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India signs S-400 deal AND continues Iranian oil imports

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India to keep buying Iranian oil despite U.S. sanctions: sources

Nidhi Verma
3 Min Read


NEW DELHI (Reuters) - India 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 program.

Sponsored

The sources declined to be identified as they were not authorized 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.

Reporting by Nidhi Verma; additional reporting by Timothy Gardner in Washington; Writing by Sudarshan Varadhan; Editing by Dale Hudson and Bill Trott

Our Standards:The Thomson Reuters Trust Principles.
More From Reuters


Another major slap in the face to all the self-proclaimed pdf analysts. They must enjoy being proven wrong.

@HariPrasad @Tom M @AyanRay @Mustang06 @jaiind @Rollno21 @Nilgiri @Tshering22 @pothead @Foo_Fighter @Śakra @Theparadox @KapitaanAli @manga @Storm Force @Papa Dragon @third eye @Rajesh Kumar @Suriya @surya kiran
 
By Collin Eaton

HOUSTON (Reuters) - Indian buyers reduced U.S. crude purchases and loaded up on Iranian oil ahead of the restart of U.S. sanctions next month and as the WTI-Brent differential narrowed, according to traders and shipping intelligence firm Kpler.

U.S. oil shipments to India fell to 84,000 barrels per day (bpd) last month, down 75 percent from a record high of 347,000 bpd in June, Kpler data showed. India accounted for 12 percent of U.S. crude exports in June.

Last month, Indian buyers lifted purchases of Iranian crude to 502,000 bpd, up 111,000 bpd over August, in "a last gasp" of purchases "before sanctions actually hit," a U.S.-based trader said, adding that those additional barrels displaced U.S. crude.

Overall U.S. exports also fell 917,000 bpd to 1.7 million bpd in the last week of September, according to the Energy Information Administration, as a stronger U.S. dollar and Brent's premium to WTI fell, making U.S. crude less affordable.

India, which has become a key Asian destination for U.S. crude this year, has been one of the top two buyers of Iranian crude. However, the country's refiners since June have cut purchases of Iranian crude ahead of U.S. sanctions.

U.S. exports to all Asian countries fell 73,000 bpd to 427,000 bpd last week, while U.S. shipments to Europe dropped 102,000 bpd to 543,000 bpd, Kpler data showed.

Iran's crude exports to China also increased by 29,000 bpd to 620,000 bpd, according to Kpler, as China cut its U.S. purchases amid an ongoing trade spat with the United States.

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(Reporting by Collin Eaton; editing by Jonathan Oatis)



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India to keep buying Iranian oil despite U.S. sanctions: sources

Nidhi Verma
3 Min Read


NEW DELHI (Reuters) - India 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 program.

Sponsored

The sources declined to be identified as they were not authorized 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.

Reporting by Nidhi Verma; additional reporting by Timothy Gardner in Washington; Writing by Sudarshan Varadhan; Editing by Dale Hudson and Bill Trott

Our Standards:The Thomson Reuters Trust Principles.
More From Reuters


Another major slap in the face to all the self-proclaimed pdf analysts. They must enjoy being proven wrong.

@HariPrasad @Tom M @AyanRay @Mustang06 @jaiind @Rollno21 @Nilgiri @Tshering22 @pothead @Foo_Fighter @Śakra @Theparadox @KapitaanAli @manga @Storm Force @Papa Dragon @third eye @Rajesh Kumar @Suriya @surya kiran


if insurance issues allow we will continue buying oil from old friend iran.
 
Meanwhile :
India buys 75% less US oil, loads up on Iran crude
https://www.presstv.com/Detail/2018/10/05/576128/Iran-India-oil-United-States-sanctions

We are going just opposite site, what Pakistani's & Chinese friends were telling. We are buying more Oil from IRAN....
It was a well-known fact that India would temporarily cut imports while the S-400 deal was being negotiated, and gradually increase them after the deal was signed. Now that there is no more uncertainty about the deal, India's main priority, India will slowly start increasing Iranian oil imports until it gets back to normal. Iran has understood this very well. For some reason, Pakistanis did not. I wonder if it is because of their desperation to see India fail, or a simple inability to see in the long term.

Of course, I am pretty sure Iran would have preferred we buy more oil sooner, but they don't really have much of a choice considering we are the only major economy that buys their oil other than China.
 
upload_2018-10-6_13-23-37.png
 
Iran and India are age old allies. They were our allies when there were no sanctions and they will be even if sanctions are imposed!:cheers:
 
Horrible news!!! This was our time to discard junk-tier irani oil for much higher quality Arabic Light. iran is our dushman state. The vile bloodthirsty nadir shah made a tower out of the heads of 100,000 Indian men, women, and children.
 
I don't believe this
yea , when the chinese economy's plastic backbone that too begged and borrowed by mao ze deng will break into pieces , then you will ( 普通人)will start believing . i guess by the end of trump's term , the reality will unearth for common chinese man , and dont ask for 红包 , i dont waste them , which is favorite hobby of common chinese people these days .
 

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