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Page added on May 10, 2018
Buyers Seek US Waivers to Buy Iranian Oil Amid New Sanctions
South Korea said on Wednesday it would seek U.S. exemptions to buy Iranian oil, a path many big oil consumers are likely to follow in the wake of new U.S. sanctions on Tehran, which will tighten world oil markets and push up prices.
Iran is the third-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) and a key supplier, especially to refiners in Asia.
The United States plans to impose new unilateral sanctions after abandoning an agreement reached in late 2015 which limited Iran’s nuclear ambitions in exchange for removing joint U.S.-Europe sanctions, which included strict curbs on crude oil exports.
New U.S. sanctions will include measures aimed at its oil and shipping sectors, with a six-month “wind down” period “to allow companies to end contracts, terminate business, (and) get their money out”, according to the U.S. State Department.
“President Trump is clearly articulating that he has minimal desire in an alternative agreement with Iran,” said Ehsan Khoman, head of research for Middle East and North Africa at Mitsubishi UFJ Financial Group.
During the last round of sanctions, Iran’s oil supplies fell by around 1 million barrels per day (bpd), but the country re-emerged as a major oil exporter after sanctions were lifted in January 2016.
Since then, Iran ramped up supplies, producing 3.81 million bpd in March 2018, almost 4 percent of global output. Its crude exports averaged over 2 million bpd in January-March quarter this year.
Analysts now expect Iran’s supplies to fall by between 200,000 bpd and 1 million bpd, depending on how many other countries fall in line with Washington.
SOUTH KOREA AND JAPAN
South Korea’s Ministry of Trade, Industry and Energy said it planned “to minimize the damage” to its companies, adding it would seek an exemption from sanctions. Japan may follow suit.
“Japan and South Korea may comply with the proposed U.S. reimposition of Iranian sanctions on the concern of losing the U.S. security umbrella vis-à-vis North Korea,” Khoman said.
Trade data already show a reduction of Iranian oil supplies to Japan and South Korea, and refinery sources confirmed they had started shifting purchases in preparation for renewed sanctions.
Iranian crude oil shipments to Japan and South Korea have fallen by half from their post-sanction peak in March 2017, hitting just over 300,000 bpd in April, according to ship tracking data.
CHINA AND INDIA
The biggest single buyer of Iran’s crude is China, which imported about 900,000 bpd in mid-2016 but has scaled back shipments to around 600,000 bpd in 2018.
A senior official with a Chinese oil major, who declined to be identified because he is not authorized to speak to the media, said new sanctions would hurt Chinese refiners by pushing up the price of crude.
Benchmark Brent crude hit its highest since November 2014 on Wednesday at over $77 a barrel. [O/R]
China’s response to the U.S. sanctions is unclear. Beijing has opposed the U.S. move and many Chinese companies may continue to buy Iranian crude, analysts say.
And Chinese refiners say there are alternative suppliers, including Russia, Saudi Arabia and exporters in West Africa. In India, another major buyer of Iranian oil, refiners hope they can continue importing Iranian oil. During the last round of sanctions, India enjoyed waivers allowing limited Iranian oil imports paid for in rupees instead of U.S. dollars. “The impact (of new sanctions) in India will be there, but not so high,” said R Ramachandran, head of refineries at state-owned oil firm Bharat Petroleum Corp . When sanctions were loosened against Tehran in 2016, India ramped up imports from Iran to almost 900,000 bpd in late 2016, but intake has fallen back to around 500,000 bpd this year.
The threat of new sanctions comes as demand in Asia, the world’s biggest oil-consuming region, hit a record and producers, including Saudi Arabia and Russia restrict supply to prop up prices.
As a result, crude oil inventories in major developed nations have fallen sharply in the last year and a half to 2.85 billion barrels, only slightly above their five-year average.
Trying to ease market concerns, Saudi Arabia said on Wednesday that it would work with other producers to diminish the impact of any shortage in oil supplies.
26 Comments on "Buyers Seek US Waivers to Buy Iranian Oil Amid New Sanctions"
Duncan Idaho on Thu, 10th May 2018 12:01 pm
The US, SA and Israel will have a hard time stopping this.
The other 180+ countries are not going to go along.
JuanP on Thu, 10th May 2018 12:14 pm
Russian gas sales to the EU are at record high levels.
https://www.rt.com/business/426357-europe-boost-russia-gas-conflict/
JuanP on Thu, 10th May 2018 12:26 pm
The last number I remember seeing for Iranian oil exports was 2.6 mbpd. The only countries in the world that support this US government action are Israel and Saudi Arabia. The USA is winning our hearts and minds! That is why Americans have so many friends and are so happy!
