US to lift sanctions on oil purchase from Iran

The decision is due to the sufficient competition at the oil market.

19 November 2015 09:39

The United States would no longer insist on limiting the oil purchase from Iran by financial companies. This decision is caused by sufficient competition that emerged at the oil market, according to the memorandum signed Nov 18 by US President Barack Obama as cited by Ukrinform.

- My administration doesn’t stand for further limits on the Iranian oil purchases, according to the document.

Reportedly, this decision by the US administration has been triggered by increasing oil production in other countries, as well as the availability of reserves.

- There is a sufficient amount of oil and petroleum products not only in Iran but in other countries as well. This can significantly reduce the volume of oil and petroleum purchases from Iran by foreign financial institutions, as said in the memorandum.

However, Obama promised he would "continue to monitor the situation closely."