According to a report by News agency Reuters, United States President Donald Trumps said he wants to impose sanctions on Iranian oil exports gradually to avoid causing a “shock to the market”. He addressed the media on Monday.
“We have the toughest sanctions ever imposed, but on oil, we want to go a little bit slower because I do not want to drive [up] the oil prices in the world,” he told media at Joint Base Andrews outside Washington. After addressing the media, he went for his next election campaign for mid-term polls.
“This has nothing to do with Iran...I could get the Iran oil down to zero immediately but it would cause a shock to the market. I do not want to lift oil prices”, he added
One of the reporters asked him why he provided temporary exemptions to some countries, why not all or none? Trump replied that he has no intention to look like a hero by bringing the oil imports down to zero. The Trump administration had earlier said that it expected all countries, including India, to reduce their oil imports from Iran to zero by November 5.
The United State had put some sanctions upon Iran as Iran is not negotiating with Trump administration on topics like support to terrorism and the Syrian problem. Trump has support from Saudi Arabia both on front and back foot. Saudi Arabian Crown Prince Mohammad Bin Salman earlier announced that he is going to invest more than Hundred Billion Dollars in US market, and he will provide the crude oil which the US was buying from Iran. Saudi Arabia has its own differences with Iran in the Gulf region.
India, earlier, was in a conundrum if it should support the United States with the sanctions on Iran or it should continue its tie with Iran and should keep buying crude oil from it. But now the exemptions made by Trump administration has given India some time to think about it. The fact should be noticed that Indian oil cooperation is the largest buyer of crude oil from Iran.