SINGAPORE - Asian buyers of Iranian crude are well placed to overcome the end of U.S. sanctions waivers as they have demonstrated they can live without it and as global producers have the capacity to make up a shortfall, according to analysts and trade data.
The United States on Monday demanded buyers of Iranian oil stop purchases by May or face sanctions, ending six months of waivers which allowed Iran’s eight biggest buyers, most of them in Asia, to continue importing limited volumes. Global benchmark Brent crude futures rose to as high as $74.69 a barrel on Tuesday, the most this year. The surging crude will mean higher fuel costs for Asian economies. Iran’s four-biggest crude buyers are China, India, Japan and South Korea.The end of the waivers should cut Iranian exports by 900,000 barrels per day , Goldman Sachs said late on Monday.
“The United States have more than proved that they are able to fill any voids left by sanctions,” said Matt Stanley, a broker with Starfuels in Dubai.
Add in 6 days trump will reverse course and purchase oil from Iran. True story.
let Trump give little more time
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