Brent crude drops below $83 on expectations Iran will maintain some exports
The U.S.'s sanctions on Iranian oil come into effect on November 4, but at least one country says it won't be playing ball.
The sanctions are being reimposed as a result of Trump's decision to withdraw the United States from Iran's 2015 nuclear deal with world powers, which had lifted sanctions in exchange for curbs on Tehran's nuclear activities.
It has also imposed sanctions against third countries that conduct business with Iran.
Two domestic companies have placed orders to buy Iranian oil in November, oil minister Dharmendra Pradhan said on Monday, adding that the government does not yet know if it will be granted a waiver from United States sanctions on Iran.
None of the Iranian crude exported in the first week of October is heading for Europe, according to the Refinitiv data.
India will buy nine million barrels of Iranian oil in November, in a signal the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on November 4.
With the European Union considering the creation of a "special objective vehicle" before November to facilitate trade with Iran, India hopes to find a way to settle payments to Tehran.
The IMF said the contraction in the Iranian economy that it now is projecting over the next two years was due to "reduced oil production" under the sanctions.
International Monetary Fund cuts global growth forecasts
German growth was revised down to 1.9 percent in both 2018 and 2019 due to a slowdown in exports and industrial production. The IMF's projection is close to the World Bank's forecast of 7 percent for fiscal 2018-19, released on Oct 2.
John Goodman Says He 'Crashed' After Roseanne Barr's Exit From 'Roseanne'
He confidently noted that he wanted to do the show's spin-off, The Conners , but added that things aren't the same without Barr. Next week, a spinoff of the popular sitcom, The Conners , makes its debut-this time without the family's main star.
Farrah Abraham calls Bristol Palin's ‘Teen Mom’ casting ‘inappropriate,’ says she’s a ‘single white female’
Dakota struggled with the decision to split from Bristol , noting that he still loves her and wanted to keep trying. Before discussing the additions to the show, Farrah responded to some backlash over her parenting style.
In May, Trump pulled the U.S. out of the Iran nuclear deal despite objection from the other signatories, the UK, Russia, Germany, China, and France, re-imposing sanctions lifted under the deal.
"Any country that makes such claims. just wants to display its support for the U.S. sanctions against Iran", Zanganeh was quoted as saying.
The current stance differs drastically from the administration's position just four months ago, when Trump was pressuring his administration to fully enforce US sanctions on Iran. "I think the predisposition would be no, we're not granting waivers". Top officials at the US Treasury Department also pushed for Tehran to remain connected with SWIFT. "That might be their opinion".
"Previously there was no European channel", the second source said.
Trump administration officials have said their goal is to slash Iranian oil exports to "zero".
In the previous round of sanctions from 2012 to 2015, India continued to buy Iranian crude although it had to cut purchases significantly to protect its wider exposure to the USA financial system.
"That said, a maximum pressure campaign is a no spin zone; the numbers will reveal whether countries are trying to go to zero or just doing the bare minimum to win waivers", said Goldberg, now a senior adviser to the Foundation for Defense of Democracies. "So let us see how it evolves".
Related:
-
EPL: Chelsea star tells Sarri he may hand in transfer request
We play really good football, explosively and offensively all you can wish for. "I had looked forward to getting our new manager". Christensen first linked up with Chelsea in 2012 after seeing his obvious potential noted within the youth ranks at Brondby.Manchester United's Nemanja Matic pulls out of Serbia squad with injury
He could also be sidelined for United's crunch Stamford Bridge clash when they return to action after the worldwide break. Manchester United head into the game off the back of a dramatic late victory against Newcastle on Saturday night.Kavanaugh to hear first case
Once they don the robes, they become less like people, and more like representations of justice. The 53-year-old Kavanaugh occasionally chatted privately with his seatmate, Justice Elena Kagan. -
Arnold Kopelson, 'Platoon' Producer, Dies at 83
In addition to Anne, Arnold's survivors include three grown children, Peter, Evan and Stephanie. Also that year, Kopelson was elected to the board of directors of CBS Corp .Merson: Arsenal are going to get a hammering
It only took Ramsey a matter of seconds to put Arsenal 3-1 up with a sweet finish courtesy of an Aubameyang's assist. He is believed to be on around £110,000 a week with Pierre-Emerick Aubameyang and Henrikh Mkhitaryan on £170,000.Ex-Liverpool defender Sebastian Coates saves teammate’s life during game
As goalkeeper Romain Salin attempted to keep out the hosts' second goal, he collided with the post and was knocked unconscious. Salin was treated on the pitch and taken to hospital, before the game resumed. -
Terrifying climate change warning: 12 years until we’re doomed
While the United Nations panel says technically that's possible, it saw little chance of the needed adjustments happening. Under the Paris Agreement rules, the United States can not actually pull out of the pact until late 2020.Menendez 'Deeply Concerned' by Haley's Departure from U.N.
Trump said he hoped Haley would return to serve in his administration. "You can take your pick", Trump beamed at her . Ms Trump has spent most of her life in NY , and some speculated that she could be eager to return to the city.Microsoft in talks to buy Fallout: New Vegas studio Obsidian Entertainment
While these deals sometimes fall apart at the last minute, one source told Kotaku that it was merely "a matter of when, not if". Obsidian was able to repeat that success with Pillars of Eternity 2, making it the biggest crowdfunding success since 2015. -
Google+ will be shut down following security bug
However, it was never really able to develop into a self-sustaining social network to rival Facebook , Instagram or Pinterest. However, it will maintain a version of the site as an enterprise communication tool; it's also used internally at Google.Nikki Haley Resigns As UN Ambassador
Ambassador nearly immediately after Trump's inauguration. " More instability in an already unstable Trump administration", Rep. Haley has since responded that she intends to vote and campaign for the President in his 2020 reelection bid.If I had hit a woman, she wouldn’t have survived: Salman Khan
She further stated that she didn't want to lose her self-respect and that's why she made a decision to end the relationship. However, a couple of months after Aishwarya's 2002 interview, Salman responded to her allegations.