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US to allow 8 states to trade with Iran in spite of sanctions

November 2, 2018 at 11:26 am

A general view of the port of Kharg Island Oil Terminal in Iran on 12 March 2017 [Fatemeh Bahrami/Anadolu Agency]

The US has agreed to allow eight countries, including India, to keep buying Iranian oil after it reimposes sanctions on Tehran next week, Bloomberg cited a US official as saying.

Iran’s biggest oil customers – all in Asia – have been seeking sanctions waivers to allow them to continue buying some of its oil and have argued that a total ban would spur a further rally in the price of crude.

Bloomberg reported today that South Korea and Japan had received waivers along with India, which relies heavily on Iranian supplies.

A list of all countries getting waivers was expected to be released officially on Monday, Bloomberg said, with Turkey expected to be amongst those given exemptions.

Read: ‘Sanctions unlikely to stop Iran oil exports completely’

Iran said the waivers showed that its crude was needed and could not be withdrawn from the market.

“The waivers granted to these eight countries shows that the market needs Iran’s oil and it cannot be pulled out of the market … I don’t know whether these waivers are permanent or temporary ones,” state TV quoted Iran’s deputy Oil Minister Ali Kardor as saying.

There was no immediate comment from the White House.

The United States is preparing to impose new sanctions on Iran’s oil industry after Washington withdrew from a nuclear deal between Tehran and other global powers earlier this year.

Read: US Mnuchin says it will be harder for Iran oil importers to get waivers