Federation.

The immediate impact is more likely to be seen in a tougher approach in Syria, where Iranian troops (sent to aid the Government side in the civil war) are bombed by the Israelis practically every week.

The deal had limited Iran's nuclear ambitions in exchange for removing joint U.S. -Europe sanctions against the Middle Eastern country.

Some now say the logic of Trump's "maximum pressure" tactics leads not to a new quest for an accord but an attempt to crush Iran's already weak economy and to topple its regime.

Outside Europe, one of Iran's single biggest customers-China-has already reassured Tehran that it would continue to import its crude.

Brent crude, the global oil benchmark, was up 0.4% to trade at $77.66 per barrel.

Merkel said Friday the unilateral USA withdrawal undermines confidence in the global order, but that it wasn't enough to abandon decades of cross-Atlantic cooperation.

"The goal is ultimately to reach a point where we sit down with the Iranians and negotiate a new deal, but I don't think we're at that point today or will be tomorrow", the State Department official said. But Berlin said the agreement would have to be submitted to a European Union body for approval, and this appeared to stall the effort, they said.

The official said that "Following the U.S. decision to withdraw from the nuclear agreement with Iran, Saudi Arabia is committed to supporting the stability of oil markets for the benefit of producers and consumers and the sustainability of the global economic growth".

"We strictly conform with European Union and global laws and regulations, and scrupulously respect any trade restriction that could occur from any potential worldwide sanctions or embargo". Now, some market participants say the market could tighten dramatically after years of oversupply.

India is the third largest supplier of crude oil to India after Saudi Arabia and Iraq.

"I'm not the national security decision maker", Mr. Bolton said, adding that Mr. Trump "makes the decision and the advice that I give him is between us". On Tuesday however, Saudi Arabia promised to work with other OPEC members to "mitigate" the impact of any supply disruptions.