India among 8 countries allowed to buy Iranian oil

Demonstrators chant slogans during an annual rally in front of the former U.S. Embassy in Tehran Iran on Sunday Nov. 4 2018 to mark the 39th anniversary of the seizure of the embassy by militant Iranian students

After the US' withdrawal from the deal, Trump signed fresh sanctions against Iran and warned countries against any cooperation with Tehran over its controversial nuclear weapons programme.

"It is our duty to keep some of the worries to ourselves", IRNA quoted Jahangiri as saying.

WASHINGTON/SEOUL‚ South Korea-The United States snapped sanctions back in place on November 5 to choke off Iran's oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic.

Trump, facing crucial midterm elections that may cost Republicans control of the U.S. Congress, said on Monday he wants to impose sanctions on Iran's oil gradually, citing concerns about shocking markets and causing global price spikes.

The former diplomat, Pinak Chakravarty, said Tuesday that India reduced its oil imports from Iran during an earlier round of sanctions.

These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now.

Washington has pledged to eventually halt all purchases of crude oil from Iran globally but for now it said eight countries-China, India, South Korea, Japan, Italy, Greece, Taiwan, and Turkey-can continue imports without penalty.

Oil prices fell on Tuesday, with USA crude futures sliding to an eight-month low, a day after Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it had so far been able to sell as much oil as it needs to sell.




Iran's oil minister has written a letter to the OPEC chief, asking that the so-called Joint Ministerial Monitoring Committee — which consists of all OPEC and non-OPEC countries — be dissolved because of its stance on the newly re-imposed USA sanctions on Iran. The trade dispute between the United States and China threatens growth in the world's two biggest economies and currency weakness is pressuring economies in Asia.

House Democratic Whip Steny H Hoyer said, "Rather than achieving its stated goal of eliminating Iran's oil exports altogether, the administration has issued "exemptions" for major Iranian oil importers, allowing Iran to earn billions of dollars from oil sale".

They include more corporate entities and individuals compared with sanctions imposed on Iran during the tenure of President Barack Obama, Trump's predecessor.

After the US' withdrawal from the deal, Trump signed fresh sanctions against Iran, which claims its nuclear programme is peaceful and for civilian goal.

One of the sources said the United States had attached some strings to the import allowance, including counterparty disclosures and laying open settlement methods, which were being evaluated before placing new orders with Iran.

International Brent crude oil futures were down 21 cents, or 0.3 per cent, at $72.96 a barrel. The exemptions are usually created to last up to 180 days.

Iran is already in the grip of an economic crisis.

On the supply side, U.S. crude oil production is expected to average 12.06 million barrels per day (bpd) in 2019, passing the 12 million bpd milestone sooner than expected on surging domestic shale output, the U.S. Energy Information Administration said on Tuesday.

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