Iran Sanctions Waivers: The Devil Is In The Details

The U.S. Administration’s decision to grant waivers on its Iran sanctions has placated fears that legal Iranian volumes will completely disappear from global markets. For many weeks and months, it seemed that the Trump Administration would relentlessly push the sanctions through; however, in the end it prioritized midterm elections and a more gradual implementation of sanctions, (temporarily) marginalizing National Security Advisor John Bolton. In October, Iran exported or placed into floating storage 1.7-1.8 mbpd of crude, a number that…