‘US cannot unilaterally halt Iran oil exports’

The United States cannot unilaterally bring Iran’s oil exports to a standstill, says an analyst, adding that global recession could be a consequence of such a move.  

“There will be consequences. Any type of disruption in production or reduction in production will make the already sensitive market more sensitive. Today the oil prices are roughly around 80 dollars. This price is going to go up. Remember, we have not seen a US recession in a long time. So if oil prices go up in the summer time and we will have more economic pressure, recession could be a consequence of that globally,” Roozbeh Aliabadi, managing partner of Global Growth Advisors told Press TV in an interview on Wednesday.

“So I don’t see that happening at this time, at least not in the near future, and the United States cannot unilaterally bring down the production of Iranian oil in the market to zero,” he added.

US President Donald Trump announced on May 8 that Washington was walking away from the nuclear agreement, officially known as the Joint Comprehensive Plan of Action (JCPOA), which was reached between Iran and the five permanent members of the UN Security Council – the United States, Britain, France, Russia and China – plus Germany in 2015.

Trump also said he would reinstate US nuclear sanctions on Iran and impose “the highest level” of economic bans on the Islamic Republic.

The sanctions would include restrictions over purchases of crude oil from Iran and investing in its oil sector projects.