After oil, the United States is considering imposing sanctions on other dollar sources in Iran and will focus on more companies and financial institutions engaged in commercial activities with Iran to cut off Iran’s access to the dollar, the Wall Street Journal reported.
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The move will crack down on export sales of Iranian petrochemical products and other commodities. Iran’s oil minister, Bijan Namdar Zanganeh, said today that Tehran would not remain silent if other OPEC members threatened Iran’s interests.
The dissolution of OPEC is possible. In April, the White House issued a public statement demanding that all Iranian oil buyers must stop importing by May 1 or face sanctions.
The White House aims to cut off the lifeline of Iran’s annual oil revenue of $50 billion to pressure Tehran to limit its nuclear and ballistic missile tests and stop its support for the Assad government in Syria and the Houthi forces in Yemen. And that has sparked resentment in Iran. Iran’s oil minister, Bijan Namdar Zanganeh, told members of Congress that the Trump Administration’s sanctions waiver plan would never be met: “It is impossible for the United States to expect to cut off Iran’s oil exports. We will do our best to break the United States sanctions.
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He pointed out that the current international crude oil market is still relatively fragile, the market can not predict, can not be sure that other oil-producing countries will produce enough crude oil to meet demand, some states boast that idle reserves are higher than the actual level. Iran’s semi-official media Tasnim (Tasnim) news agency reported that Iran’s Islamic Revolutionary Guards Naval commander Alireza Tangsiri said that if Iran can not use Hormuz, Str. Of, then it will be shut down.
The US attempt to keep Iran’s oil exports down to 0 will fail. The International Monetary Fund has previously warned that Iran’s recession is expected to deepen as a result of US economic sanctions, which is expected to shrink by 6% per cent this year, shrinking for the second year in a row, with inflation likely to soar to more than 40%, the highest level since 1980, the third largest in the world,
Only better than Venezuela and Zimbabwe. In addition, the EIA Weekly, released in Wednesday, showed a high innovation in U.S. crude oil production in the week of April 26, adding 100,000 barrels to 12.3 million barrels per day. The week’s EIA crude oil stock increased by 9.934 million barrels, the highest increase in the week of November 16 last year (24 weeks), pushing the United States last week crude oil stocks rose to the highest since September 2017.
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