Friday, 7 December 2012

The Latest from Iran (7 December): Maintaining the Oil Squeeze

0720 GMT: US Government sources have said that Washington will extend waivers from sanctions for six months for India, South Korea, Turkey, and other countries because they have reduced their purchases of Iranian oil.

The current waivers for the countries named yesterday were due to expire this week. They were introduced this year after Congressional legislation mandated financial penalties against any country taking Iranian crude. 

U.S. waivers for China, the top consumer of Iran's oil, and Singapore are due to expire on 25 December. Both countries are expected to get waiver extensions, possibly today. 

Japan and 10 European Union countries received six-month waivers in September.

Iran's oil exports were 2.2 million barrels per day in 2011, but have fallen as low as 860,000 bpd this year. They recovered to 1.3 million bpd in October, largely because some contracts were fulfilled with China and South Korea, but that increase is likely to be limited and temporary.

from EA WorldView: EA Iran

Posted via email from lissping