Tag Archives: Sanctions

The U.S. government has agreed to let eight countries keep buying Iranian oil after it reimposes sanctions on Tehran from next week.

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC).

Washington had escalated its willingness to threaten sanctions in pursuit of its foreign policy goals in recent months.

Fears of a global economic slowdown could be behind the rare move.

The 15 countries in OPEC produced an average 33.31 million barrels per day in October.

A month later. Russia’s production alone hit another post-Soviet record of 11.41 million bpd.

OPEC agreed in June to pump more oil after pressure from U.S. President Donald Trump to curb rising prices.

The US has broadly agreed to grant India a waiver from Iran sanctions after the Indian side decided to cut oil imports from Tehran by about a third in 2018-19.

The energy exchange. last used four years ago amid UN sanctions. was revived earlier this month.

If New Delhi drops its oil imports from Tehran to zero. it will need to import more from other partners.