Cloggie on Thu, 10th May 2018 12:49 pm
Not even UK FM Boris Johnson supports Trump:
https://www.theguardian.com/world/2018/may/09/uk-will-not-follow-trump-in-ditching-iran-deal-boris-johnson-vows
That says a lot.
Anonymouse1 on Thu, 10th May 2018 2:16 pm
The real reason for the idiotic trumps theatrics of late.
The uS, always looking for new ways to punish Iran economically, needed a way to try to remove Iran’s, NON-uS denominated oil from the world market, but in a non-military way. Tearing up the invasive and illegal ‘Iran nuclear deal’, was as good an excuse as any. ‘New’ sanctions and a new round of economic and political harassment had already been prepared and intituatied.
And if the amero-zionist controlled ‘markets’ decide all this new ‘tension’ with Iran is ‘causing’ the price of oil to rise, well that just an added bonus. More uS$ oil vs less Iranian NON-uS$ oil, and at a higher prices too? Everyone’s a winner if all goes to plan. And by everyone, I mean everyone in Jew York, London, Tel Aviv and AIPAC.
And as an added bonus, any amerikan that whines about ‘high’ gas prices, can always be told by the ministry of truth it’s all Iran’s fault.
Davy on Thu, 10th May 2018 3:19 pm
Weasel, you are a dumbass simpleton. Try showing a little more sophistication. Anyone can story tell complete with rap like language. If you are educated, which I see little indication of, then show the real picture that is balanced and objective. You are a disgusting millennial exhibitionist just like your friend mm.
Anonymouse1 on Thu, 10th May 2018 4:00 pm
You mean like your sock, mushmind? I would suggest you up your medication intake there exceptionalturd, but that would fall of deaf ears. For, as we all know you, stubbornly refuse to leave your shack and seek actual psychological counselling.
Speaking of socks, would you kindly stop spamming the place with his(your), inane commentary 24/7? Between you, ‘mushmind'(you) and clogg-berg finklestein, it is little more than a virtual pile of steaming manure around here. Speaking of manure, why don’t you stop mashing the refresh button non-stop and go outside and spread some around that ‘multi-million dollar’ (lol), doomstead of yours?
Davy on Thu, 10th May 2018 6:07 pm
weasel, you and mm are best of friends lately. What is going on? I thought you hated all Americans?
Anonymouse1 on Thu, 10th May 2018 6:49 pm
You definitely exist in a most vivid and fanciful world excetionalturd. And I am sure the alt reality and all this things happening in it feel real to you. If you were under proper care, you could spend the rest of your life describing it in all its grandiose detail to a mental health-care specialists. However, it is not the one the rest of us inhabit or experience. I do not expect this to deter or even discourage you from fabricating memories and recollections of past, present, and futures events.
So no, you and I not the ‘best of friends’ or friends at all.
dumbass.
Davy on Thu, 10th May 2018 7:22 pm
My comments have you baffled weasel that’s why you obsessively wait for me to comment. I rather enjoy seeing you obsess. BTW, why are you anonymouse? Are you afraid to show some skin here with who you are? I know way way back before you became ugly you said you were struggling to be an engineer. What happen with that?
twocats on Thu, 10th May 2018 8:26 pm
With a six month delay that should allow american frackers to up their output, finish a few pipelines. its a smart play if your forward-thinking doesn’t extend beyond a year or two. But for djt he has trouble seeing beyond a few hours, so who is calling the shots here? probably bolton and pompeo. also good for distracting against mueller and stormy.
are these moves good for the empire? well, despite many on this board surmising that “no one would go along with this” move, they’ve failed to understand that the world is much more afraid of the US than they are Iran. Legit gangsters. Maybe that’s why trump won – he’s much more like a mob boss than most presidents.
MASTERMIND on Thu, 10th May 2018 8:35 pm
Is Capitalism a Threat to Democracy?
