US Warns World against Buying Iran Oil after November 4

Germany, France and the United Kingdom – the European signatories to the deal known collectively as the E3 – opposed the U.S. decision to leave the deal and have lobbied the White House not to impose so-called “secondary sanctions” on their companies that do business in Iran, in hopes of upholding the agreement without USA participation.

The notices had been expected since Trump in March pulled the US out of the landmark agreement under which Iran was given relief from sanctions in return for curbs on its nuclear program. The JCPOA was signed in 2015 between Iran and P5+1, the five permanent Security Council members and Germany.

Reacting to the USA announcement on Tuesday, an Iranian oil official said the United States’ efforts against Iran’s oil industry will fail. Japan and Turkey also import significant amounts of Iranian oil, according to statistics from the U.S. Energy Information Agency.

At the time, the Trump administration gave foreign companies either 90 or 180 days to wind down their business with Iranian counterparts, depending on the type of commercial activity.

Amid reports that Iranians in the street and government officials are equally stricken by the intensity of anti-government rallies in the streets of Tehran, President Hassan Rouhani has tried to assure his constituents that the American sanctions can be managed.

“We condemn the government’s same futile tactics of suppression, imprisonment of protestors, and the denial of Iranians’ frustrations”, he said.

According to earlier report by Reuters, the United States official had said that a delegation was headed to the Middle East next week to urge Persian Gulf producers to ensure global oil supplies as Iran is cut out of the market starting on November 4 when U.S. sanctions are re-imposed.

He further said, “China, India? We will certainly be requesting that their oil imports go to zero”.

Iran’s Supreme Leader Ayatollah Khamenei issued a strong worded warning on Wednesday against those “who disrupt economic security”, following public protests at Tehran’s Grand Bazaar against the collapse of the rial on the foreign exchange market. “We don’t believe in country-specific mentions”.

“Iran is in a weaker position to cope with these sanctions than it was during the last sanctions period two years ago”, Emadi said. The US withdrew from the landmark nuclear agreement with world powers earlier that month.

But renewed sanctions will not necessarily force Iranian authorities to bow to United States pressure.

India has recently imposed additional tariffs on certain U.S. products in retaliation to the similar move by Washington.

Waves of protests have been ongoing in Iran for several months, a lot of them focusing on economic issues.

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that hammered prices, in Cushing, Oklahoma, March 24, 2016.