U.S. Grants Sanctions Waivers for Iran's Eight Largest Oil Customers

November 7, 2018

Publication: 

Reuters

Related Country: 

  • United States

The United States granted 180-day sanctions waivers to the eight biggest buyers of Iranian oil: China, India, South Korea, Japan, Italy, Greece, Taiwan, and Turkey. The waivers allow these countries to continuing purchasing some Iranian oil without being a target of U.S. sanctions. Together, these countries account for 75 percent of all Iran's oil exports. Analysts expect Iranian exports to fall from 3 million barrels per day (bpd) in mid-2018 to about 1.5 million bpd, particularly as shipping insurance becomes more difficult to secure. Payments for Iranian oil will be held in escrow accounts in local currency. New waivers are expected to be issued at the end of the 180-day exemption period.