The debate behind Trump's move to tighten Iran oil sanctions by humeyra_pamuk TimoGard
WASHINGTON - U.S. President Donald Trump’s unexpected decision to ban all Iranian oil purchases after May 1 - ending exemptions for eight nations - came after hawkish economic and security advisors allayed the president’s fears of an oil price hike, according to three sources familiar with the internal debate.
“No one’s actually tried to take this all the way to zero,” a senior administration official told Reuters, adding that forging a consensus among government agencies required “a lot of work.” The United States currently removes about 2 million barrels of oil per day from the world’s supply through sanctions on the Iran and Venezuela industries. But Washington hopes that soaring U.S. oil production - now at an all-time high of more than 12 million barrel per day - will keep global markets well-supplied and hold prices down.
Trump discussed the matter with National Security Adviser John Bolton, Treasury Secretary Steve Mnuchin, Energy Secretary Rick Perry as well as Secretary of State Mike Pompeo. Obama’s sanctions program ended with the Joint Comprehensive Plan of Action, an international accord with Tehran reached in 2015 that was meant to prevent Iran from getting a nuclear bomb. Trump ridiculed the deal and unilaterally abandoned it last year over the objections of the other signatories. International nuclear inspectors said at the time that Iran was abiding by the deal’s terms.
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