Trump administration to reinstate all Iran sanctions

Iran's Foreign Minister Zarif speaks during a news conference in Istanbul

It comes as the USA says global oil supplies will exceed demand next year, making it easier for countries to cut Iranian oil imports to zero.

Iran hard-liners in Congress and elsewhere probably will be disappointed in the sanctions because they were pushing for no oil import waivers as well as the complete disconnection of Iran from the main global financial messaging network known as SWIFT.

Iran has accused Mr Trump of waging "psychological warfare". "We never believed that's a realistic outcome".

Secretary of State Michael Pompeo said eight governments are going to receive temporary waivers from USA sanctions on the import of Iranian crude that snap back on Monday following President Donald Trump's decision to quit the Iran nuclear agreement reached in 2015. But senior administration officials refused to spell out the names on Friday. Trump threatened "severe consequences" in August for those who continue to trade with Iran.

Earlier in the day, Bloomberg quoted a U.S. official as saying that the eight countries being exempted from sanctions include India, Japan and South Korea.

"I appreciate the positive statement (from Pompeo)", he said after questions from reporters in parliament.

"On November 5th, the United States will reimpose sanctions that were lifted as part of the nuclear deal on Iran's energy, shipbuilding, shipping, and banking sectors", Pompeo said.

With Iranian oil still flowing, Saudi Arabia may now need to think about cutting production, rather than increasing it.

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Crude oil prices eased in the month of October after major oil producers like Saudi Arabia and Russian Federation agreed to increase their output it the future to make up for the deficit from Iran.

"People are, in fact, angry, but ... they are mad at America and its crimes - not at their government and its ruling system", he reportedly said.

He made no comment on whether an increase in trading was likely, but noted that Russian Federation would examine the impacts of the USA sanctions before making any decision in this regard.

The US has agreed to temporarily allow eight countries to continue buying Iranian oil after it reimposes crippling sanctions on Tehran on November 5, Secretary of State Mike Pompeo said on November 2, citing significant reduction in imports of oil from the Persian Gulf nation.

"We have no official confirmation of this from the United States government", Sunjay Sudhir, joint secretary at India's Ministry of Petroleum told CNN Business.

India is one of the countries expected to get the exemptions.

Trump's more liberal critics, meanwhile, have argued that the commitment to sanctions will only harden Tehran's position with respect to the 2015 deal, which is still adhered to by its European signatories.

Facts Global Energy estimates that Iranian exports will stabilize in the first half of 2019 at 800,000 barrels per day.

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