Economics
U.S. to Give Eight Nations Oil Waivers Under Iran Sanctions, Official Says
- Japan, India, South Korea among those approved: U.S. official
- Cutting Iran revenue weighed against averting oil price spike
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The U.S. has agreed to let eight countries -- including Japan, India and South Korea -- keep buying Iranian oil after it reimposes sanctions on the OPEC producer on Nov. 5, a senior administration official said.
While the Trump administrationâs goal remains to choke off revenue to Iranâs economy, waivers are being granted in exchange for continued import cuts so as not to drive up oil prices, said the official, who asked not to be identified before Secretary of State Michael Pompeo announces the number of exemptions later on Friday.