The United States wants to avoid disrupting global oil markets as it reimposes sanctions against Tehran and in certain cases will consider waivers for countries which need more time to wind down their oil imports from Iran, US Treasury Secretary Steven Mnuchin said.
US Secretary of State Mike Pompeo said on Tuesday that Washington would consider requests from some countries to be exempt from sanctions, which are due to go into effect in November, to prevent Iran from exporting oil.
Iran’s oil minister on Saturday accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of US pressure.
Iran can neutralize US sanctions on its oil exports if the European Union provides the Islamic Republic with a credit line in the form of 'finance', said a member of Board of Directors of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA).
The European Parliament has granted permission to the European Investment Bank (EIB) to do business in Iran as Europeans scramble to devise mechanisms aimed at saving the 2015 nuclear deal without the US and protecting their commercial ties with Tehran in the face of returning American sanctions.