• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 9 hours EU has already lost the Trump vs. EU Trade War
  • 38 mins Science: Only correct if it fits the popular narrative
  • 3 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 6 hours ''Err ... but Trump ...?'' *sniff
  • 2 hours China's Renewables Boom Hits the Wall
  • 1 hour What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 11 mins Crazy Stories From Round The World
  • 17 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours Tesla Launches Faster Third Generation Supercharger
  • 2 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 9 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 1 day Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire

Breaking News:

Russia Plans To Boost Crude Oil Exports

The U.S. Has Granted Japan and 10 EU Countries Exemption from Iran Sanctions

It is well known that as part of a coordinated campaign the US and EU have pressured Iran with their sanctions to restrict any country importing Iranian crude oil. Under the sanctions law president Obama must cut off foreign financial institutions, who continue to trade with Iran’s central bank without an official exemption, from the US financial system.

Exemptions are available to countries that make significant reductions the amount of Iran crude that they import before the end of June. No official figure has been released to indicate what exactly constitutes a significant reduction, but anonymous officials within the Obama administration have stated that depending on the individual nation’s circumstances they are looking for about 15%.

Yesterday the secretary of state Hillary Clinton announced that Japan, along with 10 European Union countries have earned exemption from the sanctions for a period of 180 days. She praised the efforts of the countries to reduce their imports, which she admitted was “not easy”, stating that “They had to rethink their energy needs at a critical time for the world economy and quickly began to find alternatives to Iranian oil, which many had been reliant on for their energy needs.”

Due to last year’s earthquake and subsequent disaster at Fukushima, Japans energy needs were higher than normal, and yet they still managed to cut their Iranian imports by 22 percent.

The decision means that the countries can still continue to buy Iranian crude, after the sanctions come into effect at the end of June.

Japan’s Finance Minister, Jun Azumi, has said that the government “welcomed the U.S. announcement,” and that they will “keep reducing oil imports at a certain pace.”

Mark Dubowitz, the executive director of the Foundation for Defense of Democracies in Washington, said that yesterday’s decision “begins to reduce some of the uncertainty in oil markets over how the administration will apply oil market sanctions.”

“It gives Japan, in particular, which needs to keep buying Iranian oil, a clear pathway to continue those purchases without putting their financial institutions at risk. It also establishes an early precedent that puts pressure on South Korea, India, China, Turkey, South Africa and other major buyers of Iranian oil to also comply with U.S. law.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play