‘I am pleased to announce that, based on additional significant reductions in the volume of their purchases of Iranian crude oil, these countries have again qualified for an exception to sanctions... (under) the National Defence Authorisation Act (NDAA) for fiscal year 2012,’ US Secretary of State John Kerry said in a statement. The US exemption came soon after the determination by President Barack Obama that there is sufficient supply of non-Iranian oil for countries to continue to reduce import of oil from Iran.
‘There currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to reduce significantly their purchases of Iranian oil, taking into account current estimates of demand, increased production by countries other than Iran, inventories of crude oil and petroleum products, and available spare production capacity,’ said White House Press Secretary Jay Carney.
‘In this context, it is notable that many purchasers of Iranian crude oil continue to reduce, or have ceased altogether, their purchases from Iran,’ he said in a statement after Obama made the determination required under the National Defence Authorisation Act for Fiscal Year 2012 regarding the supply of petroleum and petroleum products from countries other than Iran. ‘International oil supply disruptions grew but were largely offset by rising oil production from other countries, particularly from the United States and Saudi Arabia,’ Carney said.
‘While increased Saudi output reduced spare crude production capacity, stable inventory levels and stable oil prices compared with the period a year ago indicate a well-supplied international crude market,’ he said.
Kerry said, ‘As Obama has made clear, the US will continue to vigorously implement our existing sanctions on Iran as the P5+1 seeks to negotiate a comprehensive deal with Iran that will resolve the international community’s concerns regarding Iran’s nuclear programme. In his statement, Kerry said that he would report to the US Congress that exceptions to sanctions for certain transactions will apply to the financial institutions based in these countries for a potentially renewable period of 180 days.
This is the fourth time these economies have qualified for an NDAA exception. ‘The global sanctions regimes’ effectiveness has proven essential in bringing Iran to the negotiating table and its agreeing to the Joint Action Plan that, for the first time in a decade, halts the Iranian nuclear program and rolls it back in key areas,’ he said.
PTI
‘There currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to reduce significantly their purchases of Iranian oil, taking into account current estimates of demand, increased production by countries other than Iran, inventories of crude oil and petroleum products, and available spare production capacity,’ said White House Press Secretary Jay Carney.
‘In this context, it is notable that many purchasers of Iranian crude oil continue to reduce, or have ceased altogether, their purchases from Iran,’ he said in a statement after Obama made the determination required under the National Defence Authorisation Act for Fiscal Year 2012 regarding the supply of petroleum and petroleum products from countries other than Iran. ‘International oil supply disruptions grew but were largely offset by rising oil production from other countries, particularly from the United States and Saudi Arabia,’ Carney said.
‘While increased Saudi output reduced spare crude production capacity, stable inventory levels and stable oil prices compared with the period a year ago indicate a well-supplied international crude market,’ he said.
Kerry said, ‘As Obama has made clear, the US will continue to vigorously implement our existing sanctions on Iran as the P5+1 seeks to negotiate a comprehensive deal with Iran that will resolve the international community’s concerns regarding Iran’s nuclear programme. In his statement, Kerry said that he would report to the US Congress that exceptions to sanctions for certain transactions will apply to the financial institutions based in these countries for a potentially renewable period of 180 days.
This is the fourth time these economies have qualified for an NDAA exception. ‘The global sanctions regimes’ effectiveness has proven essential in bringing Iran to the negotiating table and its agreeing to the Joint Action Plan that, for the first time in a decade, halts the Iranian nuclear program and rolls it back in key areas,’ he said.
PTI