Iran's Top Oil Customers Resist US Calls For Zero Imports
02 November, 2018, 17:38 | Author: Emmett Rice
But sentiment turned negative after a report that several governments received waivers that would allow them to import some Iranian crude once USA sanctions are imposed next week.
Iransaid it does not fear the impending USA sanctions that are set to go into effect next week.
The concessions have reportedly sparked outrage among USA 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.
The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil aid the upcoming sanctions, Bloombergreported, citing a US official.
Goldman Sachs said it expects Iran's crude oil exports to fall to 1.15 million barrels per day (bpd) by the end of the year, down from around 2.5 million bpd in mid-2018.
His comments come just one day after the country's foreign minister said US sanctions will have "severe consequences".
While the Trump administration's goal remains to choke off revenue to Iran's economy, waivers are being granted in exchange for continued import cuts so as not to drive up oil prices, said the official, who asked not to be identified before Secretary of State Michael Pompeo announces the number of exemptions later on Friday.
Clayton Allen of Height Securities said Iran's biggest oil customers, all in Asia, were seeking waivers to United States sanctions against Iran's petroleum exports.
"In May, US President Donald Trump pulled the US out of the 2015 landmark nuclear the Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous".
The law was originally passed during Barack Obama's administration at part of its effort to pressure Iran to curtail its nuclear program by forcing its major oil customers to reduce their purchases.
"The United States is in the midst of an internal process to consider significant reduction exceptions for individual countries, but that is only on a case-by-case basis", State Department's Deputy Spokesperson Robert Paladino told reporters.
One unresolved issue is whether the United States will press to disconnect Iranian banks from SWIFT, the global system of interbank transfers headed in Belgium. "There is much more that it's going to need to do", he said.
In the United States, crude production has established itself well over 11 million bpd, and the U.S.is now running neck and neck with Russian Federation for the title of top producer.
Pompeo said that he is convinced these sanctions are going to have an enormous impact on the Iranian leadership.
Beyond Iran sanctions, oil output has been rising significantly in the past two months.
"But the people should know with certainty that the government has no fear of American threats".
The Indian side, while building its case for a waiver, assured the United States that this payment mechanism ensures Iran can't use oil money from India for any terror-related activity, a key American concern. Iran used the funds to buy goods from India.
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