Oil prices slipped further on Friday, heading for a weekly loss of more than 6 percent, after a report that Washington has granted several countries waivers on sanctions on Tehran, allowing them to continue to import Iranian crude.
Senior US State Department officials working on the Iran issue are said to have convinced Secretary of State Mike Pompeo to permit Iran to remain connected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) global banking system, Washington Free Beacon reported, citing the sources familiar with the matter.
During the negotiations, India also told the United States that it would like to import more American oil if it came on competitive terms, sources said.
European diplomats have described the SPV proposal as a means to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.
He was responding to questions on the news reports from South Korea and India that they are getting waiver from the United States on the punitive Iranian sanctions.
"It's a virtual certainty that Western banks are not going to violate the escrow restrictions", said Mark Dubowitz, the chief executive of the Washington-based Foundation for Defense of Democracies who has advised Pompeo.
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Trump said that in addition to the November sanctions, the U.S.
Pompeo said that President Donald Trump was very clear about the policy against Iran.
The Islamic Republic of Iran Broadcasting (IRIB) news agency on Wednesday quoted Rouhani as calling the move "a new injustice" which the government did not fear.
"If you cross us, our allies or our partners, if you harm our citizens, if you continue to lie, cheat and deceive, there will be hell to pay". The waivers will last for a six-month period and will be re-evaluated after that time is up. "So I'm very confident these sanctions will have their intended effect", said the top American diplomat.
USA national security adviser John Bolton said on Wednesday the Trump administration wants sanctions on Iran's crude exports to strain Tehran, but does not want to harm countries that depend on the oil.
With Saudi Arabia pumping 10.65 million bpd in October, combined output from the top-three oil producers is at a record 33.41 million bpd, meaning that Russian Federation, the United States and Saudi Arabia meet more than a third of the world's nearly 100 million bpd of consumption. These channels would get blocked from November.
Goldman Sachs said it expects Iran's crude oil exports to fall to 1.15 million barrels per day (bpd) by the end of the year, down from around 2.5 million bpd in mid-2018.