Comment: Donald Trump's big oil play hinges on Saudi co-operation - he may be disappointed
may be the most visible consequence of Donald Trump’s decision to tighten its sanctions on Iranian oil exports but that decision will also add another layer of complexity to America’s already complicated relationships with a range of trade and security partners.Bloomberg
Iran’s response has been to threaten to close the Strait of Hormuz, the vital shipping lane for Middle Eastern oil, although the presence of the US fifth fleet in Bahrain might make that an empty threat.China, Iran’s major customer, has indicated it may not respect the sanctions while Turkey has also said it doesn’t accept unilateral sanctions.
The US is, however, relying on OPEC to increase output to keep a lid on the oil price and US gasoline prices. Trump’s unwillingness to criticise the Saudis for the murder of Washington Post columnist Jamal Khashoggi – despite US intelligence agencies concluding that Prince Mohammed had ordered the brutal killing – might also influence its response.Venezuela’s oil industry has collapsed, partly as a result of incompetent economic management and partly because of US sanctions that are set to be tightened further next week. Another major producer, Libya, is experiencing escalating internal conflict.
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