State refiners drive India's July Iran oil imports to a record level

05 August, 2018, 12:57 | Author: Brooke Harris
  • China rejects US demand to reduce Iran oil imports: report

Beijing has, however, agreed not to ramp up purchases of Iranian crude, according to the officials, who asked not to be identified because discussions with China and other countries continue.

Iran has been furious over U.S. President Donald Trump's decision to pull out of an global nuclear deal and reimpose sanctions on Tehran.

Iran's oil exports could fall by as much as two-thirds by the end of the year because of the United States sanctions, putting oil markets under strain amid supply outages elsewhere in the world.

With tensions high ahead of the return of United States sanctions on Tuesday, the government of President Hassan Rouhani also faces opposition from conservatives and religious leaders, who have long disliked his outreach to the West and accuse him of governing only for the rich.

Iran acquired five new commercial aircraft on Sunday, a day before the US begins restoring sanctions that had been lifted under the 2015 nuclear accord with world powers.

They said they remained committed to the 2015 accord and to building up economic relations with Iran, including "the continuation of Iran's export of oil and gas" and other energy products. The activity extended to the Strait of Hormuz, a strategic waterway for oil shipments the Revolutionary Guards have threatened to block.

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The rhetoric between the US and Iran remains heated, despite Trump tweeting last week that he would be willing to meet with Iranian President Hassan Rouhani.

Unfazed, the administration has warned that even allies would face sanctions if they didn't show “significant” progress in reducing Iranian oil purchases by November 4, ruling out broad exemptions or waivers. "It shows they have not thought about its consequences", Rouhani was quoted as saying by state news agency IRNA while on an official visit to Austria's capital, Vienna, in July.

Trump has ordered USA sanctions on Tehran, while a senior State Department official said Washington has told allies to cut imports of Iranian oil by November.

Saudi Arabia, Russia, Kuwait and the UAE have increased production to help to compensate for an anticipated shortfall in Iranian crude supplies once planned USA sanctions take effect later this year. While the Trump administration has said it wants to cut Iranian oil exports to zero by November 4, most analysts viewed that target as unlikely.

Iran wants guarantees from Europe to maintain banking cooperation and investments in Iran's oil fields as well as continuation of cooperation between Iranian and European small and medium-sized enterprises, Qasemi noted.

Between April and July India's oil imports from Iran has risen by an annual 40% to about 677 500 bpd, the data showed.


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