United States to end waivers on Iranian oil sanctions for five countries

United States to end waivers on Iranian oil sanctions for five countries

U.S. crude futures gained 2.4 per cent, or $1.52 a barrel, to $65.52. Brent crude futures increased more than 3 percent to over $74 per barrel, while U.S. crude futures rose about 2.33 percent to $65.49 per barrel.

Since November, three of the eight countries receiving waivers - Italy, Greece and Taiwan - have stopped importing oil from Iran.

Secretary of State Michael Pompeo said the U.S., Saudi Arabia and the U.A.E. are "working directly with Iran's former customers".

Sanders said by ending special exemptions for oil imports under the sanctions, the U.S.is proving its "commitment to disrupting Iran's terror network and changing the regime's malign behavior".

Turkish Foreign Minister Mevlut Cavusoglu blasted the decision to end sanction waivers for countries importing Iranian oil, saying the move "will not serve regional peace and stability". Washington, however, granted eight of Iran's biggest oil buyers exemptions that allowed them limited purchases for an additional six months.

India, the second largest importer of Iranian oil after China, said it is studying alternative suppliers - a scenario policy makers were well-prepared for.

The oil-sanction waivers had been in place since November, when the administration re-imposed sanctions on Iran after Trump withdrew the US from the landmark 2015 nuclear deal with Iran.

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"The kingdom will coordinate with other oil producing countries to ensure adequate supplies to consumers", he added.

Iranian oil exports have more than halved since the US imposed sanctions on Iran's exports in November 2018.

Ankara has consistently defended its choice of arms trade partners and said that, if the USA cancels its own arms deals with Turkey, it will simply look for alternatives elsewhere.

Mr. Pompeo said the US has had "extensive and productive discussions" with Saudi Arabia, the United Arab Emirates and other major oil producers "to ease this transition and ensure sufficient supply". The US diplomat did not name the countries that are still buying Iranian crude or those that have cut to zero.

Bolton and officials in the Energy Department have argued that it's time for the administration to make good on its desire to push Iran's oil exports to zero.

Asked about the potential economic loss for the five countries winding down, a senior administration official told CBS News, "There's commercial risks involved everything but the president said he wanted to get to zero and.that's what he's going to do".

The Trump administration's big squeeze on Iran resulted in an immediate spike in oil prices, and combined with the unrest in Venezuela, another major produced also in U.S crosshairs, resulted in the tightening in energy markets.

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