The F-35 has already freaked out Iran and changed everything in the Middle East

Standing in front of an F-35 jet parked at an Israeli Air Force base, Netanyahu barely held back a smile as he said that Israel can reach Iran, but Iran cannot reach Israel . But the F-35’s already powerful impact in the Middle East was multiplied extensively during the months leading up to the 2015 Iran nuclear deal. While never confirmed publicly, a good number of military and political leaders in the region believed and still believe the story. The long-rumored threat the F-35 posed to Iran n


Standing in front of an F-35 jet parked at an Israeli Air Force base, Netanyahu barely held back a smile as he said that Israel can reach Iran, but Iran cannot reach Israel . But the F-35’s already powerful impact in the Middle East was multiplied extensively during the months leading up to the 2015 Iran nuclear deal. While never confirmed publicly, a good number of military and political leaders in the region believed and still believe the story. The long-rumored threat the F-35 posed to Iran n
The F-35 has already freaked out Iran and changed everything in the Middle East Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jake novak
Keywords: news, cnbc, companies, iran, military, freaked, east, israeli, israel, irans, changed, middle, f35, air, jet, political, impact


The F-35 has already freaked out Iran and changed everything in the Middle East

That became even clearer this week thanks to a somewhat cheeky statement by Israeli Prime Minister Benjamin Netanyahu in response to Iran’s provocative moves in the Persian Gulf and other threats from Tehran. Standing in front of an F-35 jet parked at an Israeli Air Force base, Netanyahu barely held back a smile as he said that Israel can reach Iran, but Iran cannot reach Israel .

No conversation about the world’s massive political and economic changes since 2015 is complete without mentioning the F-35 Joint Strike Fighter, developed by Lockheed Martin .

To understand why that soundbite with the visual backdrop was more than just bluster, you have trace the F-35’s incredible history in the Middle East over the past four years.

You don’t have to be a military genius to know that a supersonic jet that can fly undetected by radar for hundreds of miles will make a difference anywhere in the world. But the F-35’s already powerful impact in the Middle East was multiplied extensively during the months leading up to the 2015 Iran nuclear deal. That was still more than a year before the jet was put into service anywhere in the world.

But it was late summer 2015 when reports in the Israeli news media surfaced about how Israelis working on F-35 prototypes had managed to double the jet’s flight and stealth capacity. It wasn’t lost on anyone that the extension meant Israeli Air Force pilots could use the F-35 to fly from Israel to Tehran and back without detection — and without having to refuel at U.S. air bases in Saudi Arabia or Iraq.

Suddenly, U.S.-Israeli air superiority in the region had risen to a new level. Saudi Arabia had already begun the process of cooperating more with Israel on defense and security matters for some time, something Prime Minister Benjamin Netanyahu hinted at during a “60 Minutes” interview after President Trump’s election. But the idea of letting Israeli jets land and refuel in that Arab country was still a stretch in 2015. Iraqi leaders were also not receptive to the idea. But the new technology was now rendering the objections moot.

The move only acted to bring the Saudis and the Israelis closer. It was one thing for the two countries to have a common enemy in Iran that was on the verge of getting billions of dollars and a clear, if supposedly delayed, path to a nuclear weapon. But with the new F-35 and its expanded capacities in the picture, there was something more tangible than political promises and intelligence sharing to hang their hopes on.

All of that made it easier for King Salman to shake up his regime and name Mohammed bin Salman the new crown prince. Mohammad, who is aggressive on defense, wasted little time enhancing military ties with Israel and the U.S. There was even an unconfirmed report that he visited Israel secretly in September 2017.

Yet the most direct effects of the F-35 were still to come. In July 2018, a Kuwaiti newspaper reported that Israel had flown a test mission of at least three F-35 jets to Tehran and back from an airbase near Tel Aviv. While never confirmed publicly, a good number of military and political leaders in the region believed and still believe the story. The long-rumored threat the F-35 posed to Iran now seemed like a reality.

Earlier this month, reports in the same Kuwaiti newspaper said that Iran’s military leadership panicked enough over the purported stealth mission that it kept news of it from reaching Iran’s Supreme Leader Ali Khamenei.

