Iran has no fear over new United States sanctions: Iranian President Hassan Rouhani

Iran has no fear over new United States sanctions: Iranian President Hassan Rouhani

The Trump administration has rebuffed them and gone ahead with its sanctions plan, arguing that nations, banks and businesses worldwide will decide they'd rather do business with the US than Iran and leave the market. "Iranian hospitals are already starting to report medical shortages as a result of financial sanctions that make banks reluctant to handle Iranian transactions".

All of Iran's oil exports and financial transactions will be targeted under United States sanctions that take force Monday, six months after President Donald Trump bolted from a nuclear deal.

"India will cut import by about 35% from a year ago (2017-18), which is a significant cut", a source said.

Bloomberg reported that close US allies South Korea and Japan had received waivers along with India, which relies heavily on supplies from Iran.

Despite these efforts, Allen said any potential Iran oil sanction waivers would likely only be temporary.

But, as a condition of waiver, Indian oil firms will reduce their imports to 14-15 million tonnes, the source said.

"Year-on-year growth in U.S. crude oil production has averaged nearly 1.5 million barrels per day in the first eight months of the year. with output from many key producing regions reaching new all-time highs", said Barclays bank.

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Iran said on Friday the report on waivers showed that the market needed the country's crude.

State-run Indian refiner Hindustan Petroleum said it may resume buying Iranian oil if India secures a waiver from U.S. sanctions, its chairman MK Surana said on Thursday (November 1). Other countries, including Iraq and Afghanistan, depend on some imports from Iran.

"We're quite confident moving forward that the actions that are being taken are going to help us exert maximum pressure against the Iranian regime", deputy State Department spokesman Robert Palladino said at a briefing on Thursday. But we are prepared to work with countries that are reducing their imports on a case-by-case basis.

A list of all countries getting waivers was expected to be released officially on Monday, Bloomberg said.

"Most European countries - in spite of the UK, Germany, and France having determined that they want to stay inside the JCPOA, in spite of that, almost every significant European company has already fled Iran. There is much more that it's going to need to do", he said.

With Saudi Arabia pumping out 10.65 million bpd so far in October, combined output from the top three oil producers is now higher than ever, at 33.41 million bpd, meaning that Russian Federation, the United States and Saudi Arabia alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption.

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