Forceful Campaign By PM Won US Waiver On Buying Iran Oil: Minister

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The list will be announced on Monday, Day One of the full sanctions taking effect, along with other details such as entities and individuals to be sanctions.

"Our objective is to force the regime into a clear choice: either abandon its destructive behaviour or continue down the path toward economic disaster".

The US decision to let India keep buying oil from Iran after reimposition of sanctions on the Persian Gulf nation is a reassertion that interests of consuming nations cannot be ignored, oil minister Dharmendra Pradhan said Saturday.

The US has been gradually re-imposing sanctions since it unilaterally withdrew from the agreement, but analysts say this move is the most important because it targets the core sectors of Iran's economy.

The United States says it plans to issue temporary waivers to several countries, allowing them to continue purchasing Iranian oil without being subject to forthcoming US sanctions.

Will there be enough oil for the world?

The latest USA measures exclude any company that trades with Iran from doing business in the United States.

Of course, what they have said is they want these countries to reduce their import of Iranian oil.

The United States' European allies expressed regret at the Trump administration actions, and resolved to try to keep the deal if Iran continues to comply. In anticipation of sanctions, oil exports from Iran have already dropped by about a third since May.

The sanctions, set to resume November 5, are "aimed at depriving the regime of the revenues that it uses to spread death and destruction around the world", Secretary of State Mike Pompeo said in a call with journalists today.

I think that's a mistake, I think Iran is ready to resist USA pressure and I think what the Trump administration is doing it is actually unifying people in Iran under the flag because everybody realizes inside Iran and outside Iran that the Trump administration is using bullying tactics to pressure the other side to accept the dictates that come out of Washington and people don't respond well to that.

"India said to the U.S. that they can´t stop before March, they are facing a major currency crisis", explained Joel Hancock, analyst at Natixis.

Earlier, Bloomberg reported that South Korea, India, and Japan are among the exempted countries. The International Atomic Energy Agency (IAEA) has confirmed in twelve consecutive reports that Iran is abiding by its commitments under the Agreement. "Things are going to tighten up".

At a gathering on Saturday, Iran's supreme leader, Ayatollah Ali Khamenei, portrayed the sanctions as part of a long tradition of American hostility toward the Islamic Republic, which he said had nevertheless prevailed. "There will be a black market for Iranian crude", Hajji told AFP. Companies like Total SA and Royal Dutch Shell Plc have halted purchases because the risk of being frozen out of the USA financial system is simply too great.

Foreign ministry spokesman Bahram Qasemi told state TV that Iran had "the knowledge and the capability to manage the country's economic affairs". Under US law, such exceptions can only be granted for up to 180 days. The United States has vowed to end all sales of Iranian oil, the country's crucial export, as well as worldwide banking transactions, snapping back sanctions lifted by Trump's predecessor as U.S. president, Barack Obama.

Iranians will be forced into finding creative ways to sell oil, relying on their years of experience of life under previous sanctions.

Pompeo said that, despite the waivers expected to be granted on Monday, the Trump administration was still focused on eliminating Iranian oil revenue altogether.

The extent to which the kingdom can keep this up in the coming months depends on how many idle oil fields it's able to tap.

Hajji said he believes the market is well-supplied and that Saudi Arabia does not need to exceed production of 11 million bpd. Others such as Russian Federation, the United Arab Emirates and Iraq could potentially squeeze out a little more as well.

"If there's nearly no cushion left and something happens in Libya or Nigeria, then you're stuck", said Societe Generale's Wittner.