But when Khamenei found out about the mission, he reportedly moved to fire not only Iran’s air force chief but also the long-serving and powerful commander of Iran’s Revolutionary Guard Corps. That’s major impact without even firing a shot.

All of this comes as Turkey’s Prime Minister Tayyip Erdogan has decided to choose procuring Russia’s S-400 missile program at the expense of getting promised F-35s from the U.S. Judging by how much his neighbors in the region fear and revere the F-35, this appears to be a ruinous choice.

The impact of the F-35’s development has had a major financial impact, as well. Since reports of the Israeli stealth enhancement first surfaced, Lockheed Martin shares are up more the 75%. The F-35 program is also the most expensive defense project in U.S. history, and it has faced a long history of criticism for that cost.

But considering how much the very existence of the jet has already achieved in Israel, Saudi Arabia and Iran, it may already be more than worth it.

Jake Novak is a political and economic analyst at Jake Novak News and former CNBC TV producer. You can follow him on Twitter @jakejakeny.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jake novak
Keywords: news, cnbc, companies, iran, military, freaked, east, israeli, israel, irans, changed, middle, f35, air, jet, political, impact


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Iranian forces seize foreign oil tanker, crew: Iran state TV

Iran’s paramilitary Revolutionary Guard forces seized a foreign oil tanker accused of smuggling oil, Iran’s state TV reported Thursday. The vessel appears to be a United Arab Emirates-based tanker that had disappeared off trackers in Iranian territorial waters over the weekend. It said the oil tanker had 12 foreign crew members on board and was involved in smuggling some 1 million liters (264,000 gallons) of fuel from Iranian smugglers to foreign customers. The report said the oil tanker was int


Iran’s paramilitary Revolutionary Guard forces seized a foreign oil tanker accused of smuggling oil, Iran’s state TV reported Thursday. The vessel appears to be a United Arab Emirates-based tanker that had disappeared off trackers in Iranian territorial waters over the weekend. It said the oil tanker had 12 foreign crew members on board and was involved in smuggling some 1 million liters (264,000 gallons) of fuel from Iranian smugglers to foreign customers. The report said the oil tanker was int
Iranian forces seize foreign oil tanker, crew: Iran state TV Cached Page below :
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Iranian forces seize foreign oil tanker, crew: Iran state TV

Iran’s paramilitary Revolutionary Guard forces seized a foreign oil tanker accused of smuggling oil, Iran’s state TV reported Thursday. The vessel appears to be a United Arab Emirates-based tanker that had disappeared off trackers in Iranian territorial waters over the weekend.

The seizure was the latest in a series of dramatic developments as tensions mount between the United States and Iran over the unravelling nuclear deal between Tehran and world powers.

The Panamanian-flagged oil tanker MT Riah stopped transmitting its location early Sunday near Qeshm Island, which has a Revolutionary Guard base on it, according to data listed on tracking site Maritime Traffic.

Iran’s state television did not identify the seized vessel or nationalities of the crew, but said it was intercepted on Sunday. It said the oil tanker had 12 foreign crew members on board and was involved in smuggling some 1 million liters (264,000 gallons) of fuel from Iranian smugglers to foreign customers.

The report said the oil tanker was intercepted south of Iran’s Larak Island in the Strait of Hormuz. Larak is a smaller island just southeast of the larger Qeshm Island.

Crude prices, which had been falling since last week, ticked higher almost immediately after reports of the incident.

The seizure of the ship does not immediately appear to directly target any one particular country and shows the Revolutionary Guard cracking down on illegal smuggling of Iranian oil.

If the MT Riah was indeed the ship seized, the move directly singles out UAE-bound and based vessels. The 58-meter (190-foot) Riah typically made trips from Dubai and Sharjah on the UAE’s west coast before going through the strait and heading to Fujairah on the UAE’s east coast.

The UAE has been calling for a de-escalation of tensions between the U.S. and Iran in past weeks, but has also lobbied for tougher U.S. policies on Iran and supports the maximum pressure campaign of sanctions imposed by the Trump administration since the U.S. unilaterally pulled out of Iran’s nuclear deal with world powers.


