According to Tehran, a report that eight countries had been given waivers to US sanctions on Iranian oil has demonstrated that Iran's crude is of importance and cannot be withdrawn from the market.
"The waivers granted to these eight countries shows that the market needs Iran's oil and it cannot be pulled out of the market… I don't know whether these waivers are permanent or temporary ones," state TV quoted Iran's deputy Oil Minister Ali Kardor as saying.
The sanctions, which are set to be enforced on November 4, are expected to target Iran's oil exports and transactions with the Iranian Central Bank, which could potentially involve a crucial international banking system — the Society for Worldwide Interbank Financial Telecommunication (SWIFT) — among other things.
The sanctions are aimed at exercising maximum pressure on Iran and force it to negotiate a new nuclear deal. As part of its campaign, the United States wants all countries to eventually reduce their oil imports from Iran to zero, delivering a hard blow to Iran's economy.
