US Waivers For Iran Oil Importers Leave Enough Time To Shift Markets - IEF Chief

US waivers on Iran sanctions for some oil importers provide enough time for these countries to shift markets and find some other sources of hydrocarbons, International Energy Forum (IEF) Secretary General Sun Xiansheng told Sputnik on Tuesday.

ABU DHABI (UrduPoint News / Sputnik - 13th November, 2018) US waivers on Iran sanctions for some oil importers provide enough time for these countries to shift markets and find some other sources of hydrocarbons, International Energy Forum (IEF) Secretary General Sun Xiansheng told Sputnik on Tuesday.

"The United States gave concessions to eight countries for the sake of stability in the region and interests of these buyers [of Iranian oil]. These sanctions have a big negative effect for these countries and also are no good for the international economy. The waivers are the right way. They provide a flexibility for both sides.

These waivers provide enough time to [importers of Iranian oil] to shift the market and choose some other suppliers," Sun said on the sidelines of the ADIPEC conference in Abu Dhabi.

On November 5, the US sanctions against Iranian oil imports were reinstated, following the US decision to withdraw from the Iranian nuclear deal. However, eight countries China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey were granted temporarily waivers. At the same time, the United States is planning to eventually introduce sanctions against all imports of Iranian oil.