Company: cnbc, Activity: cnbc, Date: 2019-07-18
Keywords: news, cnbc, companies, iran, tv, seized, seize, foreign, iranian, irans, state, oil, crew, smuggling, riah, revolutionary, island, tanker, forces


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Oil prices could retest their 2019 lows if they fall below this level: RBC’s Helima Croft

But, now, with Iran claiming it seized a foreign oil tanker in the hotly contested Gulf of Oman, oil prices haven’t responded as commodity watchers may have expected, and Croft says that’s a sign of more pain to come. “I think that signals that this standoff over Iran is going to continue over the summer,” Croft, RBC’s global head of commodity strategy, said Thursday on CNBC’s “Futures Now.” Oil prices shed 2% by the end of the day. To Croft, that “underscores the fact that the situation is far


But, now, with Iran claiming it seized a foreign oil tanker in the hotly contested Gulf of Oman, oil prices haven’t responded as commodity watchers may have expected, and Croft says that’s a sign of more pain to come. “I think that signals that this standoff over Iran is going to continue over the summer,” Croft, RBC’s global head of commodity strategy, said Thursday on CNBC’s “Futures Now.” Oil prices shed 2% by the end of the day. To Croft, that “underscores the fact that the situation is far
Oil prices could retest their 2019 lows if they fall below this level: RBC’s Helima Croft Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lizzy gurdus
Keywords: news, cnbc, companies, summer, think, really, oil, fall, 2019, lows, croft, trump, retest, rbcs, pillar, demand, prices, level, iran, helima


Oil prices could retest their 2019 lows if they fall below this level: RBC's Helima Croft

It has indeed been a cruel summer for crude.

Oil prices have shed 13% since May 1 and nearly 8% in the last week despite spiking tensions in the Middle East, proving out a theory that RBC Capital Markets’ Helima Croft posited in April: that the Trump administration’s sanctions on Iran could lead to a “cruel summer” for the commodity.

But, now, with Iran claiming it seized a foreign oil tanker in the hotly contested Gulf of Oman, oil prices haven’t responded as commodity watchers may have expected, and Croft says that’s a sign of more pain to come.

“I think that signals that this standoff over Iran is going to continue over the summer,” Croft, RBC’s global head of commodity strategy, said Thursday on CNBC’s “Futures Now.” “The problem for the oil market is there’s still these big concerns about demand.”

President Donald Trump said later on Thursday that the U.S. Navy shot down an Iranian drone in a defensive move. Oil prices shed 2% by the end of the day.

To Croft, that “underscores the fact that the situation is far from over,” she told CNBC in a phone call Thursday. “The oil price in no way reflects the risk entailed in this crisis.”

It also makes things more complicated for investors, who are likely “taking a cautious approach” due to the fact that “they don’t know how this thing could escalate” and pricing in political risk is a difficult task, she said.

From these tensions to rising U.S. stockpiles to the U.S.-China trade war to West African crude cargoes “not finding a home” due to weakening demand, there are numerous drivers for worries around demand, Croft said — and, perhaps, not enough to calm them.

“Geopolitics has been this pillar supporting oil prices, but that really seems to be the main pillar right now, and so there’s all these other big concerns about demand and economic malaise out there,” said Croft, who is also a managing director at her firm.

And if that pillar falls, it could mean trouble for crude prices.

“When we talk to our technicals team, they basically say, ‘Look, if we breach [$]54.60, then we will be looking potentially at the lows we saw earlier this year.’ So, I think that’s a key point to watch,” Croft said. “I think it’s going to be this struggle over the next couple weeks between the demand story and the geopolitical story, and we’re just going to have to see how both stories unfold.”

For now, Croft predicted that the White House would likely keep up its pressure on Iran given how little it has cost the Trump administration so far.

“I think what [Iran is] looking to do is to do these sort of one-off attacks in order to … raise the cost of the U.S. continuing with the maximum-pressure policy,” she said. “They do not want to sit down at the negotiating table until they get sanctions relief from the United States. But the problem for the Iranians is all these one-off attacks on tankers are not moving the needle on oil prices.”

