US Renews Iran Sanctions, Grants Oil Waivers to China, Seven Others

07 November, 2018, 17:20 | Author: Emmett Rice
  • A Saudi Arabian oil facility

China, India, South Korea, Japan and Turkey - all top importers of Iranian oil - are among eight countries expected to be given temporary exemptions from the sanctions to ensure crude oil prices are not destabilised. The Iranian regime to date since May has lost over $2.5 billion in oil revenue, he said.

"The decision by the U.S".

It also appeared that the USA, in another first, was directly sanctioning the Atomic Energy Organization of Iran, the government agency that oversees Iran's nuclear program.

However, the new list of sanctions, which also aims to cut Iran's vital oil industry off from worldwide sales, also included for the first time its state airline and its atomic energy commission, further highlighting the maximalist approach of President Donald Trump's administration. Companies that monitor Iran's shipments are already seeing a drop in tanker activity this month.

Iran is already in the grip of an economic crisis. Crude exports contribute one-third of Iran's government revenues.

Output from these three countries in October exceeded 33 million barrels per day (bpd) for the first time, meaning they alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption.

Oil prices initially soared on fears that the Iran sanctions would knock the world's fifth-biggest producer offline.

"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions", Rouhani told economists at a meeting broadcast live on state television.

S&P Global Platts reported on Tuesday that South Korea would be able to take around 4 million barrels a month (130,000 bpd) of Iranian crude and condensate under a U.S. sanctions waiver.

More news: Alec Baldwin Arrested for Allegedly Punching Man Over a Parking Space

He also said the reimposed US sanctions were part of a psychological war launched by Washington against Tehran, adding that "America's economic pressure on Iran is futile".

Meanwhile, Treasury Secretary Steven Mnuchin said that despite granting the waivers, Washington will "aggressively enforce" the sanctions.

Trading sources said several Asian oil importers were looking to increase their orders for Iranian oil soon.

South Korea says it can also continue exporting non-sanctioned products to Iran after the United States agreed to recognize a transaction system where local companies receive payments through two Korean won-denominated accounts that Iran's central bank opened in South Korea.

That would be about half the daily average China has been importing from Iran since January 2016, trade data showed.

Iran had urged the United Nations to hold the United States accountable for the sanctions targeting its energy, shipping, shipbuilding, and financial sectors, branding the measures "illegal" and in violation of a Security Council resolution.

A merchant trader, who also declined to be named, said "enquiries for cargoes from Iran are ... coming in from several Asian buyers".

But Senator Bob Corker, the chairman of the Senate Foreign Relations Committee, said the Trump administration deserves credit for re-imposing sanctions and dramatically reducing Iran's oil exports and revenues.

Recommended:

  • Rivers, Gordon leads Chargers past Seahawks 25-17

    Rivers, Gordon leads Chargers past Seahawks 25-17

    After a slow start, Russell Wilson is lighting up defenses like a Christmas tree, and no it is not too early to start celebrating. While Seattle's secondary is touted and hungry, Seattle's ability to rush the passer will prove the deciding factor.
    NY  state health insurance marketplace open for enrollment

    NY state health insurance marketplace open for enrollment

    During early morning hours, people accessing the site were directed to a screen that said work was underway. An estimated 12 million more are covered through the ACA's Medicaid expansion, aimed at low-income adults.
    Hosts win by 9 wickets, claim series 3-1

    Hosts win by 9 wickets, claim series 3-1

    The wickets of Keemo Paul (5), Kemar Roach (5) and Oshane Thomas for a duck followed soon after, as the Windies folded meekly. Bhuvneshwar Kumar got the wicket in his very first over after Windies won the toss and surprisingly opted to bat first.
  • Jury selection begins for El Chapo's U.S.  trial

    Jury selection begins for El Chapo's U.S. trial

    At pretrial hearings leading to the trial, heavily armed federal officers and bomb-sniffing dogs patrolled outside. Jury selection will take place amid tight security conditions reserved only for the most unsafe defendants.
    Kemp, Abrams Near Even in Race For Georgia Governor

    Kemp, Abrams Near Even in Race For Georgia Governor

    The discussion began with a focus on Oprah Winfrey and the rousing speech she gave on Thursday for Georgia gubernatorial candidate Stacey Abrams (D).
    Georgia sheriff puts signs in sex offenders' yards

