Three of eight importers granted waivers by Washington to buy oil from Iran have...
WASHINGTON - Three of eight importers granted waivers by Washington to buy oil from Iran have now cut their shipments to zero, a U.S. official said on Tuesday, adding that improved global oil market conditions would help reduce Iranian crude exports further.
While the United States has set a goal of completely halting Iran’s oil exports, it granted temporary import waivers to China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea to ensure low oil prices and no disruption to the global oil market. Hook said U.S. oil sanctions against Iran had removed about 1.5 million barrels of Iranian oil exports from the market since May 2018.
Analysts believe the administration is likely to extend the waivers to the remaining five importers to placate top buyers China and India and to decrease the chance of higher oil prices. “With oil prices actually lower than they were when we announced our sanctions and global production stable, we are on the fast track to zeroing out all purchases of Iranian crude,” Hook said.
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