- Tag results for Iran Oil
State-owned UCO Bank is expected to announce the payment mechanism in the next 10 days, says a source
The Islamic republic has some of the most heavily subsidised petrol in the world, with a pump price of around USD 0.08 per litre (less than two US cents per gallon).
The exemption provided to India is a much welcome and necessary step in the right direction, noted Bharath Gopalaswamy, director of the South Asian centre in the think-tank, Atlantic Council.
Hours after sanctions were reimposed following the US withdrawal from a denuclearization deal, Pompeo said eight countries would be at least temporarily exempt from the ban on buying Iranian oil.
The US secretary of state Michael Pompeo insisted that the sanctions are imposed for denying the world's largest state sponsor of terror the capacity to carry out any further attempts to spread terror
The US will from Monday target buyers of Iranian oil in order to deprive Tehran of its main source of income.
US wanted countries to reduce oil imports from Iran to zero eventually, but was open to waivers that would allow limited imports by the countries pledging ‘significant’ cut.
In addition to India, Special Representative for Iran Brian Hook will be travelling to Europe to further discuss US foreign policy toward Iran.
Responding to questions on reports that India will continue to purchase oil from Iran after November 4, State Department spokesperson Heather Nauert said this was "not helpful".
Traders said global oil markets remained tense because of the looming U.S. sanctions against Iran's oil exports, which kick in from Nov. 4.
Javad Zarif made the comments after a meeting with his Indian counterpart Sushma Swaraj in New York on the sidelines of United Nation General Assembly.
India is the second largest buyer of Iranian crude after China, accounting for about 30 per cent of total crude exports from the Persian Gulf nation during April-August 2018.
While Trump has not totally ruled out meeting with Rouhani on the sidelines of the General Assembly, the Iranian president appears in no mood to meet his US counterpart.
Iran and the European Union announced their defiance towards US President Donald Trump's administration after high-level talks at the United Nations.
Zanganeh was referring to a tweet by Trump in which he linked U.S. support for Middle Eastern countries to oil prices on Thursday and again urged OPEC to lower prices.