Iran receives more airplanes ahead of renewed US sanctions

The nuclear deal with world powers would have allowed Iran to replace its aging commercial fleet.

Oil traders had anticipated that sanctions would take Iranian barrels off the market, said Rob Haworth, who helps oversee US$151 billion at US Bank Wealth Management in Seattle.

Fear over decreasing demand from China triggered a slow down on Friday, after the country's main oil producer Sinopec, trim down its purchase of USA crude.

"It's a jittery feel here, as long as we have Iranian sanctions uncertainty and tariff uncertainty, and it doesn't take much to spark a significant swing one way or the other", said Jim Ritterbusch, an analyst in Galena, Illinois.

Trump's policies are already putting significant pressure on the Iranian economy, although USA intelligence suggests they may ultimately rally Iranians against the United States and strengthen Iran's hardline rulers, officials say.

In June, the USA state department said that countries buying oil from Iran should bring down to zero their Iranian crude imports by the time Washington re-imposes sanctions on November 4.

Last month, state-run Hindustan Petroleum had to cancel an Iranian oil shipment as insurers were not willing to provide cover for its two refineries for processing Iranian oil, sources with knowledge of the matter said.

Trump unilaterally withdrew the U.S. from the multilateral deal with Iran in May and announced plans to reimpose sanctions on the Islamic Republic, that would eliminate Tehran's oil revenues.

News Agency a traditional water cannon salute welcomes an Iran Air's new commercial aircraft at Mehrabad airport in Tehran Iran Sunday Aug. 5 2018. Iran has acquired five new ATR72-600 airplanes from ATR jointly
‘Anti-system’ protesters attack seminary near Tehran

Chinese Foreign Minister Wang Yi said his nation will work to save the Iranian nuclear deal to ensure Iranian oil will continue to flow through the market, during a meeting with his Iranian counterpart Zarif.

She said the collapse in the rial, which has lost more than half its value since April, was driven by people rushing to secure their savings in dollars because they lack faith in the government.

The Trump administration had wanted Iranian oil exports cut to zero by November 4.

Rouhani has suggested Iran might block the Strait of Hormuz in response to a shutdown of its oil exports.

China's Unipec, the trading arm of Sinopec, has suspended crude oil imports from the United States.

Iran's navy and its paramilitary Revolutionary Guard routinely conduct seaborne exercises in the Gulf and the strait.

Also last month, China, which is Iran's biggest customer, said it did not accept unilateral sanctions against Iran.

"This exercise was conducted with the aim of controlling and safeguarding the safety of the global waterway and within the framework of the program of the Guards' annual military exercises", Guards spokesman Ramezan Sharif said, according to IRNA.

(Copyright © 2015. All Rights Reserved.)
 
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