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This volatility also keeps many economic super powers subservient to the US. There are credible evidences that the association of Japanese refiners has suspended its crude oil purchases from Iran and South Korean refiners have also stopped buying Iranian crude in the hope that Washington will grant the heavily import-dependent nation a sanction waiver.

Reportedly, India’s largest refiners have not ordered any Iranian crude for November deliveries, which suggest that India might follow other countries buying oil from Iran. One can’t ignore a fact that the deadline for purchasing oil cargoes for November delivery is still a couple of weeks away. Earlier, India had indicated to use its currency to settle oil transactions with Iran.

The European Union has come up with a mechanism to continue buying oil and oil products from Iran, but analysts are skeptical about how effective it will be. The mechanism basically means transactions will use the barter principle rather than money—a mechanism the USSR used during the Cold war. Since a transaction is a transaction, with or without money, the U.S. could expand sanctions to cover barter deals also.

Some close observers of the situation warn that despite all the rhetoric from Washington, things in Iran are not as bad as being portrayed by the western media. The country has the resources to withstand the crisis. Reportedly Iran has enough to handle 1.85 million bpd in exports, and Iranian insurers are sure to provide coverage, the uncertainties continue.

After entering into different controversies, the US president has hit Saudi monarch below the belt by saying that its rule could no last beyond two weeks without the US support. Analysts say that after facing defeat in Syria and Iraq, the US seems adamant at dragging Saudi Arabia into some proxy war and putting all the blame on Iran.

A new proxy wars in Arabian Peninsula in making, US president showing disregard to different agreements, Iran being portrayed a phantom to sell arms to Saudi Arabia

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Shabbir H. Kazmi

Shabbir H. Kazmi


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