Iran said it does not fear the impending US sanctions that are set to go into effect next week.
United States hardliners want to press ahead on SWIFT, but others argue to keep the option as a bargaining card with the Europeans and say that SWIFT access remains useful in tracking Iranian transactions.
According to sources in the know, India is close to a deal with the USA that will allow it to continue buying crude oil from Iran without attracting any sanction after it agreed to cut imports and escrow payments.
Goldman Sachs said it expects Iran's crude oil exports to fall to 1.15 million bpd by the end of the year, down from around 2.5 million bpd in mid-2018.
Particularly, the sanctions will target Iran's crude oil exports and will penalize countries that don't stop importing oil and foreign companies that do business with certain Iranian entities.
Countries seeking waivers - in a process similar to that under former President Barack Obama - are expected to agree to substantially reduce their Iranian oil imports.
Just a few days before USA sanctions on Iranian oil exports return on November 5, the keywords about how much of Iran's oil will come off the market are "lack of clarity".
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"In May, US President Donald Trump pulled the US out of the 2015 landmark nuclear the Joint Comprehensive Plan of Action (JCPOA) terming it as disastrous". A state department spokesperson confirmed on Tuesday, "on November 5th 12:01, sanctions that were lifted under the Iran nuclear deal will come back into full effect".
The administration has said it is considering waivers on a case-by-case basis.
"I think it's important that we not relax in the effort" to keep putting pressure on Tehran, he said.
Despite Mr. Trump fulfilling a campaign promise by re-imposing the sanctions, some Obama-era officials including former Secretary of State John Kerry have been caught working behind the scene to help the European Union continue their trade.
Pompeo said that he is convinced these sanctions are going to have an enormous impact on the Iranian leadership. That means the money won't directly go to Iran, which can only use it to buy food, medicine or other non-sanctioned goods from its crude customers.
The Islamic Republic of Iran Broadcasting (IRIB) news agency on Wednesday quoted Rouhani as calling the move "a new injustice" which the government did not fear. During the summer, however, Iranian oil sales to India averaged much higher, topping out at a record 768,000 bpd during July.
Iran said on Friday the report on waivers showed that the market needed the country's crude.