No concerns over fresh USA sanctions: Iran

Iran's Foreign Minister Zarif speaks during a news conference in Istanbul

Iran and the European Union announced their defiance towards U.S. President Donald Trump's administration after high-level talks at the United Nations in September.

A waiver will come as a big relief to Indian Oil and MRPL, the two largest Iranian oil consumers.

"We still expect that the global oil market will be in deficit in 4Q18", the bank said.

"India will cut import by about 35% from previous year (2017-18), which is a significant cut", a source said.

India, which is Iran's second-largest customer for oil, has said it can not immediately replace its Iranian imports and is seeking a waiver, while Turkey has also sought an exemption from the U.S. Treasury Department.

Indian oil companies have been allowed to continue importing about 2.5 million tons of Iranian crude per month until March, sources familiar with the matter told the Economic Times.

"In May, US President Donald Trump pulled the US out of the 2015 landmark nuclear the Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous".

The goal of the law, which came into effect during the Obama administration, was to put pressure on Iran to curtail its nuclear programme by forcing its major oil customers to reduce their purchases.

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The administration's decision to issue waivers to eight countries also marked a significant reduction from the Obama administration, which issued such exemptions to 20 countries over three years.

"We will continue to discuss our Iran policy with our counterparts around the world and the implications of our re-imposition of sanctions previously lifted or waivered under the JCPOA", he said.

"I think it's important that we not relax in the effort" to keep putting pressure on Tehran, he said.

"It seems that the United States has no more capability to put countries and global economic enterprises under pressure", the Iranian spokesperson added. "There is much more that it's going to need to do", he said.

"They know the President's words, which are that if you choose to do business with Iran, that is your choice, but if you do you won't do business with America as well".

Iran's oil flows to India were 600,000 bpd in September and are estimated at around 500,000 bpd in October, Platts oil flow data suggests.

Trump said that in addition to the November sanctions, the U.S. Iran used the funds to buy goods from India.

Previously, Pompeo has said "it is our expectation that the purchases of Iranian crude oil will go to zero from every country or sanctions will be imposed", but also acknowledged that waivers were being negotiated with nations that say crude from the Middle East producer are critical to their energy industry.

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