Oil prices pulled down by surging output, but Iran sanctions loom

Rouhani: Iran does not fear new US sanctions on energy, banking sectors

They're the second batch of penalties reimposed since President Donald Trump withdrew from the deal in May.

Bolton said the administration understands that a number of countries, some close geographically to Iran which he visited last week, and others "may not be able to go all the way, all the way to zero immediately".

The Trump administration on Friday announced the reimposition of all USA sanctions on Iran that had been lifted under the 2015 nuclear deal.

Goldman Sachs said it expects Iran's crude oil exports to fall to 1.15 million barrels per day (bpd) by the end of the year, down from around 2.5 million bpd in mid-2018.

Although China and India's Iranian oil intake in recent months has fluctuated, and although some of their companies most exposed to the USA financial system have drastically reduced or outright stopped imports from Iran (like India's Reliance Industries), the countries saw their imports in the first three weeks of October increase or hold steady around the volumes from recent months.

But the administration is also announcing that there would be eight significant reduction exemptions (SREs) to countries that haven't completely eliminated oil imports from Iran.

Clayton Allen of Height Securities said Iran's biggest oil customers, all in Asia, were seeking waivers to USA sanctions against Iran's petroleum exports.

Barack Obama, the U.S. president at the time, had argued the deal would prevent Iran from developing nuclear arms.

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Federica Mogherini believes that despite the new rollout of sanctions, trade between Europe and Iran will continue in defiance of Mr. Trump.

"This is something that we're going to ask others to help us with and we're going to maintain this pressure on this regime".

"It's a virtual certainty that Western banks are not going to violate the escrow restrictions", said Mark Dubowitz, the chief executive of the Washington-based Foundation for Defense of Democracies who has advised Pompeo.

The Islamic Republic of Iran Broadcasting (IRIB) news agency on Wednesday quoted Rouhani as calling the move "a new injustice" which the government did not fear.

On the other hand, it's unclear whether the United States would grant any waivers, with U.S. Administration officials giving mixed signals.

But he added: "In the past few months our people have faced hard times and it's possible that the next few months will be hard". The United Arab Emirates imports large amounts of Iranian fuel oil to power ships and Egypt imports oil from Iran for the Sumed pipeline.

Iran said on Friday the report on waivers showed that the market needed the country's crude.

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