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US allows India, 7 other countries to buy Iran oil; Waives Sanctions

In a big relief, US has exempted India along with 7 other countries, from sanctions it is set to impose on Iran Oil from next week.

India, South Korea and Japan, which rely heavily on Iranian oil, were named by White House while the remaining beneficiaries are unclear.

The United States is preparing to impose new sanctions on Iran’s oil, after the country withdrew from a nuclear deal between Tehran and other global powers, earlier in the year.

Global fuel prices soared to a four-year high above $85 per barrel on fears that Washington might cut Iranian oil exports to zero.

According to sources China and Turkey are in discussions with Washington, expecting a waiver similar to India, though there was no comment forthcoming from White House.

Incidentally, Indian officials, in their discussions with their US counter parts had pointed out how, Indian refineries are configured to work with Iranian crude. Iran still offers better credit, insurance and freight terms to Indian oil companies, our side had conveyed.

 

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