Will U.S. help allies to replace Iranian oil sources?

Will U.S. help allies to replace Iranian oil sources?

U.S. President Donald Trump's administration is working to provide alternative sources of oil to American allies that will be affected because of U.S. sanctions on Iran, Financial Times writes, citing a senior administration official.

In the Bush administration and during the Obama administration until the 2015 nuclear deal with Iran, some US allies, including Japan, South Korea and India, were given waivers from sanctions related to Iranian oil imports. But the US told allies not to expect waivers as it boosts pressure on Iran. Instead, it is trying to find sources to replace the oil they would have obtained from Tehran, the newspaper reported.

The statement comes two months before a second tranche of US sanctions on Iran are reimposed.

India, which is the second-biggest buyer of Iranian oil, is also looking elsewhere for crude. According to data from Reuters, India is set to take 360,000-370,000 b/d of Iranian oil on average in September and October, compared with 658,000 b/d during April-August.

South Korea, in turn, has replaced Iranian crude with imports from Saudi Arabia and Iraq, according to the energy ministry, but it is also in talks with the US to get a waiver.

According to Financial Times, Iran’s exports have already fallen significantly, down at least 500,000 barrels a day since May to below 2m b/d, even before US sanctions officially kick in from November. 

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