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USA to renew sanctions on Iran after withdrew from nuclear dealsUSA to renew sanctions on Iran after withdrew from nuclear deals |
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The USA government on 8 May 2018 announced its withdrawal from the international nuclear deal with Iran while other signatories in the 2015 agreement including Iran, France, Britain, German, Russia and China, however, vowed to keep the deal in place.
The USA also plans to revive the related sanctions on Iran’s energy, auto and finance sectors in the next three and six months, which deeply concern the market.
Iran is the third-largest member of OPEC, producing about 3.8 million barrels per day of crude. Out of its 2.5 million barrels per day export, China, India, Japan and South Korea are the main buyers and just about 600,000 bpd of Iranian crude are going to Europe.