Engaged With The US On Iran Oil Issue, Says Foreign Ministry
Engaged With The US On Iran Oil Issue, Says Foreign Ministry
Iran's Foreign Minister Javad Zarif speaks during a news conference in Istanbul Turkey
02 November, 2018, 14:12
According to an Economic Times report, the U.S. has broadly agreed to grant India a waiver from Iran sanctions, which would allow Indian oil companies to continue to import about 1.25 million tonnes of oil a month till March from Tehran.
Saudi Arabia increased output by 150,000 barrels to 10.68 million a day last month, the highest in Bloomberg data going back to 1962, while Iran's production slipped by 10,000 barrels a day to 3.42 million, the lowest since March 2016.
Already, through its pressure campaign, the USA has managed to reduce Iran's oil exports from 2.7 million to 1.6 million barrels a month, according to internal US estimates.
Turkey, a key destination for Iranian crude, may be among countries that are getting an exemption, Energy Minister Fatih Donmez told reporters in Ankara on Friday. However, Essar-Nyara, sources said, has been buying some Iranian oil on the spot market.
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"The waivers granted to these eight countries shows that the market needs Iran's oil and it can not be pulled out of the market".
Iran's biggest oil customers - all in Asia - have been seeking sanctions waivers to allow them to continue buying some of its oil.
But the rally petered out in recent weeks amid market fears about a slowing global economy and as expectations grew that Iran would be allowed still to export significant amounts.
On Tuesday, Brent crude fell by $2.25 a barrel to a low of $75.09 before recovering slightly to around $75.89 as of 8:10pm Nigerian time.
"We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive", Clayton Allen of Height Securities said in a note on Friday.
According to the Iranian Oil Ministry, 60 percent of the country's oil exports go to Asian countries, including China and India - the two top clients - as well as South Korea and Japan, and the remaining 40 percent to European countries including Turkey.
The United States is preparing to reimpose sanctions on Iran's oil industry on November 5 after withdrawing from Tehran's nuclear deal with world powers.
While European powers believe the deal has been successful and have sought to preserve trade with Iran, most major companies have chosen to exit the country rather than incur the wrath of United States authorities.
USA hardliners want to press ahead on SWIFT, but others argue to keep the option as a bargaining card with the Europeans and say that SWIFT access remains useful in tracking Iranian transactions.
Among other countries closely connected to Iran's energy system is Iraq, which imports gas via a pipeline. "Administration officials used to tell us it's OK to give Iran concessions on SWIFT because they would force oil exports down to zero", the source said.
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