The US administration has withdrawn the license allowing the production, delivery, and sale of Iranian oil.
The US administration announced that it has revoked the 60-day general license issued on June 21, which allowed the production, delivery, and sale of Iranian oil. The US Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a new general license regarding the matter. This license replaced the temporary license issued on June 21, which permitted the production, delivery, and sale of crude oil, petrochemicals, and petroleum products originating from Iran. Thus, as of July 7, no transactions, including the purchase or loading of these Iranian-origin products, will be allowed. However, a deadline until July 17 has been granted for the completion and liquidation of existing transactions permitted under the previous license in an orderly manner.
