India Lifts Imports of Iran's Oil

[azbaroj]

India Increases Iran Oil Imports :

India increased its imports of Iran's oil to become its largest customer last month, partly offsetting a cut in Chinese purchases, as sanctions failed to significantly dent Tehran's sales, people in the oil industry said.

Iranian crude exports to India rose to 550,000 barrels a day in January, up 37.5% from December. That coincided with a 50% cut in exports to China, the result of a pricing dispute. Indian officials declined to comment.China now imports around 250,000 barrels a day from Iran.

Some analysts question, however, whether India can keep Iranian oil imports at such levels.

"I don't think India is insulated at all" from sanctions, said Trevor Houser, a partner at New York-based economic-research firm Rhodium Group. "So the question is just how long Tehran is willing to sell on credit and how long Tehran can go without hard currency."

Iran has been more flexible than other suppliers to India when it comes to payments, and accepted a delay on billion of dollars of arrears after sanctions disrupted payments last year.

Many Indian refineries are geared toward Iranian oil, making it more straightforward and cheaper to refine. There is no sign India is getting Iranian oil at a discount.
India Increases Iran Oil Imports - WSJ.com

 

[Splurgenxs]

yea itll help India get cheaper rates..an
Since 40%+ of the transaction will be in Rs ...Iran will in turn gain best benefits from rupee by spending in India (PPP reasons).

good move.

 

[KRAIT]

Best time to enhance our reserves....

 

[Bl[i]tZ]

It would have been great if only the US stopped looking at Iran from the Israel angle. Iran is the only way for India to Central Asia.

Indian Foreign Secretary Ranjan Mathai was in talks with top US officials including Secretary Clinton today in the US. There are talks that the US might help India seek alternate source. Saudi Arabia?

I hope we understand each other's situation.

If not, India will have to reduce oil imports gradually. A direct NO could be costly to India particularly because we are in final stages of free trade talks with EU.

 

[Mblaze]

Friend in need is friend indeed.

china always runs away from its friends while India stays with them and help them.

God bless India-Iran friendship

 

[IND151]

^^ that's correct

and this news shows that India has maintained its independent foreign policy contrary to many geopolitics expert (self proclaimed) here tend to believe

 

[Chrome Missiles]

Im writing to my congressman.

 

[500]

India and China are biggest benefitors of EU oil embargo on Iran.

 

[rama]

i m really scared whats gonna happen in long run... Israel is more important to US than India and Americans can go to any extent just to woo their allies and partners...even Gaddafi regime of Libya offered high octane petrol to India on credit basis when he was threatened by NATO just to get support of a big nation but it failed..the big bogies like china and Russia watched the destruction of Libya like a muke spectators, even though only Russia is showing some muscle to US+NATO but China has significantly reduced its oil imports from Iran..

 

[CarbonD]

Friend in need is friend indeed.

china always runs away from its friends while India stays with them and help them.

God bless India-Iran friendship

like India Iraq relations before US invasion

 

[T90TankGuy]

nice we can pick up the slack in production . hopefully it means we are getting it at a slightly cheaper price.

 

[saiyan0321]

if anything happens to iran it will be a problem for the both of us we have our gas pipeline you have oil... abyway why wont you join the gas pipeline if you are buying oil screwing sanctions i think india also needs gas?

 

[Chrome Missiles]

India maintains relations with Israel AND Iran. The sheer hypocrisy of this is rather astounding.

Reminds me of our own government policies.

 

[HongWu]

Some analysts question, however, whether India can keep Iranian oil imports at such levels.

"I don't think India is insulated at all" from sanctions, said Trevor Houser, a partner at New York-based economic-research firm Rhodium Group. "So the question is just how long Tehran is willing to sell on credit and how long Tehran can go without hard currency."

LOL...... india is going to stocking up and then disappearing without paying because it is afraid of USA.

Indian Foreign Secretary Ranjan Mathai was in talks with top US officials including Secretary Clinton today in the US. There are talks that the US might help India seek alternate source. Saudi Arabia?

I hope we understand each other's situation.

If not, India will have to reduce oil imports gradually. A direct NO could be costly to India particularly because we are in final stages of free trade talks with EU.

 

[500]

Friend in need is friend indeed.

china always runs away from its friends while India stays with them and help them.

God bless India-Iran friendship

India used embargo to buy oil for rupees.