India's Oil Imports From Iran Jump To Record-High In July
India's Oil Imports From Iran Jump To Record-High In July
Opinion is split on whether the region should be called the Persian Gulf or Arabian Gulf
05 August, 2018, 22:13
European countries, along with Russian Federation and China, remain committed to the nuclear deal, but European companies are unlikely to risk USA sanctions to do business with Iran.
United States officials have softened their stance after initially saying they would press allies in Europe, Asia and the Middle East to adhere to the sanctions and reduce their imports to zero.
The drive, supported by Secretary of State Mike Pompeo and National Security Adviser John Bolton, has intensified since Trump withdrew on 8 May from a 2015 seven-nation deal to stop Iran from developing nuclear weapons.
The rhetoric between the US and Iran remains heated, despite Trump tweeting last week that he would be willing to meet with Iranian President Hassan Rouhani.
The official confirmed that during July delegations would be dispatched to Beijing and Delhi to press home the case, having already visited the capitals of other major Iranian oil importers.
US President Donald Trump's administration began dismantling the sanctions relief that was granted to Iran under the deal in June, a month after Trump announced the United States' unilateral withdrawal from the accord. Hormuz is the place they can transfer that pain to the rest of the world. The Iranian rial has fallen to 99,000 to the US dollar despite a government-imposed rate of 44,000. Some protesters have shouted "Mullahs get lost!" and "Death to the dictator!" the semi-official Fars news agency has reported.
Some sanctions will take effect from August 6 while others, notably on the petroleum sector, will take effect on Nov 4.
Hardship is coming to Iran.
Iran is one of India's top suppliers of crude oil.
Iran's navy and its paramilitary Revolutionary Guard routinely conduct seaborne exercises in the Gulf and the strait.
"This exercise was conducted with the aim of controlling and safeguarding the safety of the global waterway and within the framework of the program of the Guards' annual military exercises", Guards spokesman Ramezan Sharif said, according to IRNA.
The oil market has been speculating about how much of Iran's exports could be eroded by the US sanctions, with analysts from BMI Research to Mizuho Securities predicting that China might boost its imports of cheap supplies from the state and offset cuts by other nations. He did not elaborate.
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