Iran oil waiver removed

The United States of America recently released a statement in which it made clear that it would cancel all waivers related to buying crude oil from Iran without American sanctions. The waiver was granted back in November 2018 to eight countries including India. The US Secretary of State Mike Pompeo during a news briefing in the White House confirmed that the 180-day waiver granted to those eight countries won’t be renewed. Pompeo said, “Today, I am announcing that we will no longer grant any exemptions. We are going to zero. We’re going to zero across the board”. The waiver was granted to India, China, Italy, Greece, Japan, South Korea, Taiwan, and Turkey. The White House statement in a statement said, “The United States, Saudi Arabia, and the United Arab Emirates, three of the world’s great energy producers, along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied. We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market”. India is the biggest importer of crude oil from Iran along with China. India has imported 258,000 barrels a day of Iranian crude oil in March and with this waiver being taken away India now has to look out for other options for supply. However, experts believe that India has other significant options to purchase crude oil from Saudi Arabia, the UAE, Kuwait, and Mexico.