Recently the President of United States, Donald Trump have granted waivers to eight countries allowing them to continue purchasing Iranian oil temporarily when it re-imposes sanctions to force Iran to curb its nuclear, missile and regional activities. Former President Obama implemented the sanction for the first time for the purpose of persevering pressure on Iran to negotiate limits on its nuclear programme. Under US law, exceptions can be granted for up to 180 days. The Managing Director for the Middle East at Facts Global Energy said on this issue, “this is an above and beyond expected result”.
In the month of June, it has been said by a senior US State Department official that no exceptions would be made and countries that don’t cut their purchases to zero may be punished. In the month of August Trump threatened those countries who continue to trade with Iraq by mentioning “severe consequences”.US Secretary of the State Mike Pompeo added that six of the jurisdictions will import Iranian crude oil at greatly reduced levels and rest of two will completely end their imports. In the second quarter of this year according to the data from OPEC and International Energy Agency Iranian oil production and exports peaked at 3.8 million and 2.4 million barrels a day respectively. That means exports have already fallen by about 900,000 barrels per day. It has been heard on Thursday that the US administration will allow India to purchase 1.25 million tons of Iranian oil each month through March. India imported about 22 million tons of oil from Iran in the 2017-2018 period, as the second largest purchaser of Iranian oil. High crude prices and because of the deterioration of Indian rupee caused oil price inflation in the country.
Tags : #IRAN