U.S. prepares to end Iran oil waivers; Asian buyers to be hit hardest GlobeBusiness
The United States is expected to announce on Monday that buyers of Iranian oil need to end imports soon or face sanctions, a source familiar with the situation told Reuters, triggering a 3-per-cent jump in crude prices to their highest for 2019 so far.
U.S. President Donald Trump wants to end the waivers to exert “maximum economic pressure” on Iran by cutting off its oil exports and reducing its main revenue source to zero. On Monday, 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,” the Post’s columnist Josh Rogin said in his report, citing two State Department officials that he did not name.
As a result, Brent prices have risen by more than a third since January, and WTI by more than 40 per cent. Trump spoke with Saudi Arabia’s Crown Prince Mohammed bin Salman by phone last week, and the White House said he used the call to discuss ways of “maintaining maximum pressure against Iran.”An end to the exemptions would hit Asian buyers hardest. Iran’s biggest oil customers are China and India, who have both been lobbying for extensions to sanction waivers.Geng Shuang, a Chinese foreign ministry spokesman, said at a daily news briefing in Beijing on Monday that it opposed unilateral U.S.
Government officials there declined to comment, but Kim Jae-kyung of the Korean Energy Economics Institute said the end of the sanction waivers “will be a problem if South Korea can’t bring in cheap Iranian condensate South Korean petrochemical makers.”
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