Turkey Says Unable To Quickly Diversify Away From Iranian Oil

Ann Santiago
Мая 5, 2019

This means that any company that imports oil from Iran after the expiration of the exemptions on May 2 may be banned from the U.S. banking system. But it's unclear if it's going to really crack down on countries like China and India that buy the oil at the risk of jolting global markets.

It is unclear as yet how the main importers of Iranian crude will react.

India is among the eight nations whose six-month-long exemptions from United States sanctions to stop buying oil from Iran ended on Thursday.

Last November, the administration of President Donald Trump banned countries from importing Iranian oil. "It is impossible to eliminate Iran from the oil market". She says some of the countries have been caught off guard. Experts argued that Washington's intention to cut off Iranian oil exports completely might backfire both at home and overseas. Global nuclear inspectors said at the time that Iran was abiding by the deal's terms.

But despite regulations in place requiring exporters to repatriate profits, only a quarter of non-oil earnings were returned to Iran.

How this will be implemented in coming months will be watched carefully, but this action will certainly mean a tighter oil market. According to media reports, Trump had tweeted over ten times regarding the oil price during his first two years of presidency. Both countries reportedly voiced opposition to the sanctions.

JIM BURKHARD: China is at the top of that list.

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"Iran is very important (to India)".

Shringla, who became ambassador in January after a diplomatic career of 35 years, said India understands Washington has issues with Iran.

Countries looking to replace Iranian crude "know which number to dial", Falih said.

BURKHARD: In all of these countries, the US has multidimensional interests. Enerygy security is one of them.

The failure of the uprising against President Maduro in Venezuela, may result in tougher U.S. sanctions that could further squeeze crude shipments from the oil-rich country. Capital Economics analyst, Caroline Bain, says the elimination of logistical bottlenecks and prevailing high prices are likely to encourage more US drilling. Zanganeh last month accused Saudi Arabia and the United Arab Emirates of exaggerating their surplus oil capacity. In a Wednesday interview with VOA Turkish, he said that if China and India maintain their recent levels of imports, Turkey may do the same.

That being said, the updated EIA short-term energy outlook report is due for release on May 7 and looks to provide oil market participants with the latest comprehensive insight over potential supply and demand imbalances.

NORTHAM: Higher gas prices are something the Trump administration wants to avoid ahead of the 2020 elections. Prices have gone up.

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