US not renewing sanctions waivers for importing Iranian oil, working with Saudi Arabia and UAE

President Donald Trump said the US would be ending sanction waivers for countries importing Iranian oil. (AFP/File Photo)
Updated 23 April 2019

US not renewing sanctions waivers for importing Iranian oil, working with Saudi Arabia and UAE

WASHINGTON:  US President Donald Trump moved on Monday to cut Iranian oil exports to zero by ending eight countries’ exemption from US sanctions on buyers of crude from Tehran.

China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece will now be subject to full US economic penalties if they buy oil from Iran after May 2.

Secretary of State Mike Pompeo said the US wanted to deprive Iran of its lifeline of $50 billion in annual oil revenues by halting all exports. “We are going to zero. We’re going to zero across the board,” he said.

“We’ve made clear — if you don’t abide by this, there will be sanctions. We intend to enforce the sanctions.”

The aim was to pressure Tehran to curtail its nuclear program, halt ballistic missile tests and end its regional meddling in Syria, Yemen and elsewhere. “The Trump administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime’s destabilizing activity threatening the United States, our partners and allies, and security in the Middle East,” the White House said.

The US said it was working with Saudi Arabia and the UAE to ensure the oil market was “adequately supplied.” Pompeo said he was confident of Riyadh’s commitment to making sure there was sufficient supply in the market, and Trump said Saudi Arabia would “more than make up” for the absence of Iranian oil.

Saudi Energy Minister Khalid Al-Falih said the Kingdom was “monitoring oil market developments” and would coordinate with other producers to ensure a balanced market. Brent crude rose to more than $74 a barrel on Monday, the highest since November.

Saudi Arabia produces about 9.8 million barrels of oil per day but has the capacity for 12 million, so it could increase production to address any market shortfall, Faisal Mrza, a Saudi-based energy and oil marketing adviser, told Arab News.

“As the world energy industry’s only safety valve, Saudi Arabia is the only oil producer that can compensate for the loss of Iranian barrels,” he said. 

“Historically, Saudi Arabia has successfully proven its ability to maintain balance in the global markets, absorbing any supply shock caused by geopolitical or technical factors.”

(With Agencies)

 


India IT hub Bangalore in lockdown as coronavirus cases rise

Updated 12 July 2020

India IT hub Bangalore in lockdown as coronavirus cases rise

  • New Delhi, Mumbai, Chennai, Bangalore and Pune are among the key Indian cities witnessing a surge in infections

NEW DELHI: India’s coronavirus caseload is nearing 850,000 with a record surge of 28,637 in the past 24 hours, prompting authorities to announce a weeklong lockdown in the key southern technology hub of Bangalore.
The new confirmed cases took the national total to 849,553. The Health Ministry on Sunday also reported another 551 deaths for a total of 22,674.
India has overtaken Russia in the number of cases and is currently behind the United States and Brazil, according to a tally by Johns Hopkins University.
Southern Karnataka state, whose IT hub Bangalore is home to Microsoft, Apple and Amazon offices, extended Sunday lockdowns to one week beginning Tuesday.
New Delhi, Mumbai, Chennai, Bangalore and Pune are among the key Indian cities witnessing a surge in infections. Several states also have announced stringent lockdowns in high-risk areas.