Iran Doesn't Expect Oil Customers to Get Sanctions Waivers
Bloomberg
Published Jun 22, 2018 18:31
Updated Jun 22, 2018 21:57
Iran Doesn't Expect Oil Customers to Get Sanctions Waivers
(Bloomberg) -- Iran said it doesn’t believe buyers of its oil will get waivers from the U.S. government that would allow them to continue purchasing cargoes after President Donald Trump’s renewal of sanctions.
His comments came after American officials were said to have asked Japan to completely halt oil imports from Iran, going beyond the cuts demanded during previous Obama-era sanctions. Those curbs in 2012 removed about 1 million barrels a day of crude from the market, suggesting Trump’s restrictions could have a big impact on the market.
“I don’t believe they can receive waiver from the United States,” Iranian Oil Minister Bijan Namdar Zanganeh said Friday in a Bloomberg television interview. “We are going to find some other way."
When Trump decided to re-impose restrictions on Iran last month, his administration gave buyers 180 days to curb their purchases. The request to halt Japanese imports signals a tougher stance than in 2012, when nations were allowed to continue buying at reduced levels in exchange for waivers from U.S. financial restrictions.
Most customers are still buying Iran’s oil, and there are many ways for the country to try to preserve output, Zanganeh said in Vienna after attending a meeting of the Organization of Petroleum Exporting Countries.
“I can not describe these other ways,” Zanganeh said. “If the United States administration knows what we are going to do, they will block us.”
The sanctions issue was a source of contention at the summit, where Iran initially resisted efforts by fellow members to raise production and take its market share.
Iran’s Oil Ministry has prepared for a “worst scenario,” Zanganeh said, accusing Trump of acting against the free market. Iranian oil exports are close to 2.5 million barrels a day this month, he said.
(Updates with comments from minister in third paragraph.)
Get The App
Written By: Bloomberg
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.