The idea that authoritarianism attracts workers harmed by the free market, which emerged when the Nazis were in power, has been making a comeback.
https://www.newyorker.com/magazine/2018/05/14/is-capitalism-a-threat-to-democracy
MASTERMIND on Thu, 10th May 2018 8:59 pm
Migrants in Mexico stage colorful anti-Trump protest
http://www.france24.com/en/20180511-migrants-mexico-stage-colorful-anti-trump-protest?ref=tw_i
MASTERMIND on Thu, 10th May 2018 9:10 pm
UK ‘pot hole epidemic’ costs insurers £4.2m in four months
‘A national disgrace’: The UK is suffering from a pot hole epidemic, with cavities in the road causing a boom in insurance claims
Insurance claims caused by the state of Britain’s roads rise 171% between January and April
https://www.ft.com/content/8ee8df58-5430-11e8-b3ee-41e0209208ec
Boat on Thu, 10th May 2018 9:53 pm
Mm
Pot holes? You wanna talk pot holes? Lol Go to Syria, look at the fresh ones and report back. 60 missiles, 60 pot holes.
Boat on Thu, 10th May 2018 10:02 pm
Where is the out pouring of anger from the world that a little tiny country responded to Russia, Iran and Syria all scheming to kill Jews.
Are flags flying at half mast in embarrassment?
makati1 on Thu, 10th May 2018 10:22 pm
Boat, you are just plain stupid. Must be a failed Jew. Definitely a product of the failed American “education” system. LMAO
Anonymouse1 on Thu, 10th May 2018 10:48 pm
Wrong on the first point, correct on all the others mak! Boatietard is a very successful village idiot. And the competition was, and remains, fierce.
He rocked past very strong contenders all looking to claim that PO.com dunce cap as their own.
the expcetonalturd(and sock).
Cloggraham
plantetard
Nony( and his 20 aliases)
Kenzbot
See, it all depends on how you define, or redefine, success and failure. As the best village idiot on offer, he’s been able to achieve the nearly impossible. Making the excetionlalturd and clogggrhama look positively brillant by comparison. By…comparison…..
Credit where its due.
Boat on Thu, 10th May 2018 10:51 pm
mak
Piles of plunder and a failing empire don’t seem to match. Sounds like fake news. In your world common sense isn’t a prerequisite. Just hate-em, say anything with emotion and fellow Jew, American, women, browns and black haters will understand and cheer that hate.
makati1 on Thu, 10th May 2018 11:09 pm
Ah. but it does. The Us is still plundering even more. It is desperate to survive and knows it will not survive much longer. That is why it is trying to get a huge war going to distract you and your fellow debt slaves. But, this time, it will come home to mainland America, not be in some foreign land like the Ps or Syria or…
Yep, you are being divided by your masters. Did you ever hear the saying: “Divide and Conquer”? You are being divided into fragments that will be no resistance to the Police State. Thank your Jew masters for hat future. lol
makati1 on Thu, 10th May 2018 11:11 pm
Anon, He does stand out as exceptional doesn’t he? He must work at it.
Boat on Fri, 11th May 2018 12:48 am
Wars just to distract debt slaves. So you think US Americans run around distracted. I would say those who support Sharia law have been a bit more distracted.
So we’re being divided. Seems like gay rights and a black prez would counter that claim. Progress is slow to be sure but EU old time racism is hard to kill. When women have a stronger voice the old white German power will be casterated. Another generation perhaps.
MASTERMIND on Fri, 11th May 2018 12:52 am
Boat
Madkat just wants revenge on his ex wife for dumping him after so many years. He wants payback and that is why he wants the US to collapse.
Some men just want to watch the world burn…
makati1 on Fri, 11th May 2018 1:08 am
MM, you keep sliding into that fantasy world where you make up the lives of those you cannot debate. Just like that other deluded, insane, mule, Davy.
Get out of your mom’s basement and try to be totally independent. Find a brain dead female who will accept you, marry and try living the life of a responsible adult instead of an immature boy.
makati1 on Fri, 11th May 2018 1:14 am
Boat, yes, most, it not all, Americans are “distracted” totally. You all have zero knowledge of the real world outside the 50 states. ZERO.
The Us does not have “another generation” before it disintegrates. The time is about up. The end will be terribly painful for the deluded, brainwashed Americans like yourself. You do not get real news. You get propaganda 24/7/365. You are the frog in the pot and the water is reaching boiling point.
Davy on Fri, 11th May 2018 4:51 am
“Boat, you are just plain stupid. Must be a failed Jew. Definitely a product of the failed American “education” system. LMAO”
Boat’s understanding of the oil industry is far ahead of yours, 3rd world and light years ahead of the weasel. I mean the weasel thought tar sands were American. You just put down the American’s increase in production because it upsets you. You don’t know why but your emotions tell you more for America means bad.