Armed with waivers to keep importing Iranian oil without running afoul of US sanctions, some of the Islamic Republic’s top customers are preparing to buy.
The exemptions mean at least some supplies from OPEC’s third-biggest producer will keep flowing into international markets, after Iran’s exports plunged by almost 40 per cent since April- the month before Washington announced the curbs.
Almost all major buyers of Iran’s oil had negotiated with the US for the waivers, arguing that cutting purchases to zero would affect their energy industries and boost fuel costs. US secretary of state Michael Pompeo has defended the exemptions and said the Trump administration’s campaign to pressure Iran has already reduced exports by over 1 million barrels a day and they’ll continue to shrink.
A summary of plans by some of Iran’s biggest oil customers and what they may buy under the waivers is set out below. The exemptions have been granted for 180 days, and will be reviewed toward the end of the period. Read more