• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours Solving The Space Problem For America’s Solar Industry
  • 3 hours Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 7 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days Investment in renewables tanking
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 7 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)

China And India Get Waivers From U.S. Sanctions On Iran’s Oil

The United States has decided to issue temporary allotments to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey to continue importing Iranian oil, due to the specific countries’ circumstances and to ensure a well-supplied oil market, U.S. Secretary of State Mike Pompeo said on Monday, the day on which U.S. sanctions on Iranian oil return.

Late last week, U.S. government officials signaled that the United States had granted waivers to eight countries to continue temporary buying Iranian oil, on the condition that they had significantly reduced purchases from Iran. At that time, the waivers were not official, and the eight countries were unidentified.

Monday’s announcement specified which countries are getting those waivers, and they include Iran’s top oil customers China and India.

More than 20 importing nations have cut their imports of crude oil already, taking more than 1 million bpd off the market, Secretary Pompeo said at a press conference.

“The regime to date, since May, has lost over $2.5 billion in oil revenue,” he added.

Referring to the eight countries to which the U.S. is granting waivers, Secretary Pompeo said that “each of those countries has already demonstrated significant reductions of the purchase of Iranian crude over the past six months and indeed two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions regime remains in place.”

“We continue negotiations to get all the nations to zero,” Secretary Pompeo noted.

Related: Why Trump Decided To Back Down On Iran

The sanctions reimposed today are the largest ever single-day action targeting the Iranian regime, the U.S. Department of the Treasury said in a statement, noting that the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned more than 700 individuals, entities, aircraft, and vessels. 


“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,” Treasury Secretary Steven Mnuchin said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • myshlongstolong on November 05 2018 said:
    Sabe rattling politics. China and most other countries has enough weapons to destroy the World too, including themselves in the process. It's no longer who carries the biggest stick, but who's gonna cut there own throat first. This isn't NBC's "The apprentice", And even Rome made the mistake of being to arrogant. We don't own the planet, stars or anything in this life,, we just get to USE IT for a while.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News