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Iran’s oil minister predicts a painful time for international oil customers as U.S. 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 minster, Bijan Zanganeh, as saying he sees the months ahead as “painful months for oil consumers.”
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Zanganeh claimed the Trump administration may have been able to “superficially” bring fuel prices down ahead of the U.S. mid-term elections 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 where 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.