    Georgia sheriff puts signs in sex offenders' yards

    Since last week, Tampa police have been paying visits to hundreds of homes, putting sexual offenders and predators on notice. Pinellas, Hillsborough, and Polk counties have the highest number of registered sex offenders in our area.
  • Parineeti Chopra joins Priyanka Chopra’s bachelorette trip, see photos

    Parineeti Chopra joins Priyanka Chopra’s bachelorette trip, see photos

    The "Quantico" star finished her look with a baby blue purse and oversized sunglasses, she captioned the snap: "Setting sail". The happy bride-to-be Priyanka Chopra shared photos on her Instagram account.
    Arsenal draw is a learning curve for Liverpool, says James Milner

    Arsenal draw is a learning curve for Liverpool, says James Milner

    While Liverpool only took one point from fixtures against those big four teams, they now have five. We never give up, we'll keep going and get what we deserve".
    Protests rage in Pakistan after woman acquitted of blasphemy

    Protests rage in Pakistan after woman acquitted of blasphemy

    Large protests were also held in Karachi, Lahore and Peshawar, bringing parts of those cities to a virtual standstill. The protests had begun following the Supreme Court's October 31 verdict acquitting Aasia Bibi of blasphemy charges.
  • Donald Trump confident of fair trade deal with China

    Donald Trump confident of fair trade deal with China

    Neither leader specified any details of potential progress in their first known direct discussion in several months. China also said that the telephone conversation was "positive".
    Khashoggi murder: Saudi prince 'said he was risky  Islamist'

    Khashoggi murder: Saudi prince 'said he was risky Islamist'

    But his article made no mention of the king's son, Crown Prince Mohammed bin Salman , who is seen as the kingdom's de-facto ruler. Saudi Arabia, for its part, has kept quiet on the location of the body as Turkey and the global community demand answers.
    India vs West Indies, 1st T20I

    India vs West Indies, 1st T20I

    In 2018, Dhoni, who has also captained India to 50-over World Cup glory in 2011, managed only 245 runs at 27.22 in 17 matches. Hotstar will avail the online streaming option for the subscribers in India , the United States and the United Kingdom.


Popular

78 kidnapped Cameroon students freed
In the video, the kidnappers force several young male students to give their names and the names of their parents. Neither the government nor the separatist groups provided evidence to substantiate their accusations.

Messi to return; Pique set for Champions League century
Substitute Dembele got Barca out of trouble with a perfectly struck half-volley in the 87th minute after a knockdown by Pique. The club have named Messi in their squad for the match at the San Siro, even if he is yet to be given the medical all-clear.

Juventus vs. Cagliari - Football Match Report
Cagliari pushed forward with Artur Ionita setting up Leonardo Pavoletti but Wojciech Szczesny cleared, before Pedro broke through. Cagliari are a hard opponent and they are the team that has covered the most ground in the league and are risky in the box.

One US soldier killed, another wounded in Kabul insider attack
The US forces are part of the Nato-led Resolute Support Mission in Afghanistan, which has more than 16,000 personnel. Taylor resigned from the mayor's office before he went overseas, the Standard-Examiner of Ogden reported .

Trump slams Donnelly over ads for Libertarian candidate
Little wonder the latest reading on consumer confidence from business researcher the Conference Board is at an 18-year high. We're now three days from the 2018 election - an election in which Republicans appear likely to lose the House.

U.S. tightens screws on Iran
Oil prices fell on Friday for a weekly loss of over 6 percent on worries about crude oversupply due to the US waivers. Avoid fake news! Subscribe to the Standard SMS service and receive factual, verified breaking news as it happens.

Starbucks is giving away free reusable cups today
Halloween is behind us and now it's officially time for the holidays - which means Starbucks is rolling out its holiday cups . Stars, stripes, flames and coffee cherries, all adorned in cheerful shades of red and green.

A Terrified James Corden Lets Barbra Streisand Drive During ‘Carpool Karaoke’
What a dream to be driven around by Barbra Streisand .until you learn she failed her driver's license test three times . That's not the only tech genius Streisand has reached out to. "This is not what I need to hear right now", said Corden.

Hillary Clinton says 'I'd like to be president', stoking buzz about 2020
While Clinton may desire the White House, her candidacy is questionable, at best. Trump beat Hillary Clinton in 2016 with an Electoral College tally of 304 - 227.

Hulk Hogan returns to WWE at Crown Jewel event!
Triple H made an official announcement of the match on the first RAW after the WWE Super Show-Down. - Shinsuke Nakamura vs. The event will be live on Sony Ten 1, Sony Ten 1HD (both English) and Ten 3, Ten 3HD (both Hindi).