Iran oil minister says US waivers not enough, consumer pain coming

Bijan Zanganeh warns 8 countries granted exemptions can’t meet market demands, says Trump administration may have ‘superficially’ brought fuel prices down but hikes will come

By AP 8 November 2018, 2:40 pm

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Part of the Pardis petrochemical complex facilities in Assalouyeh on the northern coast of the Persian Gulf, Iran, September 4, 2018. (Iranian Presidency Office via AP)

TEHRAN, Iran — Iran’s oil minister has predicted a painful time for international oil customers as US sanctions take hold, saying waivers Washington granted to eight major oil-importing countries are not enough for market demands.

Iranian state TV on Thursday quoted the minister, Bijan Zanganeh, as saying he sees the months ahead as “painful months for oil consumers.”

Zanganeh claimed the Trump administration may have been able to “superficially” bring fuel prices down this week but that there’s bound to be a hike in prices in the future.

The United States on Monday re-imposed oil and banking sanctions on Iran that were lifted under the 2015 nuclear deal but granted waivers to eight major importers to continue buying Iranian petroleum products without penalty for another six months.