June 5, 2014 By

Iran Oil : US Lifts Sanctions for Six Months


With Iran complying with its commitment on a controversial nuclear weapons programme, US President Barack Obama has suspended his action on Iranian oil sanctions for the next six months.

Even though there is enough oil in the international market for countries like India and China to reduce their dependence on Iranian oil, so as to avoid US sanctions as per Congressional Act, Mr. Obama determined that there is no need to do so for the next six months as Tehran is fully co-operating with the US-led international community to address their concerns about its nuclear weapons program, the White House said on Wednesday.

“While market conditions suggest that there is sufficient supply to permit additional reductions in purchases of Iranian oil, the United States has committed to Obama suspends Iran oil sanctions for six months and

pause efforts to further reduce Iran’s crude oil sales for a six month period under the Joint Plan of Action between the P5+1 and Iran,” the White House Press Secretary, Jay Carney said.


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