The OPEC and non-OPEC producers’ disability to make up the shortfall in oil supplies resulting from the loss of Iranian production under the U.S. sanctions, which has led to an increase in oil prices, is a sign of Trump administration’s failure in Iran’s zero oil exports plan.
The other prove to this failure is a report by Bloomberg on Friday that quoted a U.S. official as announcing that eight countries, including South Korea, Japan and India have received waivers from the U.S. government to keep buying Iranian oil after the reimposition of sanctions on Tehran from November 4.
According to Bloomberg, a list of all countries getting waivers is expected to be released officially on Monday.
China and Turkey are two other countries which are expected to be on the list of the Iranian oil buyers.
A Chinese official told Reuters that discussions with the U.S. government were ongoing and that a result was expected over the next couple of days.
“We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive,” Clayton Allen of Height Securities said in a note on Friday.
South Korea’s Foreign Ministry declined to comment, and Japanese officials were not immediately available for comment.
Another country that has been seeking a sanctions waiver is Turkey, which takes significant volumes via pipeline from neighboring Iran.
Turkey’s Energy Ministry said on Friday it had heard rumors of waivers but added it had not received written notification of any exemption on buying Iran oil after the United States reimposes sanctions on Tehran