UK's May and Trump agree talks needed over Iranian sanctions

Key buyers of Iranian oil

Saudi Arabia's Ambassador to the United States has applauded Donald Trump's decision to withdraw from the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), and to reimpose sanctions on the country.

Iran had been able to safeguard its oil industry against such threats over the past few years, Zangeneh was quoted as saying by Xinhua news agency.

President Donald Trump's announcement that the USA will leave the deal means that Washington will begin reinstating sanctions.

When asked if the two countries will go back to the earlier banking arrangement for buying natural gas and oil, Teotia said the Rupee-Riyal arrangement was never terminated.

If Trump restores core USA sanctions, under US law he must wait at least 180 days before imposing their furthest-reaching measure: targeting banks of nations that fail to significantly cut their purchases of Iranian oil.

The pact, lifted sanctions on Iran in exchange for Tehran limiting its nuclear program.

Theresa May and Donald Trump have agreed talks are needed to discuss how United States sanctions will affect companies operating in Iran.

Trump's interpretation of U.S. strategic interests has also led to withdrawal from major worldwide climate and trade accords, the paper said, noting that many have expressed concern about the lack of a visible plan.

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"We're telling the Americans that it's their business what sanctions they impose, but we consider the extraterritoriality of these measures unacceptable", Mr Le Drian said. And there is no guarantee that Iran's major customers will comply with new sanctions.

Boeing said it would consult with the government on what comes next.

Several refiners in Asia said on Wednesday they were seeking alternatives to Iranian supplies.

U.S. oil prices have gained more than 16% since the start of the year.

The strategists pegged this forecast on stronger global economic growth, which should increase oil consumption.

At that time, conflict had engulfed fellow OPEC member Libya, driving its oil production down to little more than 200,000 barrels per day from around 1.4 million bpd in the space of 12 months.

Since January 2016, Iran's crude output has risen by around a quarter, or 800,000 bpd, to 3.82 million bpd, making it the sixth largest oil producer in the world.

The Indian oil ministry has not commented on the USA pullout, but the foreign ministry on Wednesday called for diplomacy to resolve the dispute over the nuclear deal with Iran. But since they do not really trade much with Iran anyway, they do not add much to the coalition.

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