India, China Among Eight Countries Allowed to Buy Iranian Oil: Mike Pompeo


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

Secretary of State Mike Pompeo and Treasury Secretary Steve Mnuchin unveiled a series of crippling new sanctions on the Iranian regime Monday; warning Tehran to abandon its weapons programs or "see its economy crumble".

But Senator Bob Corker, the chairman of the Senate Foreign Relations Committee, said the Trump administration deserves credit for re-imposing sanctions and dramatically reducing Iran's oil exports and revenues.

Oil prices slipped on Tuesday as concerns that an economic slowdown may curb fuel demand growth overshadowed the reintroduction of sanctions on Iran.

These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now.

Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC (Organization of the Petroleum Exporting Countries) member Iran's top customers.

Iran expects to maintain crude exports of at least 1.1 million bpd after the reimposition of sanctions, a source familiar with Iranian thinking said, as the global market is too tight to allow a full stoppage.

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.

He added: "We continue negotiations to get all of the nations to [bring down their imports from Iran to] zero".

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Trump pulled America out of the 2015 nuclear deal Iran struck with world powers in May.

The country has lost around $2 billion in oil revenue and lost tens of billions of dollars in investment since May, when the United States pulled out of the nuclear agreement, the USA special envoy for Iran, Brian Hook, told a conference call.

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

The U.S. restored sanctions on Iran's oil industry this week that had been lifted under the 2015 nuclear accord, which President Donald Trump withdrew from in May. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".

On Nov. 5, worldwide benchmark Brent crude oil futures were up almost 0.6 percent to $73.23 a barrel and US crude futures were up 0.4 percent at $63.39 a barrel.

Brent prices are now about 15% lower than that peak and have barely budged over the last two sessions.

Spanish Foreign Minister Josep Borrell has said that the US move raised economic and security risk internationally and that the European Union would work to realize the 2015 nuclear deal struck with Iran.

Now it will be key to watch "what happens after the exemptions expire in 180 days", the merchant trader said. Including condensate, an ultra-light form of crude, shipments peaked around 3 million bpd in mid-2018, according to trade data in Refinitiv Eikon. However, fears of a supply shortage have been eased by the Trump administration's temporary waivers for China and India and stronger oil output from Saudi Arabia and the United States, CNN reported.