US said to be announcing an end to sanction waivers for Iran oil imports

Importers of Iranian oil will have to end their imports shortly or be subjected to US sanctions.

Oil Source: Bloomberg

The United States (US) may be putting an end to the sanction waivers for all importers on Iranian oil on Monday, a move which will affect countries such as China and India who have been granted the waivers and tighten America’s grip on the oil sanctions on Iran.

According to a Washington Post columnist report which cited two unnamed state department officials, the US secretary of state Mike Pompeo will announce ‘that, as of May 2, the state department will no longer grant sanctions waivers to any country that is currently importing Iranian crude or condensate.’

Importers of Iranian oil will have to end their imports shortly or be subjected to US sanctions, the news report said.

In November, the US re-imposed sanctions on exports of Iranian oil in an attempt to pressure Iran to restrict its nuclear program and stop supporting militant proxies in the Middle East.

Countries such as China, India, Italy, and Greece were allowed waivers on purchasing Iranian oil.

Last Wednesday, the US assistant secretary of state for energy resources Frank Fannon reiterated that the US administration’s position is to get to zero Iranian exports ‘as soon as possible’.

According to Refinitiv Eikon data, Iranian oil exports average below 1 million barrels per day in April. The quantity is lower than the 1.1 million barrels per day estimated for March.

Before the sanctions were re-imposed in May last year, the country’s oil exports averaged at 2.5 million barrels per day.

Brent crude oil futures was up 0.52% at US$72.01 as of 2.19am GMT.


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