Trump Re-imposes Oil Sanctions On Iran
The administration of President Trump has just placed new sanctions on Iran formally. These new Iran oil sanctions are aimed at hindering the oil exports of Iran. The move has actually been in the works for about six months.
At the same time, another announcement which is quite a surprise was also made. Eight countries have been granted waivers which will enable them to continue purchasing petroleum from Iran.
In 1930, Iran became one of the major producers of oil in the world. Since then, the Iranian government have been dependent on the revenue gotten from gas and oil to finance major parts of its budget. In 2012, tough economic sanctions were imposed on Iran by the Obama administration to force the Iranian government into negotiations regarding their nuclear programs. This resulted in a sharp decline in the country’s export.
The 2012 Iran Oil sanctions were however lifted when Iran finally agreed to comply with the Joint Comprehensive Plan of Action, which was an international agreement placing restrictions on the nuclear program of Iran. This led to a major boost in the sale of oil and gas in the years 2016 and 2017.
President Trump who has been in opposition to the agreement since his days of being a presidential candidate, has brought back the hammer down hard on Iran yet again.
Since May 2018 when the Trump administration withdrew from the deal, they started making plans to re-impose the sanctions on Iran and haves aid they plan to try to reduce the oil sales of Iran to “zero.”
The US government, have also threatened to take action against any country that continues to purchase petroleum from Iran after the 5th of November by retaliating. This saw a sharp decline in the oil exports of Iran from 2.6 million barrels of oil per day down to almost 1.7 million barrels per day in the month of September.
The US government has claimed that the sections were made to dissuade the Iranian government from showing support to terrorist groups. The pressure is expected to continue until the current government collapses.
Some scholars however believe that although, the recent sanctions is sure to cause pain and major discomfort to Iranians, they doubt that the Iranians will want to give up the conservative elements of the government not to talk of causing the government to be overthrown.
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