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From the Field

Producing oil company Iranian Offshore Oil Company (IOOC) announced that they have increased crude production at the Salman oilfield located in the Persian Gulf.

US removes Iran oil sanctions waivers

Iran

WASHINGTON, April 22, 2019 – The US has removed sanctions waivers for Japan, India and China’s Iranian oil imports, US Secretary of State Mike Pompeo announced on Monday.

 

Pompeo noted that an accord to ensure supply had been reached with Saudi Arabia and the UAE. The three countries “have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market,” he said.

The move is expected to significantly curb oil exports from Iran, bringing them from March levels of 1.9 million bopd down to around 1 million bopd, according to a Financial Times report.

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