The US has agreed to continue importing oil from Iran even though the countries have imposed sanctions on eight countries. US Secretary of State Mike Pompeo gave this information on Friday. The US has imposed a ban on Iran once again, separating itself from its nuclear deal with Iran. These restrictions are being implemented from November 5. Pompeo said that these countries will make huge cuts in oil imports from Iran. Earlier in the day, Bloomberg quoted an American official as saying that eight countries, including India, Japan and South Korea, have been exempt from the ban on importing oil from Iran.
The US government has agreed to let 8 countries, including close allies South Korea & Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran: Reuters pic.twitter.com/aQvkOV0dBh
— ANI (@ANI) November 2, 2018
US Secretary of State Mike Pompeo, “US to exempt China, India, Japan from Iran oil sanctions”
US to exempt China, India, Japan from Iran oil sanctions: US Secretary of State Mike Pompeo pic.twitter.com/S82srQgwtQ
— ANI (@ANI) November 5, 2018
US Secretary of State Mike Pompeo, “We have decided to issue temporary allotments to a handful of countries due to specific circumstances. The US will be granting these exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan & Turkey”
We have decided to issue temporary allotments to a handful of countries due to specific circumstances. The US will be granting these exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan & Turkey: Mike Pompeo, US Secretary of State pic.twitter.com/SFYYQqHLRZ
— ANI (@ANI) November 5, 2018
America wanted that the other countries, which bought oil from Iran, including India, completely stop buying oil from Iran from November 4. After this day, sanctions will be imposed by the US on Iran, but now it seems that the US has relaxed some of its stance. US is of the opinion that after the Iranian oil completely overturned from the market, there may be an upturn in the market and it may have adverse effects on the price.
India is the second largest buyer of crude oil after Iran after China. According to New Delhi-based sources, India is now seeking to limit the purchase of crude oil from Iran to 15 million tonnes annually. Before that, in 2017-18, India’s oil purchase from Iran was 28 million tonnes, that is, 4 lakhs 52 thousand barrels per day.
Pompeo said that the restrictions imposed on Iran would temporarily exempt eight countries from the US. These exemptions are being given to these countries by looking at the steps to significantly reduce oil imports from Iran. The names of these countries will be released on Monday. Pompeo said that after the ban on Iran on Monday, the US will allow eight countries to import oil from Iran but this import should be at least.
The United States has banned Iran because of its nuclear program and suppor of terrorism. Under the ban, the United States will penalize those countries and foreign companies, who will not stop trading with Iranian companies imposed and blacklisted by US.