India, Others Exempted From Iran Sanctions After They Sought "Help"

Pauline Gross
November 8, 2018

Iranian officials have said the waivers provide proof that the United States can not achieve its goal of cutting off all of Iran's oil exports.

"I am driving them (oil prices) down".

Earlier in the summer, prices began to surge as the risk of production shortfalls from sanctions on Iran and Venezuela's economic collapse rattled the market. USA waivers for Iranian oil purchases are likely to be more extensive than the market expects, with the combined range seen at 1.2 million to 1.7 million barrels a day, FGE Chairman Fereidun Fesharaki said in a note.

France aims to lead the European Union (EU) efforts in defying USA sanctions on Iran, by supporting the creation of a payment mechanism to keep trade with Iran and making the euro more powerful, France's Economy Minister Bruno Le Maire said in an interview with the Financial Times. Although Washington granted some of Iran's customers temporary waivers that let them keep buying, the Trump administration has said repeatedly it intends to entirely choke off the country's energy revenues.

"The U.S. administration will come to regret taking these ridiculous measures", Anadolu News Agency quoted Zarif, as saying.

Shale has plenty of potential to surprise.

But soaring United States crude output, which hit a record 11.6 million barrels per day (bpd) last week, kept a lid on prices.

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Then there are political considerations.

"Each of those countries has already demonstrated significant reductions of the purchase of Iranian crude over the past six months", Pompeo said, "and indeed two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions regime remains in place".

Saudi Minister Al-Falih discussed the agenda of the Abu Dhabi meeting with his Russian counterpart Alexander Novak by phone on Monday, an official familiar with the matter said, asking not to be identified as the information isn't public yet.

Russia, the most important non-Opec partner in the coalition, has ramped up output to a post-Soviet record and President Vladimir Putin has said he's comfortable with prices in a $65 to $75 a range, giving some downside from the current level of $72 in London.

Iran has hit back at Trump's sanctions with President Hassan Rouhani vowing to "break" the sanctions imposed by the US. Others may have grown tired of having their production policy steered by the kingdom.

Production has not just risen in the United States, but also in many other countries, including Russia, Saudi Arabia, Iraq and Brazil, stoking producer concerns of a return of oversupply that depressed oil prices between 2014 and 2017. Opec's own projections show that next year the world will need about 1 million barrels a day less than the 31.8 million its 15 members pumped in September.

Other reports by GizPress

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