Iran tankers go dark to keep selling oil

04 November, 2018, 17:30 | Author: Brooke Harris
  • Donald Trump and Iran President Hassan Rouhani. —AFP

The United States has vowed to end all sales of Iranian oil, the country's crucial export, as well as global banking transactions, snapping back sanctions lifted by Trump's predecessor as USA president, Barack Obama.

India and other leading oil buyers will benefit from the waiver the United States has granted them from Iran sanctions, the South Asian nation's oil minister said on November 3.

Secretary of State Mike Pompeo said he will name the "jurisdictions" on Monday.

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.

Quoting a senior USA administration official, Bloomberg News reported that the eight parties include Japan, India and South Korea.

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

China - the leading importer of Iranian crude - is still in discussions with the U.S. on terms, but is among the eight countries permitted to keep buying Iranian oil, according to two people familiar with the discussions.

Japan has been among the nations seeking waivers on the US -led ban on oil imports from Iran.

TankerTrackers says there are now six vessels, with a total of 11 million barrels of capacity, parked offshore as floating storage containers - freeing up port capacity and allowing for quick deliveries.

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"We have sanctions on Iran and nobody has a clue what Iranian exports will be", he told the Russian news agency Tass last week.

The waivers will be valid for six months, during which time the importing country can buy Iranian oil but must deposit Iran's revenue in an escrow account.

When Trump withdrew from the nuclear deal struck between world powers and Iran, he began reimposing sanctions that had been suspended or removed by his predecessor Barack Obama.

Iran's top leader was earlier reported as saying that US President Donald Trump's policies face opposition across the world as Washington prepared to reimpose sanctions on Iran's vital oil-exporting and financial sectors. The US cut off diplomatic relations in response.

As a result of the latest sanctions, he said the United States expects to have reduced Iranian crude oil exports by more than 1 million barrels even before these sanctions go into effect.

With limited exceptions, the re-imposed USA sanctions will hit Iran as well as countries that do not stop importing Iranian oil and foreign firms that do business with blacklisted Iranian entities, including its central bank, a number of private financial institutions, and state-run port and shipping firms, as well as hundreds of individual Iranian officials.

He later said the ultimate goal was to stop all Iranian crude exports.

The new deal that the United States is offering blocks forever Iran's path to nuclear weapons, enjoins upon it to give up its ballistic missiles programme and end "malign activities", which Americans use to describe Tehran's alleged support for terrorism, in the region.

Meanwhile, there are supply disruptions in other key OPEC countries, including Venezuela and Angola.


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