Iran sanctions: Modi govt’s celebration to be "short-lived", higher oil prices inevitable

Fredrick Soto
November 7, 2018

The move will restore United States sanctions that were lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and add 300 new designations in Iran's oil, shipping, insurance and banking sectors. We have this success from political view... today all countries in the world, except a few number of countries, are against the USA and stand beside Iran. Trump withdrew from the 2015 nuclear accord in May, but all of the others that signed on to the agreement - including countries belonging to the European Union - are hoping to keep the deal in place.

The move restores, and strengthens, sanctions lifted under a 2015 global agreement on Iran's nuclear programme from which Washington withdrew in May at Trump's behest. "I don't want to lift oil prices".

The US measures were reimposed on Monday after Donald Trump's administration pulled out of the Iran nuclear deal earlier this year.

"America wanted to cut to zero Iran's oil sales.but we will continue to sell our break sanctions", Rouhani told economists, adding the sanctions were illegal and unfair.

Data from analysis firm Kayrros showed Iranian crude production was broadly unchanged in October from September, with barrels still hitting the market alongside additional production from Saudi Arabia and Russian Federation.

US officials have said the aim of the sanctions is eventually to stop all Iran's oil exports.

The Trump administration also designated more than 200 persons and vessels in Iran's shipping and energy sectors, including the Islamic Republic of Iran Shipping Lines, which is a maritime carrier, and oil transport giant National Iranian Tanker Company.

"What the Americans are doing today is putting pressure merely on the people", he said, according to a transcript of the remarks posted on the president's website. That agreement had removed many USA and other economic sanctions from Iran in return for Tehran's commitment to curtail its nuclear program.

Secretary of State Mike Pompeo confirmed in a call with reporters that the administration will grant waivers to eight "jurisdictions" when it reimposes oil and gas sanctions.

Rouhani's vow to keep exporting oil came as the Trump Administration snapped back sanctions on more than 700 individuals and companies that received sanctions relief when a landmark 2015 nuclear deal took effect.

However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.

Meanwhile, the expert was not optimistic about the possibility that Iran would negotiate another deal with the United States.

Iran's exports peaked at 2.8 million barrels per day (bpd) in April, including 300,000 bpd of condensate, a lighter form of oil. The two Asian giants are believed to be among the eight countries that have been given the rare temporary exemptions from the Iranian sanctions that kicked off on Monday.

Japan had sought a waiver during negotiations with the United States, saying that its imports of Iranian oil had been falling recently. Iran and five world powers (Russia, the United Kingdom, China, France and Germany) plan to observe the deal.

"On the face of it, we have been given about six-seven months respite to continue importing the Iranian oil".

Iranian Foreign Minister Mohammad Javad Zarif said U.S.

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