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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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US withdraws from the 2015 Iran nuclear deal

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 09 May 2018 07:57 GMT

The deal made between the U.S. and five other world powers in 2015 removed several strict sanctions from Iran in exchange for curbing the country's nuclear program. When sanctions were lifted, Iran's export of crude oil rose about 1 mbpd. As Trump yesterday stated that the U.S. is withdrawing from this deal and intends to reimpose sanctions, some of these barrels could potentially be taken off the market.

The UK, Germany, France, China and Russia signed the deal along with the U.S. and they remain part of the deal with Iran. The U.S. Treasury announced that countries trading with Iran will have up to 180 days to decrease trade with Iran before sanctions will have full effect. It is though uncertain if additional sanctions to the ones pre-2015 will be added, but most likely is it that the pre-2015 sanctions will be reimposed. A lot of uncertainly remains, but for now it looks like countries importing oil from Iran after the 180 days wind-down period (November 4th) will be sanctioned by the U.S.

Looking to the oil market, yesterday saw heavy intraday volatility with Brent oil price fluctuating between $74 and $76. The limited immediate increase in prices could be due to some risk premium already being priced in, but prices are expected to respond heavily to reactions from decision makers around the world as there is a lot of uncertainty at the moment.

The comments from the U.S. took focus away from the weekly oil stocks data from the American Petroleum Institute (API) which showed a drop in crude oil inventories of almost 2 mio. barrels ahead of today's EIA oil inventory report. Consensus is a drop of 0.7 mio. barrels of crude oil, small drops in distillates and gasoline inventories as well. The report is published around 16.30 CET.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






Related Links:

Trump set to announce today if US will remain in Iran nuclear deal
A/S Global Risk Management Ltd.

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