Trump does not mean raising oil prices with Iran sanctions

Trump does not mean raising oil prices with Iran sanctions
US President Donald Trump spoke to reporters who followed his journey before boarding the Air Force One presidential plane at Andrews Air Force Base, Monday, November 5, 2018. Photo: AP

MPCore.us – America re-imposed sanctions on the oil industry and the Iranian financial sector on Monday (5/11). But when Trump spoke to reporters on Monday, he said he wanted to soften sanctions against Iranian oil importers.

“This has nothing to do with Iran, I can erase Iranian oil immediately, but it will shake the market,” he said. “I don’t want to increase oil prices.”

Earlier, on Monday, Foreign Minister Mike Pompeo accompanied by Finance Minister Steven Mnuchin, told reporters the Iranian regime had a choice.

“The regime can do a 180 degree reversal of its actions that violate the law and act as an ordinary state, or it can also witness its economy collapse,” Pompeo said.

These steps restore the ban on buying Iranian oil, which is an important part of its economy. Trump’s government officials said eight countries were given short-term exemptions to give them time to reduce their total Iranian oil imports.

These countries are Turkey, China, India, Japan, South Korea, Taiwan, Italy and Greece. They represent the majority of Iranian oil exports. It is not clear when this exception will expire.

Pompeo also said the exception was intended to avoid disruption to the global oil market.

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