Oil prices fall on Iran sanction exemptions, economic concerns

Oil prices fall on Iran sanction exemptions, economic concerns

Aside from restrictions on oil imports, the administration added more than 700 names - including individuals, entities, vessels and aircraft linked to the energy and financial sectors and other segments of Iran's economy - to the USA list of sanctioned entities. "I announce that we will proudly bypass your illegal, unjust sanctions because it's against worldwide regulations.We are in a situation of economic war, confronting a bullying power". As for the European Union, its leaders should rethink their resistance and work with the U.S.to prod Iran to renegotiate the deal so it really would prevent an Iranian nuclear weapon.

The first round of the anti-Iran bans - which had been lifted under the accord - were re-imposed in August.

The United Nations should hold the United States accountable for re-imposing sanctions on Monday to choke off Iran's oil and shipping industry, measures that defy a UN Security Council resolution, Iran's UN ambassador wrote in a letter to Secretary-General Antonio Guterres.

Countries that continue to import Iranian oil and do not have a United States waiver risk USA sanctions forbidding Americans from doing business with their companies and cutting off access to the U.S. financial system.

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.

He said that two of the eight jurisdictions will wind down Iranian oil imports to zero in "weeks" and the six others will import "at greatly reduced levels".

A new package of sanctions affect oil exports, global transportation and banking sector. The United States said on November 2 it will temporarily allow eight importers to keep buying Iranian oil.

A senior official of Marubeni Corp. said it would be hard to land a deal in Iran as long as U.S. President Donald Trump's administration continues its aggressive posture toward Tehran.

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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. "Today the enemy (the United States) is targeting our economy. the main target of sanctions is our people", Rouhani said.

But the official said that because a stronger oil supply is anticipated for next year, "that will allow us to accelerate the path to zero" imports from Iran.

He said the U.S. policy is to levy "maximum economic pressure" on the country.

The administration says China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey will be allowed to continue importing Iranian oil for a limited time. Other parties to the deal, including Britain, France, Germany, China and Russian Federation, have said they will not leave the deal.

Asked about the eight exempted countries, White House press secretary Sarah Huckabee Sanders said the US was exerting intense pressure on Iran.

In June Iran said that Baghdad and Tehran had begun exchanging crude oil.

It follows Washington's withdrawal from a 2015 worldwide agreement on Iran's nuclear programme. China's foreign ministry expressed regret at the US move.

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