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Indian officials, in their discussions with U.S. counterparts have pointed out that first, Indian refineries are configured to work with Iranian crude, and second, Iran still offers better credit, insurance and freight terms to Indian buyers, which remains a key consideration.

The administration's decision to issue waivers to eight countries also marked a significant reduction from the Obama administration, which issued such exemptions to 20 countries over three years.

Goldman Sachs said it expects Iran's crude oil exports to fall to 1.15 million barrels per day (bpd) by the end of the year, down from around 2.5 million bpd in mid-2018.

The US has told various countries, including India, to cut oil imports from the Persian Gulf nation to "zero" by November 6 or face sanctions.

He was responding to questions on the news reports from South Korea and India that they are getting waiver from the U.S. on the punitive Iranian sanctions.

"This is something that we're going to ask others to help us with and we're going to maintain this pressure on this regime".

Earlier, Secretary of State Mike Pompeo said that the punitive Iranian sanctions would return on Monday, November 5.

Bolton insisted, however, that even if some exceptions were granted, Iran is already feeling pain from the USA sanctions, particularly with the collapse of its currency, the rial, this year.




"But the people should know with certainty that the government has no fear of American threats".

Pompeo said that President Donald Trump was very clear about the policy against Iran.

While the European Union (E.U.) has sought to preserve the flawed trade agreement with Iran by negotiating backdoor methods of trade, most major companies have chosen to exit the country.

"If you cross us, our allies or our partners, if you harm our citizens, if you continue to lie, cheat and deceive, there will be hell to pay".

India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports.

The US has broadly agreed to grant India a waiver from Iran sanctions after the Indian side chose to cut oil imports from Tehran by about a third in 2018-19, sources familiar with the matter said, adding that an official announcement could be made over the next few days. Saudi Arabia could make up the difference; while the kingdom has threatened to use oil in retaliation for global punishment over its killing of journalist Jamal Khashoggi, it also is eager to squeeze Iran, its regional rival.

Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter the planned sanctions. The leader said it's possible Iran will face more hard times ahead, but asserted that the government will use all its power to reduce any problems.


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