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U.S. stops toughening sanctions on Iran crude supplies

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Staff writer ▼ | June 6, 2014
President Barack Obama has ordered another 6-month pause in efforts to further decrease Iran's crude sales, although the previous embargoes which seek to keep the country's crude exports at a million barrels per day are kept in place.
Jay Carney
Jay CarneyPresident Barack Obama has ordered another 6-month pause in efforts to further decrease Iran's crude sales, although the previous embargoes which seek to keep the country's crude exports at a million barrels per day are kept in place.


"The United States has committed to pause efforts to further reduce Iran’s crude oil sales for a six month period under the Joint Plan of Action between the Group 5+1 (the five permanent UN Security Council members plus Germany) and Iran,” White House Press Secretary Jay Carney announced.

While the last U.S. ban on Iranian oil supplies sought to stop the country's crude exports at 1mln bpd, both Iranian and foreign sources have confirmed that Tehran is now exporting 1.5 to 1.8mln bpd of oil, depending on buyers' monthly needs.

The White House press secretary noted that the International Atomic Energy Agency (IAEA) has verified that Iran is complying with its commitments under the interim Geneva deal. Under the deal, the six countries agreed to provide Iran with some sanctions relief in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.

Iran’s accord with the world powers is aimed at setting the stage for the full resolution of the decade-old standoff over the Islamic Republic’s nuclear energy program.


 

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