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MEA welcomes U.S. decision to exempt India from sanctions

10 November, 2018, 11:59 | Author: Lawrence Cooper
  • Iranian Foreign Minister Mohammad Javad Zarif

Meanwhile, Iran vowed it would sell its oil and break sanctions imposed by the United States on its vital energy and banking sectors, the country's president, Hassan Rouhani, told economists at a meeting broadcast live on state television on Monday.

Crude has tumbled 20 percent since touching a four-year high last month as apprehension over sanctions targeting Iranian oil exports evaporated, in part because of exemptions handed to some of the Islamic Republic's biggest customers.

Hook declined to give details of the confidential bilateral deals with the countries, which include China, India, South Korea, Taiwan, Japan, Greece, Italy and Turkey.

The Ministry of External Affairs (MEA) on Friday expressed appreciation for the United States' waiver on India-Iran energy trade and the Chabahar Port project.

The Bank continues to remain supportive of oil price from current levels as the risks are skewed to the upside in the presence of U.S. sanctions on Iran and rising geopolitical risks globally.

"We are going to be continuing our path to zero", Hook said.

"As OPEC exports continue to rise, inventories continue to build which is putting downward pressure on oil prices", analysts at Bernstein Energy said. "We have calibrated this very well".

Bernstein Energy expects "Iranian exports will average 1.4-1.5 million barrels per day (bpd)" during the exemption period, down from a peak of nearly 3 million bpd in mid-2018.

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The Americans have shown this year that they are capable of ramping up production by more than the Saudis can cut it.

"It's with some satisfaction that I noticed today the price of oil is down".

China National Petroleum Corp (CNPC) said on Friday it was continuing to take oil from Iranian oilfields in which it has ownership stakes.

The sanctions aim to further isolate Iran by choking off its main source of revenue - oil exports - by imposing sanctions on countries and companies that do not end their imports. Paying for Iranian oil in rupees will also strengthen the Indian currency against the USA dollar. Iran regularly shipped "millions of barrels of crude" to Syria in support of Syrian President Bashar al-Assad, he said.

The State Department reminded the global shipping and insurance industries Wednesday that as part of the Trump administration's "maximum pressure campaign" to get Iran to change its behavior, insuring Iranian tankers will now incur penalties under USA sanctions reinstated this week.

"This tactic is a maritime security threat", Hook said. "This exposes the entire maritime shipping network to enormous liability". "Self-insured Iranain tankers are a risk to the ports that permit them to dock, the canals that allow them to transit and the boat that cross their path".

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