US Sanctions: Iran Stopped Oil Supplies to France
OREANDA-NEWS Iran's oil exports continued to decline in July. A full recovery of US sanctions against the country will be in November. The International energy Agency (IEA) reported that European consumers are reducing purchases, supplies to France and South Korea have completely stopped.
Trump explained the restoration of sanctions against Iran:"Iran's oil exports fell by 90,000 barrels per day to 2.19 million barrels per day, as European consumers reduce their purchases, and South Korea completely stopped them on the eve of the restoration of US sanctions (against Iran — ed.) in November," writes the IEA.
"According to Kpler's vessel tracking, Iran's oil exports to Europe, including Turkey, fell by 140,000 barrels per day in July, to 410,000 barrels in monthly terms. At the same time in 2017, it was 750 thousand barrels per day. And deliveries to France have completely stopped," the Agency reported.
Moreover, according to the IEA information, the US administration rejected the request of the French Total to receive an exception from the US sanctions. France would continue its work in Iran and maintain its participation in the project "South Pars 11".
At the same time, the export of Iranian oil to Asian countries in July increased — by 50 thousand barrels per day, to 1.65 million barrels per day. China and India increased oil import to a record level. The IEA, however, recalls that the first part of the US sanctions against Iran has already entered into force and it is aimed at the country's financial sector.
Now this can hinder the import of the Iranian oil. The situation can only get worse with the full restoration of sanctions.
On May 8, the US President Donald Trump announced that Washington was withdrawing from the agreement with Iran on the nuclear program. This agreement was reached by the six countries: Russia, the US, Britain, China, France, Germany in 2015. Trump announced the restoration of all sanctions against Iran. Sanctions include secondary ones: against other countries doing business with Iran.