Pompeo Allows Sanctions Exception for Chabahar Port

Iran’s Economy Minister Farhad Dejpasand

Iran’s Economy Minister Farhad Dejpasand

The US State Department has warned nations, allowing Iran's shipping vessels into their territorial waters and ports, of potential risks connected to insurance liabilities amid the recently introduced sanctions.

Iranian officials have said the waivers provide proof that the United States can not achieve its goal of cutting off all of Iran's oil exports.

With the granting of the waivers, it's likely that Iran will be able to keep its exports at least around 1.1 million bpd, and possibly even as high as the 2 million bpd of recent months.

"These transponders are created to maximize visibility at sea and turning them off only increases risk of accidents and injuries", Hook said. "Self-insured Iranian tankers engaging in unsafe behavior, with many tons of crude oil on board, are courting environmental and financial disaster". But the broadly united front of world powers that enforced sanctions on Iran previously, pushing Iran into nuclear restraint, has unraveled since Trump took office and clashed with allies over everything from trade to collective security.

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The mixed outcome of the United States congressional mid-term elections saw stockmarket jump, but oil prices fell to their lowest levels since March as the tightening of Trump administration sanctions on Iran from Monday continued to splutter.

TransCanada Corp.'s long-troubled Keystone XL oil pipeline project hit another roadblock as a U.S. District Court in Montana ruled it must wait for a further environmental review.

US President Donald Trump on Monday chose to trumpet sanctions on Iran not with a speech, but a Twitter meme in reference to Game of Thrones, "Sanctions are coming". The report was largely in line with analyst expectations that this week would see another substantial build in crude oil inventories of 2.050 million barrels.

Two Chinese sources familiar with the matter said the country would be allowed to buy 360,000 bpd of Iranian crude during the exemption period.

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The special counsel has also been investigating whether Mr Comey's firing amounted to obstruction of justice. One of the exceptions, Senator Susan Collins, said non-interference in the Mueller probe was "imperative".

But they may not be happy if crude prices continue to weaken. We have so many countries that are on our side. Since May, when Trump took Washington out of the nuclear deal, prices of bread, cooking oil and other staples have soared and the value of the rial currency has plunged.

The decision to grant the waivers has already calmed oil markets, which hadn't really anticipated Teheran's exports dropping to zero but may have also been uncertain as to how much crude would actually be lost. In May 2018, however, Trump withdrew the United States from the agreement, making a return of sanctions all-but-inevitable.

The exemption for Chabahar comes as good news for India and Afghanistan, but undercuts the Trump administration's portrayal of the sanctions as the "toughest ever".

There was no need for India to cravenly accept the U.S. sanctions on Iran. The first round was reinstated in August.

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