U.S. exempts three Iranian nuclear sites from sanctions

Mae Love
November 9, 2018

The waivers, he notes, are temporary and growth in demand is "likely underestimated".

Oil's slump has been exacerbated by a USA decision to allow eight countries to continue importing from Iran even after it hits the OPEC member with sanctions. None of the other partners agree with U.S. decision. Moreover, Trump's sanctions against Iran's financial sector essentially make 30 banks and their subsidiaries off-limits to foreign lenders, undermining its means to facilitate trade.

South Korea is a large buyer of Iranian condensate, a super light form of crude oil, used by its large petrochemical industry. The port project is simply too critical for India and can benefit Afghanistan immensely.

On Tuesday, Zanganeh, the oil minister, wrote a letter to the OPEC chief, asking that the so-called Joint Ministerial Monitoring Committee - which consists of all OPEC and non-OPEC countries -some members of the committee "openly" take side with the United States on the matter of sanctions on Iran.

In May 2016, India, Iran and Afghanistan inked a pact which entailed establishment of Transit and Transport Corridor among the three countries using Chabahar Port as one of the regional hubs for sea transportation in Iran, besides multi-modal transport of goods and passengers across the three nations. "There's a handful of places were countries that have - that have already made significant reductions in their crude oil exports need a little bit more time to get to zero, and we're going to provide that to them".

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In 2017-18, India imported 22.6 million tonnes of oil from Iran.

China's October crude imports surged 32 percent from a year earlier to 40.80 million tonnes, or 9.61 million barrels per day (bpd), data from the General Administration of Customs showed on Thursday, climbing from 9.05 million bpd in September. Since May, when Trump took Washington out of the nuclear deal, prices of bread, cooking oil and other staples have soared and the value of the rial currency has plunged.

Oil's set for its longest stretch of declines on record after entering a bear market, with investors awaiting a weekend meeting of OPEC and its allies to discuss output strategy.

India is, thus, being given time to phase out its oil imports from Iran in a calibrated fashion. This is going to cost India heavily. In October, Iran's crude exports were estimated at 1.82 million bpd by data intelligence company Kpler and 1.5 million bpd by another firm that traces Iranian shipments. This is happening due to the rise in global oil prices and the depreciation in the value of the rupee. With major cuts in the cheaper oil imports from Iran, the overall oil import bill is bound to rise further with its consequent adverse effect for the economy.

The giving in to U.S. pressure, which harms India's interests, is now being projected as an achievement. The minister of petroleum and gas, Dharmendra Pradhan, told reporters on November 3 that the "prime minister's forceful campaign has been that you can not ignore interests of consuming countries". We have so many countries that are on our side.

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