China and Singapore became the latest countries to get protection from U.S. sanctions because of moves away from Iranian crude, a U.S. official said. U.S. and European sanctions targeting the Iranian energy sector go into force within days. Countries that "significantly" cut back on the amount of crude oil imported from Iran are protected from U.S. sanctions. U.S. Secretary of State Hillary Clinton announced that China and Singapore have met the requirements to get an exemption, bringing the number of exempted countries to 20. U.S. and European governments have expressed concern Iran is financing a controversial nuclear program with its oil-dependent economy. Clinton said more transparency from Tehran was needed to allay international concerns. "Failure to do so will result in continuing pressure and isolation from the international community," she said in a statement. The International Energy Agency states that Iranian crude oil imports have declined to the point that Tehran is out nearly $8 billion in oil revenue per quarter, Clinton said. A lack of crude oil exports from Libya during last year's war prompted the IEA to call on member states to release oil from strategic petroleum reserves to offset liquidity concerns. Oil markets in 2012 are said to be well supplied as Tehran's consumers had several months to prepare for the decline in Iranian crude.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor