United States may grant waivers on Iran crude sanctions

Daniel Fowler
October 8, 2018

But the administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official who spoke on the condition of anonymity.

Ralph Leszczynski, Banchero Costa's head of research in Singapore, tells TradeWinds: " The US sanctions on Iranian oil imports are strictly unilateral, as they have been actively resisted by other buyers of Iranian oil.

The Joint Comprehensive Plan of Action, a deal reached in 2015 by the Obama administration, meant sanctions on Iran were dropped in exchange for Iran limiting its nuclear activities.

The official said the administration "is ready to work with countries that reduce their imports on a case-by-case basis".

President Trump chose to leave the deal and reimpose sanctions.

Another factor easing those fears was a Friday Reuters report that cited an unnamed us government official as saying the Trump administration is considering waivers on its sanctions for countries that agree to reduce their imports of Iranian oil.

The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November.

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India has a strong trade and diplomatic relationship with both Iran and the US.

US Secretary of State Mike Pompeo said in India last month that the administration would consider sanction waivers and that Iranian oil buyers should take a "little bit of time" to stop their trade with Iran.

"Likely, India and Iran will agree to use Rupee payments instead of U.S. dollar payments, something already tried between 2013 and 2015, with Iran then using Rupees to import food, medicines and other commodities from India", said Leszczynski.

Saudi Arabia's ARAMCO has said it will make up for market demands for crude in Iran's place.

In May, US President Donald Trump announced America's withdrawal from the Iran nuclear deal.

Washington's sanctions, targeting Iran's crude oil exports, are to come into force from November 4. No one else will believe him.

"What the Saudis had been supplying the market with, were not from Riyadh's spare capacity but from tapping its oil stocks", Zanganeh said, according to the website. "Iran's oil can not be replaced by Saudi Arabia".

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