United States may grant waivers on Iran crude sanctions

09 Octubre, 2018, 07:10 | Author: Arnold Perez
  • A fuel station in Nairobi

"Actually the request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that". "Having said that, it may well be that we are already in the most supportive phase coming from this change and the effect will soon begin to ease".

Pradhan said he had spoken to Saudi Oil Minister Khalid al-Falih two day earlier about the June decision by OPEC and major oil producers to add 1 million bpd to the oil market.

"The market and the increase of prices are the best evidence that the market faces a shortage and it is anxious about a severe shortage of oil supply", Zangeneh added.

Zanganeh accused Tehran's regional rival Saudi Arabia of bowing to United States pressure, saying such remarks had no "real impact on the market" but were part of a psychological war launched against Iran.

Last week, Saudi Arabia announced plans to lift crude output next month to 10.7 million bpd, a record.

India, Iran's No.2 oil client behind China, does not recognise the USA sanctions.

The Trump administration is considering waivers on sanctions for countries that are reducing their imports. China is reportedly reducing its oil imports from Iran, though it's not likely to fully comply with the USA demands.

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Prince Mohammed told Bloomberg on Friday that the kingdom had met its promise to Washington to make up for Iranian oil supplies lost through USA sanctions, reimposed when the United States exited a 2015 nuclear deal between Tehran and six powers.

India has been curtailing oil imports from Iran since September.

"Obviously, all countries in the Persian Gulf region want to sell their oil, and the world is in need of this region's oil and other energy resources", the top Iranian diplomat said.

Oil prices have extended a rally on expectations the sanctions will test the Organization of the Petroleum Exporting Countries and other producers. "This is an obvious fact".

The United States plans to impose new sanctions targeting Iran's oil sector on November 4, however a USA government official said the Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude.

The official, speaking on the condition of anonymity, said the administration was "in the midst of an internal process" of considering exemptions for major cuts.

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