US sanctions on Iran have failed to cut the country's oil production to zero since the restrictions were put in place last November, with Tehran exporting 1.5 million barrels of of crude and condensate in March, the highest in the past five months, Bloomberg tanker tracking data show.
Iran exported more than 1.5 million barrels a day of crude and condensate in March, according to the latest figures published by Bloomberg. This is the highest number of Iranian crude exports during the last five months, when Donald Trump Administration reimposed all sanctions on Tehran after withdrawing the US from the 2015 international treaty on Iran's nuclear programme.
A screenshot of chart showing Iranian crude and condensate exports since April 2018. (Source: Bloomberg)
China has remained the first importer of Iranian oil and other condensates, followed by India, South Korea and Japan and Turkey. Washington granted these countries as well as Iraq, Italy and Greece sanctions waivers also known as Significant Reduction Exepemtion (SRE).
Execpt for the two European countries, all the other five states have imported oil from Iran. Iraq and India have been actively in talks with the US officials to obtain a second and third waivers. On Friday, S&P Globat Platts reported that Trump government is likely to extend oil sanctions waivers to China, India, South Korea and Turkey.
Earlier, Iraq's parliament speaker voiced hope that the United States will keep waiving sanctions on energy purchases from Iran, saying his country will need to import electricity from its neighbor for three years, according to AFP.
"Hopefully this waiver will be extended until Iraq can stand on its feet economically," Speaker Mohammed al-Halbusi said at the US Institute of Peace on a visit to Washington, where he met leaders including Vice President Mike Pence.
Halbusi, a member of the Sunni minority, said Iraq imported 30 percent of its power despite its plentiful oil reserves and needed about three years to develop its own capacity.
"After these three years, maybe we can see Iraq as economically independent and we won't need to import power or electricity from a foreign country. Maybe we can address this issue after three years," he said.
Speaking afterwards to reporters, Halbusi warned the United States of the negative effect of "any hasty, uncalculated step to adopt policies and procedures against countries in this region."
Also, Indian Ambassador to Iran, Gaddam Dharmendra told Iran Chamber Newsroom in March that New Delhi is also negotiating with Washington to get waivers to keep buying Iranian oil and condensate.
Watch video: Indian envoy to Iran says his country is optimistic about acquiring US waivers