U.S. President Donald Trump said on Tuesday the United States was exiting an global nuclear deal with Iran and would impose new sanctions that seek to reduce oil exports from OPEC's third-largest producer.
President Trump on Tuesday followed through on his threat to pull out of the Iran nuclear deal - ignoring pleas from allies, nuclear nonproliferation experts, Republican lawmakers and some members of his own national security team. Analysts estimate Iran's exports will fall by between 300,000 bpd and 1 million bpd when the sanctions kick in, depending on how many countries decide to stop importing oil from the country to stay on good terms with the United States.
"We were for it and we worked on it", another Saudi source said of Riyadh's diplomacy, as quoted by Reuters. Aside from the mounting military tensions between Iran and Israel, oil prices are rising on the uncertainty.
The prime minister said he expects the Iran decision to be a topic of discussion when he hosts Trump and their G7 counterparts in Quebec at their annual summit next month.
Russian President Vladimir Putin and German Chancellor Angela Merkel spoke Friday and underlined their aim of preserving the deal and peace in the Mideast. "Pulling out makes it more likely, not less, that Iran will acquire a nuclear weapon".
British Foreign Secretary Boris Johnson also made a last-minute dash to Washington but did not get to see the president.
There are a number of scenarios that may now play out in the wake of Trump's decision - too many to list in full here. "It gives legs to the idea that the deal could limp along for a few years, so long as Iran maintains the moral high ground and doesn't do something catastrophic, like kick out the inspectors".
Trudeau said he regrets President Donald Trump's decision to withdraw the United States from the 2015 agreement that was negotiated by the world's major powers. "This is about confronting a problem that's been with us for many years", Sadad al-Hosseini said.
"The Europeans should not have to pay for the withdrawal of an agreement by the United States, to which they had themselves contributed", he said.
The Obama administration helped negotiate the 2015 pact, which lifted sanctions on Iran in return for the acceptance by the Iranians of limitations on their nuclear program and oversight by global inspectors.
"We're doing nothing", said the head of trading at another European refiner. "We would prefer that the deal stick", he said. That tells you all you need to know about the agreement.
The demonstrators also issued a statement in a show of unity, saying Trump's "stupid" actions and remarks showed the imperialistic nature of the USA leaders. Donald Trump is crowing about keeping his promise to scuttle the deal, but this is one promise that should never have been made. In other European capitals, senior politicians and diplomats were uttering similar remarks.
He added that, despite the United States government withdrawing from the agreement, it should not prevent the remaining parties from honouring their commitments to the agreement.