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2018-10-08 10:35:00

INDIA WILL BUY IRANIAN OIL

INDIA WILL BUY IRANIAN OIL

REUTERSIndia will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4.

"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran," one of the sources said.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels, the source told Reuters.

The United States plans to impose new sanctions targeting Iran's oil sector on Nov. 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme.

The sources declined to be identified as they were not authorised to speak to the media. Indian Oil and Mangalore Refinery did not immediately respond to a request for comment.

"India is continuing with its relationship with both its key energy partners Iran and the U.S.," a second source said.

A U.S. government official said the Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude. The official spoke on the condition of anonymity.

U.S. Secretary of State Mike Pompeo said in India last month that the Trump administration would consider waivers for Iranian oil buyers such as India but they must eventually bring the imports to zero.

Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower.

In the previous round of sanctions from 2012 to 2015, India continued to buy Iranian crude although it had to cut purchases significantly to protect its wider exposure to the U.S. financial system.

India's foreign minister said in May it abides only by sanctions imposed by the United Nations and not those imposed by any other country.

With the European Union considering the creation of a "special purpose vehicle" before November to facilitate trade with Iran, India hopes to find a way to settle payments to Tehran.

"Previously there was no European channel," the second source said. "This time Europe is not working with the U.S., so we intend to evolve a mechanism."

India, Iran's top client after China, has close diplomatic ties with Iran, where it is building a strategic port called Chabahar that is expected to be operational by 2019. At the same time, India is closely working with the United States to further its strategic interests.

"It is still early to say how India will settle its trade with Iran," the first source said, adding that India could consider paying Iran for crude with the rupee currency.

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Earlier:

 IRANIAN OIL MONEY UP
2018, October, 1, 11:20:00

IRANIAN OIL MONEY UP

SHANA - The National Iranian Oil Company (NIOC) CEO explicitly said his company, the sole producer of hydrocarbons in Iran, had no plans to reduce its output.

 

 IRANIAN OIL EXPORTS DOWN
2018, September, 26, 09:15:00

IRANIAN OIL EXPORTS DOWN

REUTERS - Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

 

 THREATS FOR IRANIAN OIL
2018, September, 26, 09:10:00

THREATS FOR IRANIAN OIL

SHANA - Iran’s OPEC governor Hossein Kazempour Ardebily said regarding the current market conditions and the production level of the producing countries in or outside of the Organization of the Petroleum Exporting Countries (OPEC), threats to bring Iran’s oil exports are not practical.

 

 IRANIAN OIL FOR INDIA: №2
2018, July, 25, 09:40:00

IRANIAN OIL FOR INDIA: №2

REUTERS - India, Iran’s top oil client after China, shipped in 5.67 million tonnes, or about 457,000 barrels per day (bpd), of oil, from the country in the first three months of this fiscal year, Dharmendra Pradhan told lawmakers in a written reply.

 

 IRAN'S OIL FOR INDIA DOWN BY 15.9%
2018, July, 11, 09:10:00

IRAN'S OIL FOR INDIA DOWN BY 15.9%

REUTERS - In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed. The sources declined to be identified.

 

 IRANIAN OIL FOR INDIA
2018, July, 2, 12:05:00

IRANIAN OIL FOR INDIA

PLATTS - India's oil ministry has instructed state-run refiners such as Indian OilCorp., Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. toscout for alternative sources to Iranian oil.

 

 INDIA - IRAN OIL IMPORTS
2018, June, 15, 11:05:00

INDIA - IRAN OIL IMPORTS

REUTERS - India’s oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.

 

Tags: INDIA, IRAN, OIL

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INDIA WILL BUY IRANIAN OIL
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INDIA WILL BUY IRANIAN OIL
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INDIA WILL BUY IRANIAN OIL
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