Iran Sanctions Impact

The US sanctions on Iran are working. US sanctions have cut Iranian oil exports in half from 2.2 million bbd to 1.1 million bbd.

https://www.reuters.com/article/us-oil-iran-exports/irans-oil-exports-hit-new-2019-low-so-far-in-april-sources-idUSKCN1RS1I9

The US sanctions on Iran are forcing countries to pick sides.

Like Venezuela, Iran is dependent on Russia and China to resell whatever oil it can continue to ship.  The tanker seizure of the Iranian tanker by the UK headed for Syria has prompted Iran to seize a British tanker.

Italy, South Korea and Japan have decreased their imports of Iranian oil. China, India, Turkey and Greece have maintained their imports of Iranian oil using waivers granted to give time to secure other vendors.

https://www.ogj.com/general-interest/economics-markets/article/17296304/irans-oil-exports-likely-to-remain-1113-million-bd-this-year

India imports $11.11 billion from Iran and exports $6.5 billion to Iran. The difference is Iranian oil going to India, the 3^rd largest importer of oil. India is conflicted. They want jobs the US is not going to give them.

South Korea imported $330 million from Iran and exported $190 million in 2018. They are close US allies.

Italy imports $718 million from Iran and exports $332 million to Iran.  Italy benefits from trade with Iran.

Japan imports $134 million from Iran and exports $4 million to Iran. Japan is a close US ally.

Turkey imports $485 million from Iran and exports $191 million to Iran. Turkey is leaning away from the US.

https://en.radiofarda.com/a/iran-s-exports-imports-decline-with-u-s-trade-lowest-since-2000/29847973.html

Oil Imports Of Three Iran-Waiver Countries 'Cut To Zero'

Three of the eight countries to which Washington granted waivers to import Iranian oil have now cut their shipments from the country to zero, according to the U.S. special representative for Iran.

https://en.radiofarda.com/a/oil-imports-of-three-iran-waiver-countries-cut-to-zero-/29857528.html

Comments

Iran continues to move its oil despite the sanctions, like North Korea continues to move its coal. Their enablers include China and Russia. The UK is holding an Iranian tanker that was bound for Syria. Turkey has always straddled Russia and Europe with trade because of their location.

The US is aligned with Anti-EU forces in Poland, Italy, France, Hungary UK and others. As EU reform spreads across Europe, they will migrate toward the US on trade.

The US will compete with Russia and others to export oil and natural gas and keep the prices in line. The US will replace war with trade sanctions. Europe and others should appreciate that. The US is encouraging all countries to produce what they consume where possible to increase jobs and prosperity in their own countries.

Norb Leahy, Dunwoody GA Tea Party Leader