Economics

Iran Doesn't Expect Oil Customers to Get Sanctions Waivers

We’ll ‘find other ways’ to overcome sanctions, Zanganeh says
Country’s oil exports are close to 2.5 million barrels a day

Iran’s Oil Minister Bijan Namdar Zanganeh discusses the OPEC production deal reached in Vienna.(Source: Bloomberg)

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By Annmarie Hordern and Golnar Motevalli

June 22, 2018 at 4:39 PM UTC

Updated on

June 23, 2018 at 8:53 AM UTC

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Iran said it doesn’t believe buyers of its oil will get waivers from the U.S. government that would allow them to continue purchasing cargoes after President Donald Trump’s renewal of sanctions.

The Persian nation is facing tightening squeeze on its oil exports. American officials were said to have asked Japan to completely halt imports from Iran, going beyond the cuts demanded during previous Obama-era sanctions. Those curbs in 2012 removed about 1 million barrels a day of crude from the market, suggesting Trump’s restrictions could have a big impact on the market.