Thursday, 18 October, 2018

U.S. considers sanction waivers on countries reducing imports of Iranian oil

US considers sanction waivers on countries reducing imports of Iranian oil US reconsiders 'zero tolerance' policy on Iran oil imports
Elsie Buchanan | 08 October, 2018, 07:41

S Arabia threatens to block key United Nations climate report AFP, Incheon Oil giant Saudi Arabia is seeking to block adoption of a key United Nations climate change report unless a passage highlighting the inadequacy of national carbon-cutting pledges is removed or altered, multiple sources told AFP.

With Iran sanctions still on the table, potential spare capacity constraints and also a slowdown in USA drilling, U.S. bank J.P.Morgan said in its latest cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude".

The Iranians have ignored the treaty "for an awfully long time", Mr Pompeo told reporters.

"Furthermore, it leaves the Saudis with less spare capacity if they need to balance further declines in output from other troubled Opec countries".

The US is facing severe sanctions on Iran. The oil price now stands at just over $84.

Denis Mukwege and Nadia Murad awarded Nobel Peace Prize 2018
To date, Mukwege and his staff have helped more than 40,000 survivors of sexual violence, the Mukwege Foundation notes. Mukwege has treated a population that has been victim to rape by militias, government soldiers, and foreign armies.


Meanwhile, the remaining parties to the 2015 nuclear deal-namely, Britain, France, Germany, Russia and China-have vowed to circumvent the American restrictions through the creation of a "special goal vehicle" that could include a mechanism for bartering goods for Iranian oil.

On the one hand, Russia's oil sector stands to benefit economically by increasing its oil exports and thus increasing sales. But its output has declined sharply in recent months under the threat of US sanctions.

However, another more pressing reason could be concern about how increased oil prices, particularly oil prices crossing the $100 per barrel threshold, may affect the global economy. Unsurprisingly, when news of the "secret deal" broke, Iran accused Saudi Arabia and Russian Federation on Wednesday of breaking OPEC's agreement on output cuts. This led some analysts to suggest that the details of the deal were intentionally leaked in order to keep the price of oil from continuing to climb ahead of the November 4 deadline.

Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower. India is considered one of the countries with the highest quantity of crude oil imported from Iran, and the USA prohibition announced by the U.S. would have a profound effect on India.

India's purchases of United States crude oil have fallen by 75 percent over the past four months as the subcontinent stocks up on Iranian crude, Reuters has reported. Iran needs to continue down a path of economic self-sufficiency.

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