Crude oil price jumps as U.S. to end all waivers Iran oil imports

Crude oil price jumps as U.S. to end all waivers Iran oil imports
  • Clock-gray 19:17
  • calendar-gray 22 April 2019

The United States on Monday said it will eliminate in May all waivers granted to eight economies allowing them to buy Iranian oil without facing U.S. sanctions, as it ratcheted up pressure to choke off all oil revenues of the Islamic Republic, ONAreports citing Reuters.

The decision, taken by President Donald Trump, has sent oil prices to their highest in 2019, even though the White House said the United States was working with top OPEC exporter Saudi Arabia and the United Arab Emirates to ensure the oil market is “adequately supplied.”

It should be noted that along with sanctions, Washington granted waivers to eight economies that had reduced their purchases of Iranian oil, allowing them to continue buying it without incurring sanctions for six more months. They were China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece.

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