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Iranian Leaders Chant "Death To America", Burn US Flag

11 May 2018

The return of the sanctions could initially reduce by 500,000 bpd Iran's current crude oil production of 3.8 million bpd, Goldman Sachs said in a note today, as carried by Reuters. Under the 2015 deal, Iran was allowed to resume exporting crude.

"The average family out there can expect to pay about $200 more than they paid last driving season and about $250 more than the 2016 driving season", says Kloza. "The country needs nuclear power and according to experts, the country will need 20,000 megawatts of nuclear electricity".

Given the widespread condemnation of the United States decision to both withdraw from the JCPOA and reimpose previous economic sanctions against Tehran, the respective Middle East strategies on both sides of the Atlantic appear to be at odds, for the time being, undermining Mattis' comments.

Iranian lawmakers on Wednesday raged about Trump's decision - burning a copy of the agreement along with an American flag while bellowing "Death to America!"

"That's not a deal for the United States".

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'Whether or not (the Iranians) go for a military programme, you're going to get a nuclear race in the Middle East, ' said Dorsey. While Iranian officials, including the parliament speaker, say they hope Europe will work with them to preserve the deal, many are pessimistic. Companies and banks doing business with Iran will have to scramble to extricate themselves or run afoul of the U.S. government.

Struck in July 2015, the JCPOA was signed by leaders of Iran, the United Kingdom, France, Russia, China, Germany and former USA president Barack Obama.

Rouhani, considered a moderate by Iranian standards, joined in the criticism of the U.S., and said, "The U.S.is a country that has never adhered to its commitments". Trump's decision could also give hardliners who opposed the deal an edge over Rouhani.

Prime Minister Justin Trudeau has delivered a thinly veiled rebuke to the Trump administration and Israel over their opposition to the Iran nuclear deal, setting the stage for a divisive G7 summit next month. Mohammad Bagheri's reaction to the news was that Tehran shouldn't rely on the JCPOA. He predicted Iran would choose to negotiate eventually, or face consequences.

Many Iranians are anxious about what Trump's decision could mean for their country.

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"From this moment, the JCPOA is between Iran and five countries", he said in a televised address.

On social media, many Iranian users shared a hashtag, #untr_US_table, to signal their anger at the United States.

Brent crude oil touched its highest since November 2014 at $77.20 a barrel.

India, which has long-standing ties with Iran but also has close political relations with the United States, is Iran's top oil client after China.

On Wednesday, Saudi Arabia, the world's largest oil exporter and an adversary of Iran's, tried to calm the markets.

Oil market points to 'tighter for longer' as Trump ditches Iran deal
Since then, Iran ramped up supplies, producing 3.81 million bpd in March 2018, nearly 4 percent of global output. Benchmark U.S. crude gained $2, or 2.9 percent, to $71.06 a barrel in NY , the highest level since late 2014.

Saudi Arabia said it would work with other producers to lessen the impact of any shortage in oil supplies. Trump's statements that Iran was not holding up its end of the bargain and had a path to the bomb were simply false.

Iranian Leaders Chant