That makes for an easy win for the Trump administration, the strategist said.

“The fact that they’ve essentially taken two million barrels of Iranian exports off the market over the course of the year and oil is still struggling I think really shows that the U.S. has been able to pursue this policy against Iran without really pushing prices significantly higher,” Croft said. “It’s an amazing feat for the White House.”

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lizzy gurdus
Keywords: news, cnbc, companies, summer, think, really, oil, fall, 2019, lows, croft, trump, retest, rbcs, pillar, demand, prices, level, iran, helima


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Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potenti


Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potenti
Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, progress, pompeo, program, state, drops, production, negotiate, crude, session, oil, data, earlier, iran, missile, futures, ready, prices


Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.

Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09.

West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day.

“What were tailwinds have become headwinds,” said Bob Yawger, director of energy futures at Mizuho in New York. He said the same tensions between the United States and Iran that had driven prices higher earlier in the session were putting a damper on the market after Trump’s comments.

Trump said on Tuesday a lot of progress had been made with Iran and that he was not looking for regime change in the country.

Trump, who made the remarks at a Cabinet meeting in the White House, did not give details about the progress, but U.S. Secretary of State Mike Pompeo said at the meeting Iran had said it was prepared to negotiate about its missile program.

Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potential for a price spike should the situation deteriorate.

Uncertainty about China’s economic prospects also pressured prices lower after data on Monday showed that growth in the country slowed to 6.2% from a year earlier, the weakest pace in at least 27 years.

Additionally, U.S. oil companies on Monday began restoring some of the nearly 74% of production that was shut at platforms in the Gulf of Mexico because of Hurricane Barry.

Workers were returning to the more than 280 production platforms that had been evacuated. It can take several days for full production to resume.

The storm will probably result in a noticeable decline in U.S. crude oil stocks this week, analysts at Commerzbank said.

Inventory data will be published by the American Petroleum Institute on Tuesday evening, and by the U.S. Department of Energy on Wednesday.

However, some say the bullish inventory data is structural, and not attributable only to the storm.

“Beyond the storm we feel we’re in a tightening inventory mode through August,” said Phil Flynn, an analyst with Price Futures Group in Chicago.


Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, progress, pompeo, program, state, drops, production, negotiate, crude, session, oil, data, earlier, iran, missile, futures, ready, prices


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Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day. Trump said on Tuesday a lot of progress had been made with Iran and


Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day. Trump said on Tuesday a lot of progress had been made with Iran and
Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, futures, crude, program, session, progress, ready, state, iran, oil, prices, barrel, earlier, negotiate, pompeo, drops, tensions, missile, high


Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.

Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09.

West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day.

“What were tailwinds have become headwinds,” said Bob Yawger, director of energy futures at Mizuho in New York. He said the same tensions between the United States and Iran that had driven prices higher earlier in the session were putting a damper on the market after Trump’s comments.

Trump said on Tuesday a lot of progress had been made with Iran and that he was not looking for regime change in the country.


Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, futures, crude, program, session, progress, ready, state, iran, oil, prices, barrel, earlier, negotiate, pompeo, drops, tensions, missile, high


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European stocks close subdued as Fed rate cut expectations grow

European stocks ended subdued Thursday after weaker-than-expected U.S. economic data gave investors cause to anticipate that the Federal Reserve will cut interest rates at its upcoming July meeting. The pan-European Stoxx 600 ended Thursday’s trade marginally higher with, telecoms leading gains with a 0.8% climb while utilities stocks fell 0.9% at the close. Markets stateside are closed Thursday for the July 4 holiday and trading volumes in Europe are expected to be low. Asia-Pacific stocks trad


European stocks ended subdued Thursday after weaker-than-expected U.S. economic data gave investors cause to anticipate that the Federal Reserve will cut interest rates at its upcoming July meeting. The pan-European Stoxx 600 ended Thursday’s trade marginally higher with, telecoms leading gains with a 0.8% climb while utilities stocks fell 0.9% at the close. Markets stateside are closed Thursday for the July 4 holiday and trading volumes in Europe are expected to be low. Asia-Pacific stocks trad
European stocks close subdued as Fed rate cut expectations grow Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-04  Authors: elliot smith
Keywords: news, cnbc, companies, european, expectations, economic, ended, cut, close, fell, subdued, trade, president, fed, rates, markets, iran, data, grow, stocks, rate


European stocks close subdued as Fed rate cut expectations grow

European stocks ended subdued Thursday after weaker-than-expected U.S. economic data gave investors cause to anticipate that the Federal Reserve will cut interest rates at its upcoming July meeting.

