President Donald Trump’s sudden move to ban Iranian oil from May 1 has sent ripples across the world. The decision, which stopped exemptions for eight nations, was put forward after Trump’s security advisors bolstered his fears of an oil price hike.
I hail from the television background. Besides working as a marketing director for a leading television program, I’ve worked as a television director and speaker. Today, I would like to share my views on the president’s latest decision on tightening Iran’s oil sanctions.
The sudden move of stopping Iran’s five top customers from purchasing its oil was an unexpected blow to Tehran’s lifeline. Apparently, more than one million oil barrels are exported on a daily basis, with China taking half of the exports. This means the strike is also applicable to other countries, including Japan, South Korea, India, Turkey, etc.
The decision to curb Iran’s oil exports from 1.5 million barrels per day to zero was put forward to intensify the diplomatic and economic pressure on Tehran without compromising trade relations with Europe and Asia. How will this move affect the U.S. economy? With the nation gearing for a re-election campaign the move, I suspect, will bring about severe political and economic implications. As pointed out by many Trump critics, the decision won’t improve the US-Iran cold war. There is, however, a silver lining to the crisis, with the exempted countries prompting reductions in their purchase of Iran’s oil. Three more allies – Greece, Italy, and Taiwan – have also cut down their imports by and by.