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USA to cancel Iranian oil waivers

The USA has decided that it will not extend further waivers on Iranian oil imports after May 2, 2019.

Earlier this week, US President Donald Trump confirmed that Japan, South Korea, Turkey, China and India would no longer be exempt from US sanctions if they continue to import oil from Iran after the waivers end.

The goal of the policy is to bring Iranian oil exports to zero and deny the country’s government its principal source of revenue.

A statement from the Trump administration read: “The USA will continue to apply maximum pressure on the Iranian regime until its leaders change their destructive behaviour, respect the rights of its people, and return to the negotiating table.”

Meanwhile, the US State Department said: “We have had extensive and productive discussions with Saudi Arabia, the UAE, and other major producers to ease this transition and ensure sufficient supply. This, in addition to increasing US production, underscores our confidence that energy markets will remain well supplied.”

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