The pan-European Stoxx 600 ended Thursday’s trade marginally higher with, telecoms leading gains with a 0.8% climb while utilities stocks fell 0.9% at the close.

The Dow Jones Industrial Average and Nasdaq Composite both closed Wednesday’s session at all-time highs after U.S. private payrolls data fell significantly short of expectations, strengthening the Fed’s case for lowering rates at its monetary policy meeting at the end of July. Markets stateside are closed Thursday for the July 4 holiday and trading volumes in Europe are expected to be low.

Asia-Pacific stocks traded mixed on Thursday, with major indexes in Japan, South Korea and Australia advancing while mainland Chinese and Hong Kong markets slipped.

In trade war news, White House economic advisor Larry Kudlow told reporters on Wednesday that face-to-face trade talks between the U.S. and China will continue in the coming week.

Meanwhile, tensions between Washington and Tehran continued to escalate with President Donald Trump telling Iran via Twitter that threats can “come back to bite you ” after Iranian President Hassan Rouhani announced that Iran would increase its uranium enrichment.


Company: cnbc, Activity: cnbc, Date: 2019-07-04  Authors: elliot smith
Keywords: news, cnbc, companies, european, expectations, economic, ended, cut, close, fell, subdued, trade, president, fed, rates, markets, iran, data, grow, stocks, rate


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Why the US cyber attack on Iran was ‘game changing’

Why the US cyber attack on Iran was ‘game changing’1:31 AM ET Tue, 2 July 2019Haiyan Song of Splunk says cyber attacks could be a “new way” for countries and nation states to think about their competitiveness in the military world.


Why the US cyber attack on Iran was ‘game changing’1:31 AM ET Tue, 2 July 2019Haiyan Song of Splunk says cyber attacks could be a “new way” for countries and nation states to think about their competitiveness in the military world.
Why the US cyber attack on Iran was ‘game changing’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02
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Why the US cyber attack on Iran was 'game changing'

Why the US cyber attack on Iran was ‘game changing’

1:31 AM ET Tue, 2 July 2019

Haiyan Song of Splunk says cyber attacks could be a “new way” for countries and nation states to think about their competitiveness in the military world.


Company: cnbc, Activity: cnbc, Date: 2019-07-02
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Iran warns ‘unilateralism’ between Saudi Arabia and Russia could lead to the death of OPEC

Iranian Oil Minister Bijan Zanganeh believes “unilateralism” among some OPEC members could ultimately lead to the death of the Middle East-dominated producer group. OPEC is set to debate an extension of oil production cuts when it meets on Monday, before getting the deal endorsed by non-members such as Russia on Tuesday. Russian President Vladimir Putin said over the weekend that the non-OPEC leader had agreed with Saudi Arabia to extend supply cuts by at least six months. Speaking to reporters


Iranian Oil Minister Bijan Zanganeh believes “unilateralism” among some OPEC members could ultimately lead to the death of the Middle East-dominated producer group. OPEC is set to debate an extension of oil production cuts when it meets on Monday, before getting the deal endorsed by non-members such as Russia on Tuesday. Russian President Vladimir Putin said over the weekend that the non-OPEC leader had agreed with Saudi Arabia to extend supply cuts by at least six months. Speaking to reporters
Iran warns ‘unilateralism’ between Saudi Arabia and Russia could lead to the death of OPEC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith
Keywords: news, cnbc, companies, unilateralism, zanganeh, cuts, months, iran, opec, oil, supply, russia, lead, death, production, arabia, warns, producer, saudi


Iran warns 'unilateralism' between Saudi Arabia and Russia could lead to the death of OPEC

Iranian Oil Minister Bijan Zanganeh believes “unilateralism” among some OPEC members could ultimately lead to the death of the Middle East-dominated producer group.

