A Review of the Nigerian Energy Industry

US loosens some Iran oil sanctions

Oil barrel21 January 2014, News Wires- The US has eased some sanctions on Iran, pausing efforts to reduce Iranian crude oil exports, as part of a nuclear deal between Tehran and world powers that went into effect, according to reports.

The Treasury Department said that now that Iran has fulfilled its initial nuclear commitments under the deal, “the administration has taken the necessary steps to pause efforts to further reduce Iranian crude oil exports,” Reuters reported.

This will allow the six current customers of Iranian oil to maintain their purchases at current reduced levels for the six-month duration of an interim nuclear deal between Iran and world powers, the Treasury Department said according to the news wire.

The US also took steps to suspend sanctions on non-US people engaged in transactions related to Iran’s petrochemical exports, as well as certain trade in gold and precious metals with Iran and provision of goods and services to Iran’s automotive sector.


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