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2018-11-09 15:25:00

IRAN SANCTIONS ANEW

IRAN SANCTIONS ANEW

PLATTSSecretary of State Mike Pompeo said Thursday there is growing international support for the US campaign to push Iranian oil exports to zero.

"We have an enormous coalition supporting our effort," Pompeo said in a BBC interview. "The crude oil exports from nearly every country in the world have stopped already, even before the sanctions were re-imposed."

The US on Monday reimposed sanctions on Iranian crude exports, while granting temporary waivers to China, India and Turkey -- Iran's top buyers -- as well as Japan, South Korea, Italy, Greece and Taiwan. But the US has maintained its goal of eventually reducing Iranian crude exports to zero while offering little insight into how this may be achieved.

US sanctions are expected to bring Iranian crude exports down to 1.1 million b/d in November, and 850,000 b/d in the fourth quarter of 2019, down from an average of 2.686 million b/d in April and May, according to S&P Global Platts Analytics

Brian Hook, State's special representative for Iran, on Wednesday declined to offer details on these waivers, such as the volume of Iranian exports permitted under each agreement, claiming that they were confidential and individually negotiated.

"In order to be eligible for [a waiver], a country needs to show a significant reduction," Hook said. "And so we are going to be continuing our path to zero [exports]."

Hook said that the waivers were necessary in order to apply "maximum economic pressure" on Iran without increasing oil prices, a top concern among Trump administration officials.

"If we were to increase the price of oil, it would be bad for American consumers, it would be bad for the global economy, and it would give an advantage to Iran," Hook said, claiming that the oil market would have more supply than demand in 2019.

During a press conference Wednesday, President Trump said that he offered the eight countries a "break" on sanctions because: "I don't want to drive oil prices up to $100 a barrel or $150 a barrel, because I'm driving them down."

"If you look at oil prices, they've come down very substantially over the last couple of months," Trump said. "That's because of me. Because you have a monopoly called OPEC."

Hook on Wednesday cautioned against the risk of business with Iranian oil tankers, which he referred to as a "floating liability," during his briefing.

"Should there be an accident involving an Iranian tanker, there is simply no way these Iranian insurance companies can cover the loss," Hook said.

Hook said that up to 12 Iranian tankers have recently turned off their AIS responders and "gone dark," in violation of international maritime law.

"Self-insured Iranian tankers engaging in unsafe behavior with many tons of crude oil onboard is courting environmental and financial disaster," he said.

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Earlier:

Iran Sanctions
2018, November, 7, 11:40:00

THE NEW IRAN SANCTIONS

U.S. DT - “Treasury’s imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behavior. Iran’s leaders must cease support for terrorism, stop proliferating ballistic missiles, end destructive regional activities, and abandon their nuclear ambitions immediately if they seek a path to sanctions relief,”

 

Iran Sanctions
2018, November, 7, 11:30:00

IRANIAN OIL SELLING

SHANA - “The Americans have constantly said they would bring Iran’s oil sales to zero, but l have to say that we have been able to sell oil as much as we need up until today,” Jahangiri noted in remarks on Tuesday.

 

Iran Sanctions
2018, November, 7, 11:25:00

IRAN SANCTIONS EXEMPTION

REUTERS - The United States on Monday restored sanctions targeting Iran’s oil, banking and transport sectors and threatened more action. Treasury Secretary Steven Mnuchin said Washington aimed to bring Iranian oil exports to zero, but 180-day exemptions were granted to eight importers: China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.

 

Iran Sanctions
2018, November, 7, 11:20:00

TURKEY: NO IRAN SANCTIONS

REUTERS - President Tayyip Erdogan said on Tuesday Turkey would not abide by the renewed U.S. sanctions on Iran’s oil and shipping industries, adding that they were aimed at “unbalancing the world”.

 

 

 C.Asia
2018, November, 5, 12:10:00

RUSSIA'S HELP TO IRAN

FT - Russia has vowed to help Iran counter US attempts to throttle its oil sales when sanctions come into effect next week, saying it will continue trading Tehran’s crude in defiance of Washington.

 

 C.Asia
2018, October, 31, 13:10:00

IRAN - CHINA SPECIAL CONDITIONS

PLATTS - China's Sinopec is in discussions with government authorities and suppliers regarding its Iranian crude imports and is trying to make special arrangements on the flow in the coming weeks, an executive said during the company's third quarter results briefing call

 

 C.Asia
2018, October, 24, 11:25:00

IRAN'S OIL DOWN

EIA - Iran's crude oil exports and production have declined since the May 2018 announcement by the United States that it would withdraw from the Joint Comprehensive Plan of Action (JCPOA) and reinstate sanctions against Iran. 

 

 

 

Tags: IRAN, SANCTIONS