OPEC is set to debate an extension of oil production cuts when it meets on Monday, before getting the deal endorsed by non-members such as Russia on Tuesday.

Russian President Vladimir Putin said over the weekend that the non-OPEC leader had agreed with Saudi Arabia to extend supply cuts by at least six months. Meanwhile, Saudi Energy Minister Khalid al-Falih said Sunday that the deal would most likely be prolonged for nine months and no deeper cuts would be required.

Speaking to reporters in Vienna, Austria on Monday, Zanganeh said: “The important thing to me is that OPEC remains OPEC. It has lost its authority and it is on the verge of collapse.”

“Iran is not going to leave OPEC… But I believe OPEC is going to die if these processes continue,” Zanganeh said, referring to Russia-Saudi decision.

OPEC and its allies have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the U.S. — which has become the world’s top producer this year ahead of Russia and Saudi Arabia.

The U.S. is not a member of OPEC, nor is it participating in the supply pact. Washington has demanded Riyadh pump more oil to compensate for lower exports from Iran after slapping fresh sanctions on Tehran over its nuclear program.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith
Keywords: news, cnbc, companies, unilateralism, zanganeh, cuts, months, iran, opec, oil, supply, russia, lead, death, production, arabia, warns, producer, saudi


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OPEC set to extend oil production curbs after Iran endorses pact

OPEC and its allies looked set to extend oil supply cuts until at least the end of the year, after several members of the Middle East-dominated producer group endorsed a policy designed to support oil prices amid a weakening global economy. Iranian Oil Minister Bijan Zanganeh told reporters on Monday he had “no problem” with supporting oil supply cuts by six to nine months. “It is going to be an easy meeting as my stance is very clear,” Zanganeh told reporters in Vienna, Austria. OPEC is set to


OPEC and its allies looked set to extend oil supply cuts until at least the end of the year, after several members of the Middle East-dominated producer group endorsed a policy designed to support oil prices amid a weakening global economy. Iranian Oil Minister Bijan Zanganeh told reporters on Monday he had “no problem” with supporting oil supply cuts by six to nine months. “It is going to be an easy meeting as my stance is very clear,” Zanganeh told reporters in Vienna, Austria. OPEC is set to
OPEC set to extend oil production curbs after Iran endorses pact Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith, eustance huang
Keywords: news, cnbc, companies, zanganeh, cuts, pact, iran, extend, endorses, opec, set, oil, supply, production, curbs, meeting, told, prices, vienna, producer, saudi


OPEC set to extend oil production curbs after Iran endorses pact

Khalid Al-Falih, Saudi Arabia’s energy and industry minister, arrives for the 15th Joint Ministerial Monitoring Committee (JMMC) meeting in Vienna, Austria, on Monday, July 1, 2019.

OPEC and its allies looked set to extend oil supply cuts until at least the end of the year, after several members of the Middle East-dominated producer group endorsed a policy designed to support oil prices amid a weakening global economy.

Iranian Oil Minister Bijan Zanganeh told reporters on Monday he had “no problem” with supporting oil supply cuts by six to nine months.

Tehran, which had been OPEC’s third-largest producer prior to the re-imposition of U.S. sanctions, has previously objected to policies put forward by arch-rival Saudi Arabia.

“It is going to be an easy meeting as my stance is very clear,” Zanganeh told reporters in Vienna, Austria.

OPEC is set to debate an extension of oil production cuts during its meeting on Monday, before getting the deal endorsed by non-members, such as Russia, on Tuesday.

The producer group and its allies have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the U.S. — which has become the world’s top producer this year ahead of Russia and Saudi Arabia.

The U.S. is not a member of OPEC, nor is it participating in the supply pact. Washington has demanded Riyadh pump more oil to compensate for lower exports from Iran after slapping fresh sanctions on Tehran over its nuclear program.

