Saying the United States is likely to walk away from a U.N.-backed nuclear agreement next week, OPEC-member Iran said it was making budget preparations. U.S. President Donald Trump needs to decide by May 12 whether to issue sanctions waivers to Iran. If he doesn’t, it would counter the U.N.-backed nuclear agreement that opens trade doors with one of the Organization of Petroleum Exporting Countries’ biggest producers. Trump in April suggested to OPEC the price of oil was too high. Reneging on the deal, however, would sideline hundreds of thousands of Iranian barrels of oil in an already-tightened market and cause the price of oil to move even higher. For Iran, the loss of those additional barrels would mean a loss of upwards of $700 million per day at today’s prices. Iranian government spokesman Mohammad-Baqer Nobakht was quoted by the official Islamic Republic News Agency as saying that Tehran was […]