July 25, 2021

US exempts eight countries from oil sanctions on Iran to "secure" market supply

US exempts eight countries from oil sanctions on Iran to "secure" market supply


The secretary of the Department of State of the North American country, Mike Pompeo, has specified that the countries that will be able to freely import oil from Iran will be China, India, Taiwan, Turkey, Japan, South Korea, Greece and Italy.

However, the US executive has assured that more than 20 countries have already completely eliminated their oil connections with the country of the Middle East, which has caused Iran's 'black gold' exports to fall by close to one million. of daily barrels, according to the calculations of the United States.

This reduction in oil exports, which represents the largest source of income for Iran, has caused the country to stop receiving nearly 2,500 million dollars (2,193 million euros) since last May.

"We continue negotiating so that all countries lower their imports to zero," Pompeo specified, after ensuring that many of the exemptions have reduced their purchases of Iranian crude in recent months.

"These sanctions will accelerate the fall of Iran's international commercial activity," the head of the State Department added.

Following the announcement of the Executive of Donald Trump, the oil market has responded with increases. Thus, the price of a barrel of Brent, a benchmark for Europe, has rebounded by 1.08% to 73.7 dollars per barrel. On the other hand, the price of the West Texas Intermediate barrel, of reference for the United States, has registered increases of 0.8%, up to 63.6 dollars.

In the last 30 days, the prices of both barrels have contracted 12.7% and 14.6%, respectively, due to uncertainty about the supply in the market.

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