Iran must resist USA sanctions through oil, non-oil exports: Rouhani

Crude Oil

US Ends Waivers on Iran Oil Imports: What's Next?

But he initially backed a go-slow approach, providing waivers to allies and trading partners such as China, India and Turkey.

The US deadline for waiver removals for countries buying oil from Iran came and went this week.

National Security Adviser John Bolton added Goldberg to the NSC in January. It also blacklisted Iran's elite Revolutionary Guard Corps.

Oil prices fell sharply on Thursday, with record US output and warnings about fragile economic growth weighing on the commodity.

Poland's energy ministry said it had made a decision to release mandatory oil reserves following the suspension of contaminated oil deliveries from Russian Federation in April, to secure regular output at local refineries.

White House economic advisors Kevin Hassett and Larry Kudlow had also called for ending the waivers, according to a second senior administration official.

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Despite these disruptions and sharp oil price rises in the first months of this year, some analysts say the long-term price risk to crude oil is skewed to the downside.

China disapproves of the United States sanctions on Iran.

Thanks to the sanctions, oil exports from the U.S. to India shot up 328% to 6 MT in 2018-19, from 1.4 MT in 2017-18, pushing the USA to the ninth position among the top 10 oil exporters to India.

India, on Thursday, said it continued to engage with the United States over Washington's decision not to grant any further waiver on sanctions related to oil purchases from Iran beyond 1 May.

China, Iran's biggest oil customer, made no comment on Thursday's expiry of the six-month US waiver for buying Iranian crude.

Trump himself is eager to see more oil on the market in order to reduce prices, and on Thursday it was disclosed that he has, via the rewriting of 2016 provisions, given offshore producers more flexibility by easing Obama-era spill mandates imposed in response to the 2010 Deepwater Horizon disaster.

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Oil prices had previously been supported by the political crisis in Venezuela, thee stricter USA sanctions against Iran and production cuts from the Organization of the Petroleum Exporting Countries.

"You don't get a sense that China or Turkey are pulling back completely", said John Kilduff, a partner at Again Capital Management in NY. While Washington has demanded the group increase output to make up for the shortfall from Iran, OPEC's de facto leader Saudi Arabia said on Tuesday it had no immediate plan to do so.

On the other hand, there are reports that China and India may set up a buyers' bloc as the two leading global importers of oil.

Some 20 million barrels of Iranian oil sitting on China's shores in the northeast port of Dalian for the past six months now appears stranded as the United States hardens its stance on importing crude from Tehran.

NORTHAM: Elizabeth Rosenberg worked on sanctions at the Treasury Department during the Obama administration.

The US pulled out of a 2015 deal which lifted sanctions on Iran in return for the country limiting its nuclear capabilities.

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