The U.S. has reportedly broadly agreed to grant India a waiver from the sanctions, after Iran's second-largest oil customer had agreed to reduce Iranian imports by a third in 2018-2019, India's The Economic Times reported on Thursday, citing sources familiar with the issue.
Saudi Arabia increased output by 150,000 barrels to 10.68 million a day last month, the highest in Bloomberg data going back to 1962, while Iran's production slipped by 10,000 barrels a day to 3.42 million, the lowest since March 2016. Iran was Ankara's biggest source of the fuel previous year, accounting for more than a quarter of Turkey's daily average imports of around 830,000 barrels, according to data from the market regulator.
The sanctions bring back the punitive measures that were imposed and then lifted by former president Barack Obama who reached an global agreement under which Iran moved to end its nuclear program. Several countries "may not be able to go all the way to zero" right away on purchases of Iranian oil, said White House National Security Adviser John Bolton.
The concessions to Iran are said to include oil waivers to China, South Korea, and India, all of which purchase Iranian crude oil.
"The waivers granted to these eight countries shows that the market needs Iran's oil and it can not be pulled out of the market".
But the rally petered out in recent weeks amid market fears about a slowing global economy and as expectations grew that Iran would be allowed still to export significant amounts.
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Rohit also smashed an impressive 162 off 137 balls in the fourth ODI while the skipper has three tons from four games. Apart from Jadeja, Jasprit Bumrah and Khaleel Ahmed chipped in with two wickets each to derail the Windies innings.
India has told the USA that it would be impossible for India until at least next March to stop importing Iranian oil-which is cheaper than alternatives-because of India's rising energy bill and weaker currency, an Indian government source told Reuters earlier this week. The contract has fallen 12 percent since the beginning of October.
Through April, South Korea had imported an average of 300,000 bpd of Iranian oil, but in the months since Trump's decision, it tapered those purchases in anticipation of the sanctions. Turkey's Energy Ministry said on Friday it had not received written notification of any exemption.
Despite these efforts, analysts said any potential Iranian oil sanction waivers would likely only be temporary.
Other countries, including Iraq and Afghanistan, also depend on some imports from Iran.
United States hardliners want to press ahead on SWIFT, but others argue to keep the option as a bargaining card with the Europeans and say that SWIFT access remains useful in tracking Iranian transactions.
Russian Federation has been planning to import oil from Tehran but no major projects have materialized.