India, China Among Eight Countries Allowed to Buy Iranian Oil: Mike Pompeo

Alicia Cross
November 7, 2018

"While the Iranian sanctions should still be viewed as a latent bullish consideration capable of limiting much additional price slippage, it would appear that the Iranian factor alone will not be capable of spurring higher prices without major assistance from a renewed strengthening in the equities, sustainable weakening in the US dollar or a significant cut back in OPEC production", Jim Ritterbusch, president of Ritterbusch & Associates, said in a note.

He says imports cover nearly 80 percent of India's energy needs, and that it must import from Iran in order to grow its economy. India's top oil supplier is Iraq, followed by Iran and Saudi Arabia.

The US on yesterday reimposed all penalties that had been lifted as part of the 2015 Iranian nuclear deal as the Trump administration added almost 700 targets, including 50 Iranian financial institutions, to a sanctions list.

Iran has dismissed these charges and maintains that its nuclear programme is for peaceful purposes. Iran can only use this money for humanitarian trade or bilateral non-sanctioned goods, the Secretary of State asserted. He said he had discussed the list with other officials, with many saying it was "less than what we expected".

Oil prices fell on Tuesday, with US crude futures sliding to an eight-month low, a day after Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it had so far been able to sell as much oil as it needs to sell.

The U.S. Treasury Department imposed penalties on more than 700 Iranian and Iranian-linked individuals, entities, aircraft and vessels in the new sanctions.

Despite being granted a waiver, Turkey's president has criticized the resumption of sanctions on Iran calling it a destabilizing step. "I don't want to lift oil prices".

Even China, locked in a bitter trade war with the United States, bowed to pressure from Washington and dialled back imports.

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The new sanctions particularly hurt Iran's vital oil industry, which provides a crucial source of hard currency.

"These sanctions have already had an enormous impact".

President Donald Trump's administration reinstated all remaining sanctions on Iran on Monday.

Foreign Minister Mohammed Javad Zarif took to Twitter to mock some of the targets of the sanctions, describing it as a "desperate" psychological ploy.

WASHINGTON/SEOUL‚ South Korea-The United States snapped sanctions back in place on November 5 to choke off Iran's oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic.

Kim Eui-kyeom spoke to reporters Tuesday after South Korea was named as one of eight countries that received waivers from the United States to continue importing Iranian crude and other petroleum products without penalty.

These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now.

South Korea says it can also continue exporting non-sanctioned products to Iran after the United States agreed to recognize a transaction system where local companies receive payments through two Korean won-denominated accounts that Iran's central bank opened in South Korea.

Other reports by Free-Prsite

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