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US to end Iran oil sanctions exemptions
Keywords: Iran Oil Sanctions, Iran Oil Exemptions,
The Trump administration says waivers for China, India, Japan, South Korea and Turkey to import Iranian oil that expire in May will not be renewed. The decision is to have zero exemptions. Earlier Taiwan, Greece and Italy, also on the list, decided to find other sources of imported oil. Iranian oil exports are estimate to be below 1 million barrels a day compared to 2.5 million barrels a day before president Trump abandoned the Obama administration negotiated Iranian nuclear deal and reimposed oil sanctions.
Saudis and UAE say they will keep the oil market in balance, and president Trump is also relying on U.S. shale oil supplies. The move faces resistance from China which says the U.S. has no jurisdiction to interfere. India haces issues with the U.S. for importing from not only Iran, but also Venezuela, Turkey and Iran are neighbors, India and Iran are neighbors, both with cultural ties to Iran, making the situation difficult for both countries.
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As Steven Mufson reports in the Washington Post, the lifting of sanctions is likely to lead to a slow increase in exports of oil, only 400,000 in the first 6 months, because it is in Iran's interest not to depress prices further than $30 a barrel. Foreign companies will also take a gradual approach to foreign investment in Iran because of remaining sanctions and the slowly improving economic outlook. This creates breathing room for all sides to assess the new situation after the landmark nuclear agreement amid tensions about ballistic missile tests.
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Sanctions relief could strengthen hand of Iran’s reformers, but perils remain - The Washington Post
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As Relations Worsen, Iran Says U.S. Sanctions May Violate Nuclear Deal
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Iran's declining oil exports in 2012-2013 with stricter sanctions
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Ex-Iran President Seeks Comeback Against Odds
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Wall Street Journal 11/22/2013
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OPEC, Foreseeing No Glut, Keeps Oil Production Level Steady
New York Times 12/04/2013
Sanctions Eased, Iran Gets Feelers From Old Trading Partners
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Spencer Jakab of the WSJ says the Saudis are not likely to change current policy of full output with no cuts, because of Middle East politics and the conflcit with Iran and Russia.
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The near collapse of Iran's state owned Gas Company following crippling western sanctions
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The failure to develop natural gas resources with the withdrawal of Total and other western oil companies and the lack of access to new technologies is severely hurting Iran. Iran sits on top of the world's second largest gas reserves but gas exports are limited to Turkey and Azerbaijan. Qatar which borders a large Iranian gas field has moved to develop its gas reserves with the help of Shell and other oil companies.
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I.M.F. Study Details Perils of Iranian Economy
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Oil, Auto Companies Make Plans to Invest in Iran if Sanctions Ease
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New York Times 08/12/2014
China's oil imports and U.S. sanctions against Iran
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Middle East Oil Fuels Fresh China-U.S. Tensions
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Iran State Gas Company Faces Collapse, Hit by Sanctions
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Sanctions Eased, Iran Gets Feelers From Old Trading Partners
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New Suppliers Boost China Oil Imports
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China Seen Bolstering Oil Reserves
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Iran’s Discount Deal for Global Oil
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Saudis Struggle to Share Pain of Pumping Less Oil
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OPEC Pursues Formal Pact With Russia
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India's oil imports from Iran
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The impact of U.S. withdrawal from the Iran Nuclear Deal in May 2018, on world oil prices
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US oil sanctions on Iran anger Asian powers
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US to end Iran oil sanctions exemptions
BBC News 04/22/2019
Iran's oil exports in 2016 as economic sanctions are lifted in Jan. 2016
01/17/2016
Experts say Iran's oil exports will only gradually increase to about 400,000 in 6 months, because it is in Iran's interest not to depress oil prices further than $30 a barrel.
Grouped Articles
Oil glut dampens Iran’s hopes for big cash flows as sanctions lift - The Washington Post
Washington Post 01/17/2016
Iran Opening Stirs New Interest From Businesses
Wall Street Journal 01/23/2016
Weak Oil Prices Curbing Production
Wall Street Journal 04/13/2016
Oil prices, financial markets sink after production limit plan fails - The Washington Post
Washington Post 04/18/2016
U.S. Vows to Grant Few Waivers on Iran Sanctions
WSJ 08/22/2018
U.S. Sanctions Hit Iran’s Plan to Tap Giant Gas Trove
WSJ 10/05/2018
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