X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 13 hours U.S. Presidential Elections Status - Electoral Votes
  • 8 hours Interest article about windmills and waterwheels in Europe
  • 3 hours Retired RAF pilot wins legal challenge over a wind farm
  • 1 day Speaker Pelosi, "Tear Down This Wall"
  • 2 days NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 19 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 1 day Disaster looming in UK offshore wind power
  • 2 days Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 17 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It's a 100% exact genomic match.
Can OPEC+ Maintain Order As Oil Prices Rise?

Can OPEC+ Maintain Order As Oil Prices Rise?

Oil prices soared past $60…

Traders Are Betting On $100 Oil Following Texas Freeze

Traders Are Betting On $100 Oil Following Texas Freeze

Analysts are rushing to readjust…

Damir Kaletovic

Damir Kaletovic

Damir Kaletovic is an award-winning investigative journalist, documentary filmmaker and expert on Southeastern Europe whose work appears on behalf of Oilprice.com and several other news…

More Info

Japanese Refiners Put The Brakes On Iranian Crude Imports

Unable to secure a waiver extension from Washington to continue buying Iranian oil, Japanese refineries are putting the brakes on further imports in order to give payments enough time to be processed under the existing waiver.

In total, Japanese refiners purchased over 15 million barrels of Iranian crude from January through March, but the waiver expires in early May and payments still have to be processed for those cargoes, Reuters reports, citing industry sources and data from Refinitiv Eikon.

In order to avoid sanctions violations, all necessary transactions with banks and insurance companies must be finalized before the waiver expires, with the last cargo set to arrive in Japan on April 9.

A handful of countries have received waivers from Washington since sanctions were imposed on Iran, including Japan, China, India, Italy, Greece, Turkey, Taiwan, and South Korea. Iraq also received a waiver to continue importing electricity and natural gas from Iran. Earlier this month, Washington renewed that 90-day waiver.

In the meantime, anonymous sources cited by Bloomberg indicate that the extension of sanctions waivers has become a hotly disputed topic in the corridors of Washington, with infighting between the National Security Council and the U.S. State Department growing as the expiration of the current sanction waivers draws near. 

The NSC camp, led by John Bolton, is lobbying for an end to waivers entirely; while the DoS camp, led by Mike Pompeo, is calling for waiver extensions for allies in need.

Related: The One Thing That Could Derail The U.S. Oil Boom

Nonetheless, yesterday, Brian Hook, the State Department’s special representative for Iran, told VOA that the “policy of the United States is that we are not looking to grant any new oil waivers”.

“We did have to grant eight oil waivers in order to avoid shocking the global oil markets and causing a dramatic increase in the price of oil. We have taken off roughly 1½ million barrels of Iranian crude, and we have avoided a price increase in oil. And that’s not an accident. We’ve done it very well and very carefully. 2019 is going to be a much better market for global oil supply, and the forecasters say that there will be more supply than demand. That gives us much better market conditions to accelerate our path to zero imports,” Hook said.

By Damir Kaletovic for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News