The global oil market is remaining steady, in part due to the loss of supply from Iran thanks to U.S. sanctions. According to a report from Reuters, energy traders are enthusiastic about the upcoming sanctions, which are set to target the Iranian oil industry in November of this year.

Iranian oil production appears to be slowing down. According to Reuters, the Gulf country’s production level has fallen from 3.09 million barrels per day (bpd) in April to 2.06 million bpd. And although the Iranians are offering their crude at lower prices than competitors, investors are reluctant to do business with Iran due to looming threats from the U.S.

This fact is not lost on Ayatollah Ali Khamenei, Iran’s Supreme Leader who has been trying desperately to find allies without success. According to Reuters, the Ayatollah stated on Wednesday that he doubted Europe’s ability to salvage the 2015 nuclear deal, and indicated that Iran might walk away from the agreement entirely.

“There is no problem with negotiations and keeping contact with the Europeans, but you should give up hope on them over economic issues or the nuclear deal,” Khamenei said on Wednesday, according to Reuters. “The nuclear deal is a means, not the goal, and if we come to this conclusion that it does not serve our national interests, we can abandon it.”