On November 4, 2018, the new sanctions took effect, with eight countries that are biggest importers of Iran’s oil: China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey exempted from sanctions, to find new markets for crude oil in six months. Three countries: Greece, Italy and Taiwan acceded to the American demands to end the purchases of Iranian oil.
To the Iranians, it is no more a sucker punch as it was expected. Iran’s petroleum export for 2018 was about US$52.7 billion translating to 47.6 percent of Iranian revenue. Analysts say the American tough stance would affect the gross national product of Iran, whose economy is already under intense pressure.
What is not clear is whether the United States would be able to enforce the sanctions. The threat of sanctions last year was greeted with waivers to stabilize the market as Trump appealed to OPEC on production cuts. Reuters reports that under US sanctions law, importers of Iranian oil including China, India and Turkey, could be allowed a wind-down period before getting to zero oil purchases, including a short-term waiver.
The US decision affects Japan and South Korea which are heavily dependent on foreign oil. India, a main importer is feeling the heat, coupled with American pressure to cut oil purchases from Venezuela. Turkey has argued that as a neighbor, it cannot cut ties with Iran, as it badly needs the oil.Commentators believe that the policy and politics of the Trump oil equation, has increased in complexity. Pompeo said the Trump administration had been trying to find alternatives for close allies.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
All U.S. troops in Middle East are terrorists, Iran saysThe Great 'Pucknosers' Says the most dangerous president in the world. I agree with you & they are the genesis of problem middle east & Africa are encountering today. They invade & destroy country at will & cause conflict were there is none.
Source: MobilePunch - 🏆 8. / 63 Read more »
Oil falls after Trump presses OPEC to make up for Iranian sanctionsOil prices fell on Monday, extending a slump from Friday that ended weeks of rallying after President Donald Trump demanded that producer club, OPEC raise output to soften the impact of U.S. sancti...
Source: MobilePunch - 🏆 8. / 63 Read more »
Oil falls after Trump presses OPEC on Iranian sanctions - Premium Times NigeriaOil prices fell on Monday, extending a slump from Friday that ended weeks of rallying after President Donald Trump demanded that producer club, OPEC, raise output to soften the impact of U.S. sanctions against Iran. NkemdiMary Good news i love that!!
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Oil price drops 4% as Trump claims to speak to OPEC to lower price – Daily Trust.. .We didn’t speak with Trump – OPEC Oil prices tumbled more than 4% late Friday following Trump’s comment that he spoke with OPEC leadership to crash prices.ADVERTISEMENT However, neither Saudi Arabia’s energy minister nor OPEC’s secretary general discussed lowering oil prices with President Donald Trump, sources told World Street Journal (WSJ) denying the U.S. … For American or Nigeria?
Source: Daily Trust - 🏆 13. / 51 Read more »
Oil prices fall as U.S. output hits record high - The Nation NewspaperOil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in stockpiles.Spot Brent crude oil futures
Source: TheNationNews - 🏆 6. / 69 Read more »
Shi'ite: Punish El-Zakzaky, Iran for sponsoring terrorism in Nigeria - Nigerians beg UN - Daily Post NigeriaThe Agenda for Terrorism-Free Nigeria, ATFN, on Tuesday called on the United Nations, UN, to sanction the Islamic Republic of Iran and the embattled leader
Source: DailyPostNGR - 🏆 11. / 59 Read more »
El-Zakzaky: IMN another ISWAP affiliate, funded by Iran – Nigerian govt told to outlaw group - Daily Post NigeriaA civil society organisation, the Coalition for Nigeria, has once again called on the Nigerian government to outlaw the Islamic Movement in Nigeria, IMN. T
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Gunmen Kidnap Two Oil Workers In RiversGunmen Kidnap Two Oil Workers In Rivers.
Source: channelstv - 🏆 7. / 63 Read more »
2 foreign oil workers, Nigerian kidnapped in Rivers - The Nation NewspaperTwo foreign oil workers, Canadian and Scottish, as well as a Nigerian have been kidnapped in Rivers State.The victims who were seized by the gunmen
Source: TheNationNews - 🏆 6. / 69 Read more »
Two expatriates kidnapped in Nigeria - Premium Times NigeriaThe two men were kidnapped from an oil rig in Abua community in Rivers State.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
FG moves to update judges’ knowledge of oil, gas industryMinister of State for Petroleum Resources, Dr Ibe Kachikwu represented by the Director, Legal Services, Ministry of Petroleum Resources,...
Source: TheNationNews - 🏆 6. / 69 Read more »