Oil market on alert as Iran sanctions hit

04 November, 2018, 17:32 | Author: Eric Barnett
  • Donald Trump posted this dramatic image on his Twitter account. Pic Donald Trump

India has regularly been voicing concern about rising oil prices in global markets.

Turkey has been told that it will receive a waiver from the US oil sanctions against Iran, Turkish Energy and Natural Resources Minister Fatih Donmez said Friday.

"We were not aware of this messaging and would prefer our trademark not be misappropriated for political purposes", said HBO on Friday in response to Trump's tweet. So India, Iran and Afghanistan can jointly partner in the region to deal with the problem in which the USA is stuck.

A Chinese official told Reuters that discussions with the US government were ongoing and that a result was expected over the next couple of days.

Earlier, Bloomberg reported that South Korea, India, and Japan are among the exempted countries.

Another country that has been seeking a sanctions waiver is Turkey, which takes significant volumes via pipeline from neighboring Iran.

Despite threats from the US, India continued oil imports from Iran with now the US agreeing on waivers for eight countries regarding sanctions set to kick in on November 5, 2018.

Iran was supposed to face restrictions on development of its nuclear-capable ballistic missiles and a binding ban on its importation or exportation of arms, the report said. The EU is creating a special mechanism that would circumvent USA financial sanctions on Iran. "These concessions are critical to ensuring that we increase our maximum pressure campaign and accelerate towards zero", Pompeo said.

"Approaching regional and global concerns regarding Iran's conduct and policy rationally will serve that nation and the region better". He added it was pacing its actions to cut off the flow of crude oil according to the pace of additional supply of oil expected to come on the market from Russian Federation, the USA and Saudi Arabia early next year.

But US-Iranian rancour is especially strong this time round following Trump's decision in May to withdraw the United States from world powers' 2015 nuclear deal with Iran and reimpose sanctions on Tehran.

Secretary of State Mike Pompeo said this morning that snapback sanctions on Iran will be "just a part of the USA government's total effort to change the behavior of the Ayatollah Khamenei" and the regime in Tehran.

Washington will on Monday reintroduce far-reaching sanctions on Iran's vital oil sales and banking sectors.

The top commander of Iran's elite Revolutionary Guards, Major General Mohammad Ali Jafari, said at the Tehran rally that Iran would resist and defeat a United States "psychological war" and the return of U.S. sanctions, meant to cripple the Islamic Republic's oil exports and financial institutions.

Foreign Minister Mohammad Javad Zarif spoke by telephone with the European Union's foreign policy chief, Federica Mogherini, and his counterparts from Germany, Sweden and Denmark about European measures to counter the USA sanctions, the Iranian state news agency IRNA reported.

Pompeo said that, despite the waivers expected to be granted on Monday, the Trump administration was still focused on eliminating Iranian oil revenue altogether.

If the USA does in the end follow through on its strongest threats, choking off Iranian supplies entirely, that spare capacity could be completely exhausted, leaving nearly nothing left to cover unexpected disruptions in other trouble spots.



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