Published: Wed, July 11, 2018
Finance | By Claude Patterson

Pompeo Accuses Iran of Using Embassies to Plot Europe Terror Attacks

Pompeo Accuses Iran of Using Embassies to Plot Europe Terror Attacks

"Sanction and financial threats have turned into opportunity for us, because they have led to self-reliance and strength of domestic capacities which can be a model for all other freethinking countries", Hatami remarked.

Mr. Pompeo spoke as he wound up a short trip to the United Arab Emirates, a staunch US ally, and as senior USA officials were wrapping up three days of talks in neighboring Saudi Arabia centered on Iran.

Pompeo said that included a "series of sanctions aimed not at the Iranian people, but rather aimed at the single mission of convincing the Iranian regime that its malign behaviour is unacceptable".

US President Donald Trump announced in early May the unilateral withdrawal of the US from the Iran nuclear deal and the reinstatement of sanctions against the country, as well as against foreign companies who do business with it.

Iran "should know that America is committed to keeping sea lines open, keeping the transit of oil available for the entire world", Pompeo said.

"That's the commitment we have had for decades", he said.

The Iranian oil ministry said last week that it exported 2.2 million barrels per day of crude oil in June.

Eshaq Jahangiri said Washington was trying to stop Iran's petrochemical, steel and copper exports.

The prospect of sanctions on oil exports from Iran, the world's fifth-biggest oil producer, has helped push up oil prices in recent weeks with both crude contracts trading near 3-1/2-year highs. While allies like Saudi Arabia, the UAE and Kuwait say they are willing to increase their own production as necessary, additional output may not be enough to satiate demand.

United States benchmark crude traded near $75 a barrel on Tuesday, while Brent crude traded near $80. "... India is trying to make Chabahar port in Iran operational by 2019... opening up of the Chabahar port would make the CIS countries more accessible", the shipping minister said.

". If India were to replace Iran with countries like Saudi Arabia, Russia, Iraq, the U.S. and others for the 10 per cent of its oil demand then it may have to revert to dollar-denominated imports which mean higher CAD (Current Account Deficit) and deprivation of all other privileges Iran has offered to India", Mr Rahaghi said. He warned such imports largely would be "sanctionable activity and we will enforce those sanctions".

India, Iran's top oil client after China, has asked refiners to look for alternative oil as the nation may have to drastically cut imports from Tehran to comply with the renewed USA sanctions.

Pompeo met Abu Dhabi's powerful crown prince, Mohammed bin Zayed Al Nahyan, while on his short trip to the UAE.

Meanwhile, however, the Indian government has become the target of criticism both at home and in Iran after it gave in to USA pressure and refiners began cutting imports.

Like this: