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

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been given waivers to US sanctions on Iranian oil has demonstrated that Iran's crude is of importance and cannot be withdrawn from the market.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

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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.