The US sanctions on Iran's petroleum sector are scheduled to go into effect Monday. "The other six will import at greatly reduced levels".
Thousands of students in the government-organised rally in the capital Tehran, broadcast live by state television, burned the Stars and Stripes, an effigy of Uncle Sam and pictures of President Donald Trump outside the leafy downtown compound that once housed the USA mission. The US is reimposing nearly all the sanctions it lifted on signing the worldwide deal with Iran in 2015.
"If prices start to rise again or another major producer has difficulties, it could put pressure on the USA and lead to new exemptions", said Fabiani. India has to keep its development needs in mind and also not to annoy the United States at the same time.
The United States believes global oil supplies will exceed demand next year, making it easier for countries to cut Iranian oil imports to zero, Brian Hook, the USA special representative for Iran, told reporters.
Trump, however, has abandoned the deal and has since endeavoured to put pressure on Iran to completely abandon its nuclear program which he claims is aimed at making nuclear weapons.
The EU has proposed supporting companies trading with Iran despite these new sanctions.
"Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country", Secretary of State Mike Pompeo told reporters.
He set out 12 demands that Iran must meet in order to have the sanctions lifted.
Every year on the 13th day of the Iranian month of Aban (which this year falls on November 4), the Iranian nation, particularly students, hold rallies across the country to mark the day.More news: Oprah campaigns for Democrat Stacey Abrams for Georgia governor
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Pradhan also expressed hope that India and other leading oil buyers will benefit from the waiver the United States has granted them from Iran sanctions.
India and South Korea were also on the list, said a source familiar with the matter who spoke on condition of anonymity.
Analysts don't expect a complete halt, but there's a growing consensus that Trump's tough stance means crude exports will plunge further than during a previous round of sanctions under Barack Obama's administration in 2012.
"They're very serious sanctions".
Demonstrators in Tehran gathered on Sunday outside the former USA diplomatic mission, also known as the "Den of Espionage", chanting slogans against the United States.
Iran can then use the payment as credit to buy goods from other countries in the European Union through the SPV.
He added that it had not been determined yet whether the waivers would be temporary or permanent, specifying that additional negotiations were required for making the final decision.
"Our goal remains getting countries to zero imports of Iranian oil". But senior administration officials refused to spell out the names on Friday.
Rallies replete with "Death to America" chants are staged on the embassy takeover anniversary every year, but US-Iranian rancour is especially strong this year following Trump's decision in May to withdraw the United States from a 2015 global nuclear deal and reimpose sanctions on Tehran.