09:33 GMT +317 November 2018
Listen Live
    Pardis petrochemical complex facilities in Assalouyeh on the northern coast of the Persian Gulf, Iran, Tuesday, Sept. 4, 2018. Iranian President Hassan Rouhani said Tuesday his country will continue exporting crude oil despite U.S. efforts to stop it through sanctions

    Study of US Oil Waivers Shows Market Needs Iranian Crude - Report

    © AP Photo / Iranian Presidency Office
    Business
    Get short URL
    0 40

    Washington could offer Iran some major concessions regarding the upcoming US sanctions, in particular, regarding oil exports and access to the SWIFT banking system, given the pressure from the European Union, The Washington Free Beacon reported earlier today.

    According to Tehran, a report that eight countries had been given waivers to US sanctions on Iranian oil has demonstrated that Iran's crude is of importance and cannot be withdrawn from the market.

    "The waivers granted to these eight countries shows that the market needs Iran's oil and it cannot be pulled out of the market… I don't know whether these waivers are permanent or temporary ones," state TV quoted Iran's deputy Oil Minister Ali Kardor as saying.

    Washington has allowed eight countries, including South Korea and Japan, as well as India, to keep purchasing Iranian oil after it re-imposes sanctions on Tehran starting next week, Bloomberg reported.  

    The sanctions, which are set to be enforced on November 4, are expected to target Iran's oil exports and transactions with the Iranian Central Bank, which could potentially involve a crucial international banking system — the Society for Worldwide Interbank Financial Telecommunication (SWIFT) — among other things.

    READ MORE: New Trade Corridor: 'INSTC Extremely Beneficial for Countries Involved' — Prof

    The US sanctions were re-imposed on Tehran following the withdrawal of the United States from the Iran nuclear deal in May. The move has been criticized by other signatories to the deal — China, France, Germany, Iran, Russia, the United Kingdom, and the European Union.

    The sanctions are aimed at exercising maximum pressure on Iran and force it to negotiate a new nuclear deal. As part of its campaign, the United States wants all countries to eventually reduce their oil imports from Iran to zero, delivering a hard blow to Iran's economy.

    Related:

    Yemeni Government Seeking to Resume Oil Output in Coming Days - Reports
    Denmark, US Uneasy as China Eyes Greenlandic Oil as Part of Major Arctic Push
    China Ready to Produce Oil, Gas With Philippines in South China Sea – Minister
    Iran: US 'Lying to the World', Unable to Halt Our Oil Exports
    Tags:
    US sanctions, sanctions waiver, Oil, United States, Iran
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik