WASHINGTON: US 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.
Trump initially backed a go-slow approach, providing waivers to allies and trading partners such as China, India and Turkey. 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. Saudi Arabia's energy minister responded by saying he saw no need to raise oil output immediately. OPEC production declined by 1.6 million barrels per day between December and March, according to the organization's figures.The Obama administration, which had imposed sanctions on Iran in 2012 to thwart its nuclear ambitions, kept its waivers in place through the duration of its pressure campaign.
Why should USA meddle in other countries' autonomy & dictate their ability to purchase commodities? Countries should be in league with each other to trade & share knowledge, not creating enemies & dragging other countries down the rabbit hole.
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