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US oil waivers shows market needs Iranian crude - Report

Gasoil News - Published on Tue, 06 Nov 2018

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Sputnik reported that Washington could offer Iran some major concessions regarding the upcoming US sanctions, in particular, regarding oil exports and access to the SWIFT banking system, given the pressure from the European Union, The Washington Free Beacon reported. According to Tehran, a report that eight countries had been given waivers to US sanctions on Iranian oil has demonstrated that Iran's crude is of importance and cannot be withdrawn from the market. TV quoted Iran's deputy Oil Minister Ali Kardor as saying "The waivers granted to these eight countries shows that the market needs Iran's oil and it cannot be pulled out of the market. I don't know whether these waivers are permanent or temporary ones."

Bloomberg reported Washington has allowed eight countries, including South Korea and Japan, as well as India, to keep purchasing Iranian oil after it re-imposes sanctions on Tehran starting next week. The sanctions, which are set to be enforced on November 4, are expected to target Iran's oil exports and transactions with the Iranian Central Bank, which could potentially involve a crucial international banking system - the Society for Worldwide Interbank Financial Telecommunication (SWIFT) - among other things.

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Posted By : Joykumar Irom on Tue, 06 Nov 2018
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