United States doesn't want to harm friends, allies with Iran sanctions - Bolton

Charlene Craig
November 2, 2018

"We will continue to discuss our Iran policy with our counterparts around the world and the implications of our re-imposition of sanctions previously lifted or waivered under the JCPOA", he said. But we are prepared to work with countries that are reducing their imports on a case-by-case basis.

India, which is the second biggest purchaser of Iranian oil after China, is willing to restrict its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (300,000 barrels per day), down from 22.6 million tonnes (452,000 barrels per day) bought in 2017-18 financial year, sources in New Delhi said.

"Oil prices sold off sharply. on news that the US administration would grant waivers for oil imports from Iran", Goldman Sachs analysts said in a note to clients.

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.

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Paladino said that the U.S. will continue to discuss America's Iran policy with its counterparts across the world.

"We still expect that the global oil market will be in deficit in 4Q18", the bank said. "There is much more that it's going to need to do", he said.

The coaliton forming between the European Union and Iran was met with disbelief and anger from U.S. Secretary of State Mike Pompeo. "On Monday, in front of us, all of the sanctions that had been relieved by the Obama administration will return".

"These are not the kinds of behaviours of a normal nation", Pompeo said. Indian private sector entities like Reliance have already stopped picking up Iranian crude. "The people of Iran should know with certainty that the government has no fear of the new American threats".

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The restrictions come six months after President Donald Trump fulfilled a campaign promise and ended an Obama-era nuclear agreement with the Middle East state. You have to choose between us.

The US has broadly agreed to grant India a waiver from Iran sanctions after the Indian side chose to cut oil imports from Tehran by about a third in 2018-19, sources familiar with the matter said, adding that an official announcement could be made over the next few days.

Iran's oil flows to India were 600,000 bpd in September and are estimated at around 500,000 bpd in October, Platts oil flow data suggests.

Turkey's Energy Ministry said on Friday it had heard rumors of waivers but added it had not received written notification of any exemption on buying Iran oil after the United States reimposes sanctions on Tehran on 5 November. The leader said it's possible Iran will face more hard times ahead, but asserted that the government will use all its power to reduce any problems.

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