Iran Resisting US Sanctions, Continues to Export Crude Oil

Iran Resisting US Sanctions, Continues to Export Crude Oil

Iran Resisting US Sanctions, Continues to Export Crude Oil

$OIL

Iran will continue to export Crude Oil despite US sanctions, which are part of a psychological war doomed to failure, Iranian President Hassan Rouhani said Monday.

By reimposing sanctions on OPEC’s 3rd biggest crude producer, Washington wants to force Tehran to drop its ballistic missile programs, further curb its nuclear work and limit its support for proxy militias from Syria to Lebanon and Yemen.

“We will not yield to this pressure, which is part of the psychological war launched against Iran,” Rouhani said in a speech broadcast live on state television.

“They have failed to stop our oil exports. We will keep exporting it … Your regional policies have failed and you blame Iran for that failure from Afghanistan to Yemen and Syria,” he added, to chants of “Death to America!.”

Rouhani said Washington lacked the necessary international support for its sanctions, and noted that it had granted temporary waivers to eight major buyers of Iranian Crude Oil.

“America is isolated now. Iran is supported by many countries. Except for the Zionist regime and some countries in the region, no other country backs America’s pressure on Iran,” he said.

The EU, France, Germany, Britain, Russia and China, participants with the United States in the Y 2015 deal that lifted sanctions on Iran in exchange for curbs on its nuclear program, have been trying to find ways to circumvent the US limitations.

Foreign businesses ranging from Crude Oil companies, trading houses and firms are leaving Iran for fear of incurring US penalties.

Iran has threatened to exit the deal if its economic benefits are not preserved, but Foreign Ministry spokesman Bahram Qasemi told a news conference that it remained “hopeful that the Europeans can save the deal.”

Iran’s deputy Oil Minister Amirhossein Zamaninia said “France might host the SPV,” the semi-official Fars news agency reported on Monday.

The French Foreign Ministry declined to comment. The Finance Ministry has said that all options are on the table for the SPV and that no decisions had been taken.

Washington has warned that European banks and firms who engage in the SPV will be at risk from the reimposed US sanctions.

We expect the SPV will fail.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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