Iran president warns of 'war situation' as sanctions resume

07 November, 2018, 17:21 | Author: Carlos George
  • Iranian demonstrators burn representations of the U.S. and Israeli flags during a rally in front of the former U.S. Embassy in Tehran Iran on Sunday Nov. 4 2018

India is among eight countries that the United States has allowed to temporarily import oil from Iran despite sanctions on Tehran, US Secretary of State Michael Pompeo confirmed on Monday.

The measures are part of a wider effort by US President Donald Trump to curb Tehran's missile and nuclear programs and diminish the Islamic Republic's influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon.

Washington has granted 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey. "The regime to date since May has lost over $2.5 billion in oil revenue".

He says it was a "quid pro quo that if you scale it down a bit, then the US would arrange for this sanctions waiver".

Iran has dismissed these charges and maintains that its nuclear programme is for peaceful purposes.

However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the country's economy. Companies that monitor Iran's shipments are already seeing a drop in tanker activity this month.

"This is only the beginning of the Iranian production curtailment story, not the end", said Michael Tran, commodity strategist at RBC Capital Markets.

A USA ally, Japan is one of eight major importers of Iranian oil that received waivers on immediate penalties.

'The sanctions will accelerate the rapid decline of Iran's global economic activity, saying over 20 countries had already cut their oil intake from Iran, reducing its exports by more than 1 million barrels a day, rfe/rl reported quoting Pompeo.

The U.S. Senate: Blackburn wins Senate bid in Tennessee
Efforts to kill "Obamacare", the Affordable Care Act that was President Barack Obama's signature policy win, are dead. Among those expected were Trump's adult children, White House aides, Republican officials and presidential friends.

Top 5 things WI voters should know for elections
On Tuesday, polls will be open from 7a.m.to 7 p.m. and you can head to any polling location in Washoe County to cast your ballot. If you're just plain having trouble getting there, both Uber and Lyft are offering deals to help get Americans moving.

Trailer Breakdown: Shankar Raises The Bar With This Rajinikanth & Akshay Kumar Spectacle!
An epic moment from the trailer is when Chitti says: "I will put your screens on fire" and begins to shoot at the screen. And knowing Shankar , the film would be a science fiction film with an extremely commercial and relatable storyline.

Japan's trade minister, Hiroshige Seko, said on Tuesday that Japanese buyers of Iranian oil were expected to resume imports from the Islamic Republic after the country received a waiver from USA sanctions.

The US today imposed the toughest ever sanctions on Iran.

Japan and South Korea, close USA allies, had toed the Washington sanctions line and stopped buying crude from Iran.

"The stiff penalties on the Iranian government, business entities, and individuals comes just days after President Trump hinted at the new sanctions on social media; tweeting 'Sanctions are Coming November 5". However, fears of a supply shortage have been eased by the Trump administration's temporary waivers for China and India and stronger oil output from Saudi Arabia and the United States, CNN reported. "The market was previously overly focused on the number of countries receiving exemptions on imports from Iran".

That would be about half the daily average China has been importing from Iran since January 2016, trade data showed.

The minister, Bijan Zanganeh, said in his letter to OPEC Secretary General Mohammad Sanusi Barkindo that some members of the committee "openly take side with the United States in imposing unilateral and illegal sanctions against Iran".

Trump is targeting Iran's main source of revenue - its oil exports - as well as its financial sector, essentially making 50 Iranian banks and their subsidiaries off-limits to foreign banks, on pain of losing access to the U.S. financial system.

That has helped to take the sting out of the sanctions threat, which helped to lift worldwide benchmark Brent crude futures to four-year highs of nearly US$87 a barrel in early October. The session low was $61.31 a barrel, the weakest since March 16. The exemptions are usually created to last up to 180 days.

The new sanctions particularly hurt Iran's vital oil industry, which provides a crucial source of hard currency. Including condensate, an ultra-light form of crude, shipments peaked around 3 million bpd in mid-2018, according to trade data in Refinitiv Eikon.

Recommended:



Popular

78 kidnapped Cameroon students freed
In the video, the kidnappers forced about six of the children to give their names and the names of their parents. There have been other kidnappings from schools in the region , but this is the largest number kidnapped at once.

Trump rally crowd sings for passed out supporter
He was followed by another Fox News host, Jeanine Pirro , both of whom gave remarks from the lectern backing the president. "By the way, all those people in the back are fake news ", Hannity, who is not a journalist, said to cheers.

Molina and Perez capture Gold Gloves
While Gold Gloves are cool and all, prospective suitors are more interested in his first fully healthy season in three years. Houston pitcher Dallas Keuchel and Los Angeles Angels shortstop Andrelton Simmons also won in the AL.

Xi: China to Lower Tariffs and Buy More
Tony Douglas, Etihad Aviation Group chief executive officer, said: "China is a strategically important market for Etihad". Xi denounced the "law of the jungle" and "beggar-thy-neighbor" trade policies, the publication reported .

Incumbent Republican Sen. Ted Cruz declared victor in U.S. Senate race
He raised a staggering $70 million, the most of any Senate candidate in history, according to USA Today. Trump traveled to Houston in late October on Cruz's behalf.

Gunman kills two women at Florida yoga studio
Records show that the charges were eventually dismissed after Beierle followed the conditions of a deferred prosecution agreement. Scott Beierle, 40 , attacked a yoga studio in Tallahassee, Florida , killing two and inuring five others before killing himself.

Fuel price today: Petrol, diesel rate continue to dip in major cities
It is worth mentioning that these prices of petrol and diesel have reached the lowest level of the last two weeks till date. The government also requested all state governments to cut taxes on petrol and diesel by similar Rs. 2.50 per litre.

Trump Asks for Draft Trade Deal With China
The Trump-Xi meeting would be the first since the two countries began hitting each other with import taxes earlier this year. Ten percent tariffs on $200 billion in imports that took effect in September are due to increase to 25 percent on January 1.

Fortnite gets balloons in v6.21 patch
The Fortnite server status doesn't make for good reading right now, as Epic Games takes the game offline for the next few hours. For example, rocket launches, meteors, and the cube itself have caused great alterations to the map in the past.

Midterm Elections Seeing Huge Turnout
On Tuesday, she is looking for about 30 percent of the county's 10,278 voters to visit the polls for the General Election. More than 16 percent of voters to date have Spanish surnames, a higher share than in any previous midterm election.