India, China Among Eight Countries Allowed to Buy Iranian Oil: Mike Pompeo

India, China Among Eight Countries Allowed to Buy Iranian Oil: Mike Pompeo

US Secretary of State Mike Pompeo, during a talk show on Fox News, refused to reveal which countries received waivers from US sanctions to continue importing Iranian oil.

"While the Iranian sanctions should still be viewed as a latent bullish consideration capable of limiting much additional price slippage, it would appear that the Iranian factor alone will not be capable of spurring higher prices without major assistance from a renewed strengthening in the equities, sustainable weakening in the USA dollar or a significant cut back in OPEC production", Jim Ritterbusch, president of Ritterbusch & Associates, said in a note. India's top oil supplier is Iraq, followed by Iran and Saudi Arabia.

He says imports cover nearly 80 percent of India's energy needs, and that it must import from Iran in order to grow its economy. "It will be gradual", the USA president said.

This group of eight buyers imported over 80% of Iran's roughly 2.6 million barrels per day (bpd) of oil exports previous year, Refiniv Eikon data shows.

Even China, locked in a bitter trade war with the United States, bowed to pressure from Washington and dialled back imports.

In October, Iran's crude exports were estimated at 1.82 million bpd by Kpler and 1.5 million bpd by another firm that monitors Iranian shipments.

The sanctions' goal is to cut off Iran's oil exports, which are reported to have already fallen by around a million barrels a day since May, and to cut it off from global finance.

Additionally, 100 per cent of the revenue Iran receives from the sale of oil will be held in foreign accounts.

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They include more corporate entities and individuals compared with sanctions imposed on Iran during the tenure of President Barack Obama, Trump's predecessor.

US National Security Advisor John Bolton claimed that the nuclear deal with Iran failed to "permanently block all paths to an Iranian nuclear bomb".

House Democratic Whip Steny H Hoyer said, "Rather than achieving its stated goal of eliminating Iran's oil exports altogether, the administration has issued "exemptions" for major Iranian oil importers, allowing Iran to earn billions of dollars from oil sale".

It can be recalled that China, including France, Russia, Germany, and Britain, was pulled out by Trump earlier this year to the 2015 Joint Comprehensive Plan of Action. "Further, its negotiators failed to secure any restrictions on Iran's other destabilising activities, including the regime's ballistic missile development and proliferation", he told a NY audience.

"The U.S. administration appears to believe that imposing illegal draconian sanctions on Iran will bring about such pain to our nation that it will force us to submit to its will, no matter how absurd, unlawful or fundamentally flawed its demands are".

Industry estimates suggest Iran's oil exports have fallen 40 to 60 percent since Trump said in May he would reimpose sanctions. Watch the efforts that President Trump's policies have achieved. The remaining members agreed that the measure helps keep Iran from obtaining nuclear weapons.

Iran has dismissed these charges and maintains that its nuclear programme is for peaceful purposes.

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