Iranians rally to mark anniversary of US Embassy takeover

Roman Schwartz
November 4, 2018

Turkey imports nearly almost half of its oil from neighbouring Iran.

"In May, President Donald Trump pulled the USA out of the 2015 landmark Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous".

Although precise figures are rarely available in the notoriously opaque oil market, most analysts say Iran's exports dropped from around 2.5 million barrels per day in April to roughly 1.6 million in October. For a time, prices had some support on hopes that renewed USA sanctions on Iran would force barrels off the market.

"On Monday, November 5, the termination of US participation in the Iran nuclear deal will be complete".

Britain, France, Germany and the European Union strongly condemned the latest actions from Washington in a joint statement, and have vowed to preserve the nuclear deal, known formally as the Joint Comprehensive Plan of Action (JCPOA).

Money from sales to the exempted countries would be kept in accounts outside Iran, and could only be spent on humanitarian supplies or approved goods.

But for now, Iran seemed likely to try to endure the Trump administration's maximum pressure campaign, she said. Trump tweeted a stylized photo of himself standing and looking off to the side as the phrase, "Sanctions are coming November 5" was written across the pic. Iran is the world's No. 3 oil exporter.

In a conference call, Pompeo said, "We expect to issue some temporary allotments to eight jurisdictions, but only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts and have made important moves toward getting to zero crude oil importation".

India, another major buyer, will also be looking for mechanisms as they did during the last sanctions period.

Trump speaks by phone with China's Xi on trade
The president added that he would have a dinner with Xi at the G20 summit, wherein they would be discussing the issue. At a campaign rally in Columbia, Missouri, on Thursday night he said, "They want to make a deal".

That could make it extremely hard for Iran to do business with other countries.

However, Mr Pompeo explained that some countries could not halt imports of Iranian oil immediately and they had been granted waivers on condition that they reduced them and eventually ended them entirely.

Countries with close security and trade ties with the United States were quick to cut their purchases - South Korea went nearly straight to zero, with Japan and much of Europe close behind.

Pompeo said that, despite the waivers expected to be granted on Monday, the Trump administration was still focused on eliminating Iranian oil revenue altogether.

Former foreign secretary Shashank told Oneindia, "See!"

"America's goal has been to re-establish the domination it had [before 1979] but it has failed".

In addition to the countries allowed to continue buying Iranian oil, the backing of China, Iran's largest trading partner, may also prove critical. Understanding the geopolitical situation, India has been able to get its way.

All are among Iran's biggest oil customers, and they have argued that stopping their purchases immediately would cause oil prices to spike worldwide.

The sanctions come six months after US President Donald Trump withdrew from the 2015 nuclear deal struck between world powers and Iran.

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