Saturday, 18 August, 2018

Iran imports plane parts before United States sanctions kick in

Iran stages Persian Gulf military drill Protesters in Iran attack seminary, break windows
| 05 August, 2018, 22:14

President Donald Trump's decision in May to withdraw from the Obama-negotiated nuclear accord, formally known as the JCPOA, halted billion-dollar deals Iran struck with Airbus and Boeing.

The US administration has vowed to impose sanctions on any company continuing to buy oil from Iran after the November 4 deadline.

A State Department official confirmed Francis Fannon, assistant secretary of state at the US Bureau of Energy Resources, was recently in China to discuss Iranian sanctions.

China's ministries of Foreign Affairs and Commerce didn't immediately reply Friday to faxed requests for comment. After the re-imposition of sanctions, New Delhi had asked to be exempted but the Trump Administration refused.

The spokesperson then pointed to the global anger at the USA and Washington's policies towards its age-old allies, saying, "There is indication even in the Persian Gulf littoral states that there are concerns about Trump's policies, because they have the feeling that Trump is only seeking to empty their pockets".


"The Americans say they want to reduce Iranian oil exports to zero".

WTI settled down 47 cents to $68.49 per barrel, and Brent fell 24 cents to $73.21 per barrel, causing Jim Ritterbusch, president of Ritterbusch & Associates, to remark, "It's a jittery feel here, as long as we have Iranian sanctions uncertainty and tariff uncertainty, and it doesn't take much to spark a significant swing one way or the other". Countries including South Korea and Japan are reducing purchases from OPEC's third-largest producer before the deadline to avoid the risk of buyers losing access to the USA financial system.

But as the new Indian fiscal year began in April, refiners have been taking more Iranian oil imports compared to the previous fiscal year, as Iran offered incentives such as extended credit periods and nearly free shipping to keep its market share in India-Tehran's second-largest oil customer after China. This accounted for 35 percent of Iranian exports last month, according to ship-tracking data compiled by Bloomberg.

The US military has been trying to encourage other nations in the region, especially Saudi Arabia, to take a strong line on keeping the Gulf open in the face of rising Iranian rhetoric. U.S. crude ended the week down 0.4 per cent, while Brent has fallen 1.5 per cent in the week so far.

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