Will Iran circumvent USA sanctions with helps of old tankers?

Iranian minister predicts booming defense industry next year

Iranian minister predicts booming defense industry next year

Israel is one of Washington's key allies in the Middle East and a major buyer of U.S. arms and military equipment.The two states share the same position on the Iran issue.

Concerns about the lack of supply were part of the USA giving waivers to several countries to keep buying Iranian oil, but those expire in May, and Hook's comments suggest the U.S. wants to renew less of them, to further damage Iran. The United States surprised global oil markets in November a year ago by allowing eight countries to keep importing Iranian oil.

Indian state refiners will lift 8 million barrels of Iranian oil in April, a decline of about 12 percent from the previous month, industry sources said, as the nation is in talks with the United States to renew the waiver from USA sanctions against Tehran.

Two Jerusalem-based institutes are joining forces in an effort to encourage the Palestinian Authority (PA) to stamp out incitement and.

And with few buyers now willing to take all the commercial risks involved in oil sales, Iran is also having to cover the shipment of cargoes, including securing insurance in most instances, shipping sources said.

Last May the United States pulled out of a landmark 2015 nuclear deal, reimposing stiff economic sanctions that had been lifted from Iran in return for the dismantling of the weapons-capable elements of its nuclear development program.

Speaking at a graduation ceremony for Israeli Navy cadets last Wednesday, Netanyahu accused Iran of smuggling petroleum products to bypass US sanctions.

The waivers were aimed at giving these countries more time to comply with the sanctions.

Venezuela's oil production had already been collapsing for more than two years, at a rate of around 50,000 bpd each month, due to the economic collapse and years of mismanagement and underinvestment in the oil industry.

Iran warns Israel of 'firm response' if it acts against oil

He added that a price of $65 a barrel for global benchmark Brent crude was "the high end of Trump's crude-price comfort zone".

Brent crude settled at $67.55 a barrel on Wednesday.

Secretary of State Mike Pompeo on March 12 said the United States was seeking to "bring Iranian crude-oil exports down to zero as quickly as market conditions will permit".

In an oil market already tighter on heavy crude grades due to OPEC's production cuts and USA sanctions on Iran's oil, refiners now face an even tighter supply of heavy crude with the sweeping US sanctions on Venezuela's oil sector.

"On the numbers part, we'll get an updated assessment as we get closer to the end of the 180 day period", of the first round of waivers that ends in May, the spokesperson said.

The waivers, known as "significant reduction exemptions" and issued to India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey, are set to expire in early May.

Still, Hook said the decision on waivers will be made by President Trump, who is closely watching oil prices.

It is unclear whether the administration will be able to convince China, India and Turkey - all of whom depend heavily on Iranian oil and have criticized the U.S. sanctions on Iran - to reduce imports. China has already openly said they'll keep buying oil with or without USA permission, and India is also seen likely to keep doing so simply out of necessity.

He said he expects China and India purchases alone to account for around 800,000 to 900,000 bpd.

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