The knowns and unknowns of US Iran oil sanction waivers


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.

In Moscow's first official reaction since the restoration of Washington's bans on Tehran, Russian Foreign Minister Sergei Lavrov said on Tuesday that the U.S. sanctions are "not legitimate".

Brian Hook, the special USA representative for Iran, said that as major insurers withdraw coverage from Iranian vessels, Iran will likely turn to domestic insurance companies that will not be able to cover losses for maritime accidents that could run into the billions of dollars.

Lavrov emphasized that Russian Federation and its European partners were looking for ways to maintain economic ties with Iran.

A dozen Iranian tankers have turned off their transponders as a tactic to evade sanctions, US Special Representative for Iran Brian Hook said in a press briefing.

The first round of penalties, which included cars, carpets, metals trading and access to the United States dollar, entered force in August. 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.

"Oil prices continue to decline and are now officially in a bear market, having declined 20 per cent from their (October) peak", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

Morena escuchará a banqueros antes de aprobar eliminación de comisiones: Monreal
Por adquisición o administración de dispositivos de seguridad para la producción y utilización de contraseñas de uso único. Al depositante de cheque para abono en su cuenta , que sea devuelto o rechazado su pago por el banco librado.

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.

The State Department said it was carving exemptions from its sanctions on Iran's economy for the development of Chabahar along with an attached railway project and Iranian petroleum shipments to Afghanistan.

Iran emerged in early 2016 from years of global sanctions under a deal with world powers that curbed its disputed nuclear programme.

Iranian officials have said the waivers provide proof that the United States can not achieve its goal of cutting off all of Iran's oil exports.

South Korea is a large buyer of Iranian condensate, a super light form of crude oil, used by its large petrochemical industry.

However, Iran says the waivers are not enough to keep the oil price down, and oil consumers are set for "painful months" ahead because of insufficient supplies. We have so many countries that are on our side. Shortly after that the White House announced they would re-impose unilateral sanctions against the Islamic Republic. Even its allies UK, France and Germany, who were co-signatories to the JCPOA, have refused to accept the sanctions.

The sanctions, however, will inevitably erode Iran's state finances and raise already high inflation and jobless rates, making life harder for ordinary Iranians. However, this time the U.S. is alone, and the entire world, except for a few countries, have vowed to maintain business with Iran.