U.S. SANCTIONS FOR IRAN
PLATTS - The Trump administration will not certify the Iran nuclear deal, US Vice President Mike Pence said Thursday, increasing the likelihood of re-imposition of US sanctions on international sales of Iranian crude.
"The United States will no longer tolerate Iran's destabilizing activities across the region, and this country will no longer certify the disastrous Iran nuclear deal," Pence said during a speech at the Conservative Political Action Conference.
In January, President Donald Trump renewed waivers on nuclear-related sanctions for another 120 days but warned Congress and the US' European allies that they need to fix the nuclear deal or the US would withdraw from it. That set a new deadline of May 11 for the next sanctions waiver.
Joe McMonigle, an analyst with Hedgeye Capital, said Thursday that Pence's comments show that the Trump administration is "walking down the road to deny the oil sanctions waiver at the next deadline in May."
"I think the only chance to save the Iran deal now is if the EU can get some kind of side agreement on ballistic missiles but I think Iran is unlikely to be cooperative," McMonigle said.
Iran produced 3.83 million b/d of crude in January, according to the latest S&P Global Platts OPEC survey, up about 1 million b/d from just before the nuclear deal went into force in January 2016.
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