US Secretary of State Mike Pompeo announced on Monday that China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea were issued temporary waivers allowing them to continue importing Iranian oil without repercussions.
These countries, excluding Taiwan, are among the top 10 importers of Iranian crude and condensate. The UAE, Spain and France are also among the top 10 importers of Iranian oil, according to Bloomberg, but were not issued waivers.
Pompeo said that more than 20 countries have reduced oil imports from Iran, cutting its exports by 1mn barrels per day, Reuters reported.
Reuters also reported that Iraq has been given an exemption, noting that the US special representative for Iran, Brian Hook, told reporters that Iraq was working "on reducing Iran's influence and opening Kirkuk, which would be abother 200,000 barrels of oil."
This follows US withdrawal from the 2015 Iran Nuclear Deal, and is the second round of sanctions to be reimposed against Iran. The effect that this would have on oil prices and global supply has yet to be seen, though some projections could see Iranian exports cut by up to 2mn bpd.
Listen to Saxo Bank Head of Commodity Strategy Ole Hansen on the oil price, its future, and external market considerations that could sway prices.