BUSINESSWorld

Countries buying oil from Iran regardless of US sanctions

The US is reportedly threating India with penalties if they do not comply with the US sanctions against Iran.

U.S. President Donald Trump’s administration has been indicating all countries to reduce the oil imports of Iranian imports to zero.

president of united states

Iran is the biggest exporters of oil and India is the biggest customer of Iran oil. India is the number 3 buyer of Iran oil behind China and Japan.

Indian officials have refused to stop buying Iranian oil, which Washington has been very angry about.

President Donald Trump has repeatedly been complaining about oil prices being too high, even though his own strategies have played a part.

The administration publicized that they were withdrawing from the Iran nuclear deal in May, giving companies and governments six months to wind down energy-related activities before sanctions are re-imposed on November 4.

countries buying oil from iran

US officials have been to Europe and Asia trying to garner support to toughen their sanction. If India and china do not come along with this sanction it might not be successful.

Iraq and south Arabia are the alternatives that the US has given to the countries for their import of oil.

Iran’s oil minister, Bijan Zanganeh, told CNN’s John Defterios last week that he was already seeing customers turning away due to the US sanctions.

Iran had agreed to limit its nuclear activities in return for the lifting of earlier sanctions in 2015, which The United States had imposed. The country has been offering discounts on its oil exports, longer credit periods and cheap shipping to attract importers after the sanctions on Iran were lifted on January 2016.But now they have decided to re-impose the sanction again.

Tags

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Close

Adblock Detected

Please consider supporting us by disabling your ad blocker