Oil prices drop after Iran sanction carve-outs

Crude Oil

Trump granted 180-day sanctions waivers to China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey, which together took in over 80 percent of Iran oil exports previous year, Refinitiv Eikon data shows. If all Iranian oil is withdrawn from the market, it would lead to a huge increase in oil prices which would be a shock to the global economy.

In China, about 9 million barrels of Iranian oil are docked outside Dalian port as the country sought to offload as much wares as possible before looming U.S. sanctions.

The agency said us crude oil production will average 10.9 million barrels per day in 2018 and rise to an average of 12.1 million barrels per day in 2019.

"Any of these waivers based payments for the oil by the exempt countries must go into escrow accounts".

As the USA sanctions snapped back into place, Washington issued what Pompeo called "temporary" exemptions for eight countries (China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey).

The US government re-imposed the sanctions after withdrawing in May from the 2015 Iran nuclear agreement, which is more formally known as the Joint Comprehensive Plan of Action (JCPOA).

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Russia, itself a target of separate United States sanctions, expected there would be ways to pursue economic cooperation with Iran despite the U.S. sanctions, he added.

"The next set of waivers if they are renewed will be definitely for less volumes".

Prices rallied back above 73 dollars on Wednesday, supported by the TASS report.

India is also Iran's second-biggest oil customer and will be one of the most exposed to a forced drop in supply because of its relative proximity to Iran. At the same time, spare capacity is at significantly low levels, tightening the oil market.

India has "demonstrated" significant reductions in its crude oil imports from Iran.

Asserting that the US' "desperation" was highlighted in their move to include closed companies in the sanctions, Zarif said that the anti-Iran move was mostly criticised and opposed by the worldwide community and that only a handful of nations like Israel and others supported the move.

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Mr Nasseri agreed. He observed that any revenue Iran could potentially earn from the sale of its crude and condensate would go into an escrow account that would be closely monitored by the U.S. government.

"Our main cooperation with Iran is upstream investment".

The sanctions are meant to exert pressure on Iran to renegotiate its 2015 nuclear deal with world powers, which Trump walked away from this year.

Iran is among the world's top three condensate producers with output ranging between 700 and 750,000 bpd, said Mr Falakshahi.

Imports rose 8.1 percent for the first 10 months of the year from the same period last year to 377.16 million tonnes, or 9.06 million bpd, on track for another record year of shipments.

South Pars is the world's largest gas field, which Iran shares with Qatar, where it is known as North Dome.

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