India hopes for US waiver on Iran

Geneva Stokes
November 2, 2018

But sentiment turned negative after a report that several governments received waivers that would allow them to import some Iranian crude once US sanctions are imposed next week.

European powers will implement a so-called Special Purpose Vehicle (SPV) under consideration to facilitate trade with Iran next week, Mahmoud Vaezi, the presidency office head, said Wednesday, according to the Islamic Republic News Agency (IRNA).

Investors are concerned about the prospects for oil supply when new U.S. sanctions are implemented against Iran on Monday.

The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran from next week, Bloomberg reported on Friday, citing a US official.

The sources said New Delhi and Washington "have broadly agreed on a waiver", detailing that "India will cut import by a third, which is a significant cut".

- Financial transactions. Starting on Monday, any foreign institution that does business with Iran's central bank or other banks in the country will lose access to the US financial system.

Under the law, the US president must periodically issue a "determination" on whether there is sufficient supply in the market from non-Iranian sources for countries to significantly cut their Iranian purchases.

He noted that the USA sanctions are aimed at covering the country's failure in the economic sector and said Iran has the capability and knowledge to manage its economic affairs and the nation's living conditions.

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The law was originally passed during Barack Obama's administration at part of its effort to pressure Iran to curtail its nuclear program by forcing its major oil customers to reduce their purchases.

Previously, Pompeo has said "it is our expectation that the purchases of Iranian crude oil will go to zero from every country or sanctions will be imposed", but also acknowledged that waivers were being negotiated with nations that say crude from the Middle East producer are critical to their energy industry.

Among other countries closely connected to Iran's energy system is Iraq, which imports gas via a pipeline.

President Donald Trump withdrew from the deal in May, describing it as "defective at its core".

While European powers believe the deal has been successful and have sought to preserve trade with Iran, most major companies have chosen to exit the country rather than incur the wrath of United States authorities.

A list of all countries getting waivers was expected to be released officially on Monday, Bloomberg said.

Beyond Iran sanctions, oil output has been rising significantly in the past two months. "There is much more that it's going to need to do", he said.

With Saudi Arabia pumping 10.65 million bpd in October, combined output from the top-three oil producers is at a record 33.41 million bpd, meaning that Russian Federation, the United States and Saudi Arabia meet more than a third of the world's nearly 100 million bpd of consumption.

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