Thursday, 13 December, 2018


White House Hints At Easing Of Iran Sanctions For 'Friends And Allies'

Iran's Foreign Minister Zarif speaks during a news conference in Istanbul Iran's Foreign Minister Javad Zarif speaks during a news conference in Istanbul Turkey
Conrad Doyle | 02 November, 2018, 13:45

Meanwhile, India and South Korea were said to agree with the USA on the outline of waivers from sanctions to keep importing some Iranian oil.

US sanctions on Iran's energy exports come into force on November 4 and it is still unclear how much the country's roughly 3.8 mln bpd. production will affected.

Washington reimposed sanctions on Tehran after President Trump pulled out of the Iran Nuclear Deal earlier this year.

India, which is Iran's second-largest customer for oil, has said it can not immediately replace its Iranian imports and is seeking a waiver, while Turkey has also sought an exemption from the U.S. Treasury Department.

India and other key importing countries have been engaged for months with the United States for a waiver. "I am not in a position to make statements on this issue at this time", U.S. Ambassador to India Kenneth Juster told reporters recently.

Senior US State Department officials working on the Iran issue are said to have convinced Secretary of State Mike Pompeo to permit Iran to remain connected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) global banking system, Washington Free Beacon reported, citing the sources familiar with the matter.

"Year-on-year growth in USA crude oil production has averaged nearly 1.5 million barrels per day in the first eight months of the year. with output from many key producing regions reaching new all-time highs", said Barclays bank.

About half of China's crude oil and condensate imports from Iran in October, around 400,000 bpd, were bound for a storage hub in Dalian in northeastern China, according to Platts sources and shipping data.

This would mean 1.25 million tonnes a month up to March 2019, the same as companies ordered for October and November, the source said.

"There are two downward pressures on global oil demand growth". The companies will likely stick to the existing mechanism under which 55 percent of payment is made in euro and 45 percent in rupee, the source added. Under this, rupee is used for import of rice, drugs, and other products from India while the balance proceeds in rupee and euro sit idle in the Indian bank waiting for sanctions to go.

"The US may use waivers to slow-walk implementation, but these will not apply indefinitely", Allen said.

"We have sought to bypass an unwilling regime in Islamabad by establishing in June 2017 an air freight corridor between India and Afghanistan, [and] develop the Chabahar Port as a gateway for onward connectivity to and from Afghanistan and Central Asia", Mr Gokhale said. Still, Organization of Petroleum Exporting Countries and its allies including Russian Federation are sending mixed signals on whether they will ramp up output to fill any shortfalls as the return of US sanctions next week are set to squeeze the Persian Gulf state's exports. The leader said it's possible Iran will face more hard times ahead, but asserted that the government will use all its power to reduce any problems.

Washington reimposed a number of sanctions on Iran in May after pulling out of a multilateral 2015 deal meant to curb the Islamic Republic's nuclear program.

India prefers Iranian oil as it comes cheap and suits many refineries' technical configuration.

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