OPEC says US exit from Iran Deal may be source of uncertainty

IRNA – Organization of Petroleum Exporting Countries (OPEC) reported that the US May 8 withdrawal from the Iran Deal ‘may be a source of uncertainty in the future.’

‘The initiation of further sanctions on Russia and the withdrawal from the Iran nuclear deal are additional elements that may be a source of uncertainty in the future, impacting the US economy and global trade,’ OPEC said at its Monthly Oil Market Report in May 2018.

‘The latest rounds of US sanctions on Russia, tariffs on Chinese products in combination with considerable requests by the US in trade negotiations with China, US tariffs on steel and aluminium, prolonged North American Free Trade Agreement (NAFTA) negotiations, as well as the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) with Iran all point to rising uncertainty.’

Iran and the six world powers- US, UK, France, Russia, China and Germany- reached a landmark nuclear deal on July 14, 2015.

‘Implementation Day’ of the Iran Deal, formally known as the JCPOA, was announced on January 16, 2016, but the Unites States unilaterally withdrew from the international deal on May 8, 2018.