The Trump Administration will continue to impose sanctions on whoever purchases Iran’s Crude Oil or conducts business with Iran’s Revolutionary Guards and no Crude Oil waivers will be re-issued.
“We will continue to put pressure on Iran and as President (Trump) said there will be no waivers of any kind for Iran’s oil,” said Sigal Mandelker, US Treasury Under Secretary for Terrorism and Financial Intelligence.
Mr. Mandelker added that Iranian Crude Oil sales have taken a “serious nose dive” because of US pressure.
Iran’s Crude Oil exports were slashed by more than 80% due to the re-imposed sanctions by the United States after President Trump exited last year Iran’s 2015 nuclear deal with world powers.
Since ‘canning‘ the nuclear deal, calling it skewed to Iran’s advantage, President Trump has reimposed sanctions to strangle it’s vital Crude Oil trade and force Tehran to accept stricter limits on its nuclear activity, curb its ballistic missile program and end its support for proxy forces around the Middle East.
In retaliation, Iran has been reducing its commitments under the deal since May, pressuring European countries to the pact to protect Tehran’s interests and its economy.
In addition to saving the deal, Tehran wants to restart selling its Crude Oil.
Iran wants to export a minimum of 700,000 BPD, and ideally up to 1.5-M BPD of it Crude Oil if the West wants to negotiate with Tehran to save the nuclear deal.