Oil Prices to Be Unaffected by Trump Remarks on Tehran Policy – Minister

Oil Prices to Be Unaffected by Trump Remarks on Tehran Policy – Minister
AP Photo/ Vahid SalemiBusiness16:33 15.10.2017(updated 16:41 15.10.2017) Get short URL

The Iranian minister of petroleum commented on the impact of the latest Trump’s moves toward Tehran on oil prices.

MOSCOW (Sputnik) — The oil market will not react to the statement of US President Donald Trump about Washington’s new policy toward Tehran, Iranian Minister of Petroleum Bijan Zangeneh said Sunday.

“I see it unlikely that these remarks will have any determining impact on the price of oil,” Zangeneh said, as quoted by the Shana news agency.

In a speech on Friday, US President Donald Trump said his administration had decided not to certify Iran’s compliance with the nuclear agreement, also known as the Joint Comprehensive Plan of Action (JCPOA), but had not challenged Iran’s compliance with the deal at the international level. 

Earlier in the day, Iranian Foreign Minister Mohammad Javad Zarif said that the country would withdraw from the JCPOA in case the United States undertakes a similar step.

In July 2015, Iran signed the JCPOA with the P5+1 group of nations, a group of five permanent members of the UN Security Council — China, France, Russia, the United Kingdom, the United States — plus Germany. The nuclear deal came into force in January 2016, and provides for the gradual lifting of economic and diplomatic sanctions imposed on Tehran by Western countries in exchange for closing Iran’s nuclear program.