Oil prices rose sharply during early afternoon deals, with international benchmark Brent crude trading at $66.42 per barrel, up around 2.6%. Meanwhile, U.S. crude futures stood at $60.02 per barrel, more than 2.55 higher.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith, eustance huang
Keywords: news, cnbc, companies, zanganeh, cuts, pact, iran, extend, endorses, opec, set, oil, supply, production, curbs, meeting, told, prices, vienna, producer, saudi


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Iran breaches 2015 nuclear deal’s stockpile limit: Sources

This handout image supplied by the IIPA (Iran International Photo Agency) shows a view of the reactor building at the Russian-built Bushehr nuclear power plant as the first fuel is loaded, on August 21, 2010 in Bushehr, southern Iran. Zarif confirmed that Iran had exceeded the relevant limit of 300 kg of uranium hexafluoride (UF6), but Foreign Ministry spokesman Abbas Mousavi said Iran’s steps to decrease its commitments to the nuclear deal were “reversible.” The International Atomic Energy agen


This handout image supplied by the IIPA (Iran International Photo Agency) shows a view of the reactor building at the Russian-built Bushehr nuclear power plant as the first fuel is loaded, on August 21, 2010 in Bushehr, southern Iran. Zarif confirmed that Iran had exceeded the relevant limit of 300 kg of uranium hexafluoride (UF6), but Foreign Ministry spokesman Abbas Mousavi said Iran’s steps to decrease its commitments to the nuclear deal were “reversible.” The International Atomic Energy agen
Iran breaches 2015 nuclear deal’s stockpile limit: Sources Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith
Keywords: news, cnbc, companies, agency, nuclear, uranium, kg, international, verified, limit, work, sources, deal, breaches, deals, stockpile, 2015, iran


Iran breaches 2015 nuclear deal's stockpile limit: Sources

This handout image supplied by the IIPA (Iran International Photo Agency) shows a view of the reactor building at the Russian-built Bushehr nuclear power plant as the first fuel is loaded, on August 21, 2010 in Bushehr, southern Iran.

Iran has breached the limit of its enriched uranium stockpile set in a 2015 deal with major powers, Foreign Minister Mohammad Javad Zarif said on Monday, according to the ISNA news agency, defying a warning by European co-signatories to stick to the deal despite U.S. sanctions.

Zarif confirmed that Iran had exceeded the relevant limit of 300 kg of uranium hexafluoride (UF6), but Foreign Ministry spokesman Abbas Mousavi said Iran’s steps to decrease its commitments to the nuclear deal were “reversible.”

The International Atomic Energy agency (IAEA) said that its inspectors were verifying whether Iran had accumulated more enriched uranium than allowed.

“Our inspectors are on the ground and they will report to headquarters as soon as the LEU (low-enriched uranium) stockpile has been verified, a spokesman for the U.N. agency said.

Enriching uranium to a low level of 3.6% fissile material is the first step in a process that could eventually allow Iran to amass enough highly-enriched uranium to build a nuclear warhead.

Last Wednesday, the IAEA verified that Iran had roughly 200 kg of low-enriched uranium, just below the deals 202.8 kg limit, three diplomats who follow the agencys work told Reuters. A quantity of 300 kg of UF6 (uranium hexafluoride) corresponds to 202.8 kg of LEU.

After talks on Friday in Vienna, Iran said European countries had offered too little in the way of trade assistance to persuade it to back off from its plan to breach the limit, a riposte to U.S. President Donald Trump’s decision last year to quit the deal and reimpose economic sanctions.

Mousavi urged them on Monday to step up their efforts. “Time is running out for them to save the deal,” state TV quoted him Mousavi as saying.

The deal between Iran and six world powers lifted most international sanctions against Iran in return for restrictions on its nuclear work aimed at extending the time Iran would need to produce a nuclear bomb, if it chose to, from roughly 2-3 months to a year.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith
Keywords: news, cnbc, companies, agency, nuclear, uranium, kg, international, verified, limit, work, sources, deal, breaches, deals, stockpile, 2015, iran


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