U.S. to grant 8 countries Iran sanctions waivers for oil

02 November, 2018, 17:39 | Author: Donnie King
  • Iran's Foreign Minister Zarif speaks during a news conference in Istanbul

The concessions have reportedly sparked outrage among United States officials who take a hardline attitude towards Iran, even causing White House National Security Advisor John Bolton to decline to participate in the sanctions rollout on November, 4.

This week, South Korea also asked U.S. Secretary of State Mike Pompeo for "maximum flexibility" on its request for a waiver to prevent companies there from being hit by the sanctions.

"You will not be able to reach any of your goals with regard to Iran's oil", Rouhani said, according to IRIB.

Bloomberg reported that close USA allies South Korea and Japan had received waivers along with India, which relies heavily on supplies from Iran, adding that a list of all countries getting waivers was expected to be released officially on Monday. Russian oil production has risen to a post-Soviet record high of 11.41 million bpd so far in October, up from 11.36 million bpd in September.

India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports.

Bloomberg reported on Friday that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies. The National Iranian Oil Company (NIOC) has reportedly leased some storage capacity at Dalian.

With Saudi Arabia pumping 10.65 million bpd in October, combined output from the top-three oil producers is at a record 33.41 million bpd, meaning that Russian Federation, the United States and Saudi Arabia meet more than a third of the world's nearly 100 million bpd of consumption.




Iran hard-liners in Congress and elsewhere probably will be disappointed in the sanctions because they were pushing for no oil import waivers as well as the complete disconnection of Iran from the main worldwide financial messaging network known as SWIFT.

"We can not end oil imports from Iran at a time when alternatives are costly", the source told Reuters.

It's the second batch of penalties that the administration has reimposed since President Donald Trump withdrew from the landmark deal in May.

While European powers believe the deal has been successful and have sought to preserve trade with Iran, most major companies have chosen to exit the country rather than incur the wrath of U.S. authorities. "The United States government now is in the middle of an internal process to consider significant reduction exemptions for individual countries".

Iran said on Friday the report on waivers showed that the market needed the country's crude.

India had imported about 22 million tonnes of crude oil from Iran in 2017-18 and initially planned to raise that to about 30 million tonnes in 2018-19.

"Iranian crude is not a significant item in our crude basket".

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