Guest article by Gabor Steingart: Trump does it like the sheikhs: Why the oil embargo benefits above all the US
From the beginning, no country in the world is allowed to import more oil from Iran – otherwise sanctions from the USA threaten. Behind it is hard-hitting calculus. Trump does it like Russian President Putin and the Arab sheikhs: He uses his oil as a weapon.
US Secretary of State Mike Pompeo has announced a decision that, politically speaking, may be described as dangerous or snooty: no country willing to live in peace with the US is allowed to have one from May 2 onwards To import cask oil from Iran.
From the partnership spirit of the Iran deal, as forged by Trump's predecessor Obama, the successor so far as far away.
Trump wants to further isolate China politically
The big Iran customers Italy, Greece and Taiwan were looking for and already found other oil suppliers. Turkey, South Korea, Japan, India and China, however, are holding fast to Iran. China is by far the largest oil buyer in Iran and for Trump anyway the superpower of the rebellious. Trump wants to further isolate China politically in this way.
But in addition to all political implications, an economic consequence of the threat of sanctions is of the highest relevance: the announcement of the US Secretary of State has led to rising prices in the oil markets. Because part of the offer – that of Iran – is now no longer as an offer, which leads to a shortage and thus to a price surge. The threat of sanction is already sanctioning.
Oil as a weapon: Trump makes it like Putin and the sheikhs
But the US, which has grown into one of the largest oil producers in the world thanks to fracking technology, is profiting. With just under 15 million barrels of oil per day, the United States has long overtaken Saudi Arabia. The US is the politically triggered inflation so very well-fitting.
In our media, it is always said that the sheikhs and Putin use oil as a weapon. But Trump knows how to do it. That's exactly what his voters love him for.