India among 8 countries allowed to buy Iranian oil

FileIran US'Lying to the World, Unable to Halt Our Oil Exports

To keep the deal alive, the remaining parties to the Iran nuclear deal are trying to maintain trade with Tehran despite scepticism this is possible despite US sanctions to choke off Iranian oil sales.

"It is our duty to keep some of the worries to ourselves", IRNA quoted Jahangiri as saying.

South Korea's presidential spokesman says the US has demonstrated the strength of the two countries' alliance by allowing South Korea to continue importing Iranian crude oil products under reinstated sanctions against Iran.

The original aim of the sanctions was to cut Iran's oil exports as much as possible, to quash its nuclear and ballistic missile programmes, and curb its support for militant proxies, particularly in Syria, Yemen and Lebanon.

The sanctions came into force on Monday.

This group takes as much as three-quarters of Iran's seaborne oil exports, trade data shows, meaning the Islamic Republic will still be allowed to export some oil for now.

China, India, South Korea, Japan and Turkey - all top importers of Iranian oil - are among eight countries expected to be given temporary exemptions from the sanctions to ensure crude oil prices are not destabilised.

A former Indian diplomat says his country earned a waiver from USA sanctions against Iran because of its reliance on Iranian oil and earlier moves to reduce imports.

This group of eight buyers imported over 80% of Iran's roughly 2.6 million barrels per day (bpd) of oil exports previous year, Refiniv Eikon data shows.

Iranian oil is a lucrative buy for refiners as the Persian Gulf nation provides 60 days of credit for purchases, terms not available from suppliers of substitute crudes - Saudi Arabia, Kuwait, Iraq, Nigeria, and the US.

Meanwhile, Treasury Secretary Steven Mnuchin said that despite granting the waivers, Washington will "aggressively enforce" the sanctions.

It also appeared that the US, in another first, was directly sanctioning the Atomic Energy Organization of Iran, the government agency that oversees Iran's nuclear program.

"Today the enemy (the United States) is targeting our economy ... the main target of sanctions is our people", Rouhani said.

"This is only the beginning of the Iranian production curtailment story, not the end", said Michael Tran, commodity strategist at RBC Capital Markets.

- The "largest-ever" US sanctions list targeting Iran drew mockery from Iranian officials on Tuesday for including mothballed Boeing 747s, a bank that closed years earlier and a sunken oil tanker that exploded off China months ago.

House Democratic Whip Steny H Hoyer said, "Rather than achieving its stated goal of eliminating Iran's oil exports altogether, the administration has issued "exemptions" for major Iranian oil importers, allowing Iran to earn billions of dollars from oil sale".

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 89 cents, or 1.41 percent, to settle at $62.21 a barrel.

Brent prices are now about 15% lower than that peak and have barely budged over the last two sessions. We've already reduced Iranian crude oil experts by over a million barrels per day.

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