Iran General News US Considering Iran Sanctions Waivers

US Considering Iran Sanctions Waivers

-

US considering Iran sanctions waivers

Iran Focus

London, 31 Oct – The US is currently evaluating potential sanctions relief for countries that significantly reduce their imports of Iranian oil, according to a source in the State Department on Tuesday.

A spokeswoman, who wished to remain anonymous, said: “The US is in the midst of an internal process to consider [significant reduction exemption] waivers for individual countries. Our goal remains to get to zero oil imports from Iran as quickly as possible. We are prepared to work with countries that are reducing their imports on a case-by-case basis.”

US sanctions on Iranian oil will come into force on Monday and will force Iran’s major oil buyers (i.e. China, India, Turkey, South Korea and Japan) to make major cuts in order to seek a waiver or face being cut off from the US financial system.

Many observers expected that the US would grant some relief to India, following comments from US Secretary of State Mike Pompeo to his counterparts in New Delhi last month, but the Trump administration didn’t use the term “waiver”.

Despite the prospect of waivers, these sanctions are still expected to hit Iran hard, with S&P Global Platts Analytics estimating that Iran’s crude and condensate exports will fall to 1.1 million barrels per day (b/d) in November, which is less than half of the 2.4 million b/d six-month average from November 2017 to April 2018. Platts advises that Iran’s crude and condensate exports have already dropped to 1.7 million b/d in October, before the sanctions have even come into place.

While oil prices have risen slightly in response to the sanctions, the US announced on October 17 that there is sufficient global supply to avoid any price spikes.

Brian Hook, head of the State Department’s Iran action group, explained that the US is working with other oil producing countries to increase their crude exports in order to maintain supply. He noted that US crude production had increased by 1.65 million b/d in August, compared with 2017, and is expected to increase by another 1 million b/d within the next year.

Hook said: “Our goal remains getting countries importing oil from Iran to zero as quickly as possible. We are working with countries that are reducing their imports on a case-by-case basis to assure that this happens.”

This is the second round of sanctions since Donald Trump withdrew from the nuclear deal in May. The first, which came into play in August, targeted Iran’s car industry and use of the US dollar in financial transactions.

Latest news

Iranian Infected with Hep A after Drinking Water Mixed with Sewage

Many Iranians in Khuzestan province have contracted Hepatitis A after drinking water contaminated with sewage due to recent floods...

Why Iran Does Not Purchase Covid-19 Vaccines

In Iran, media outlets controlled by the Supreme Leader Ali Khamenei try to justify the government’s refusal to purchase...

The Ayatollahs Devastate Iran’s Car Manufacturing Industry

Upon releasing their latest model, called ‘Tara’, in late December, Iran’s largest car manufacturing company, Iran Khodro (IKCO), came...

Iran’s Prisons: A Coronavirus Vector in 2020

Iran’s unsanitary and overcrowded prisons were a vector for infections long before the Covid-19 outbreak, so everybody could plainly...

Why Iranians Don’t Trust the Ayatollahs?

While the Iranian government has been surrounded by enormous crises and dilemmas inside the country and abroad, officials inevitably...

U.S. Designates Two Pillars of Khamenei’s Economic Empire

On January 13, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated two key entities...

Must read

Fatah blasts Iranian insults

Iran Focus London, 4 Aug - Iran is trying...

British Labor Politician: Change UK’s Iran Policy

Iran Focus London, 6 Jan - January 5, 2018. Roger...

You might also likeRELATED
Recommended to you