The move comes amid the development of the situation at the Iranian nuclear talks in Vienna and also the situation on the oil markets. According to White House Press Secretary Josh Earnest, the US has increased oil production while the prices hit a record low over the past four years.
“While market conditions suggest that there is sufficient supply to permit additional reductions in purchases or Iranian oil, the United States has committed to pause efforts to further reduce Iran’s crude oil sales during the period of the Joint Plan of Action between the P5+1 and Iran,” the statement said.
“In return for this and other limited relief measures, Iran has taken steps that have halted - and in key respects rolled back - progress on its nuclear program. The International Atomic Energy Agency has verified that Iran is meeting these commitments,” it reads, informs Report citing TASS.
Washington’s sanctions cut off the US financial system from any entity that facilitates the purchase of Iran’s oil through Tehran’s Central Bank. The US granted several exceptions to major importers of Iran’s oil for the period of 180 days.