India buying Iran oil in defiance of Trump sanctions

09 October, 2018, 01:03 | Author: Brooke Harris
  • US considers sanction waivers on countries reducing imports of Iranian oil

On the New York Mercantile Exchange, West Texas Intermediate futures were trading down 1.20% at $73.45 a barrel.

Additional US sanctions, on Iran's oil and banking industries, will be imposed in November.

But Iran, OPEC's third-largest producer, has repeatedly said that its oil exports can not be reduced to zero because of high demand levels in the market and has blamed Trump for an oil price rally caused by imposing sanctions on Tehran.

A United States government official, who spoke on the grounds of anonymity, said the Trump administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions.

The Trump administration reimposed an initial tranche of economic sanctions on Iran in August, and will implement a second tranche in November.

US sanctions will target Iran's crude oil exports from November 4, and Washington has been putting pressure on governments and companies worldwide to cut their imports to zero.

U.S. Secretary of State Mike Pompeo said in New Delhi that the U.S. administration acknowledged some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran.

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Olivier Jakob of Petromatrix said: "One way or another, it looks as though India is going to take some Iranian crude".

In a sign that Iran oil exports won't fall to nothing from November, India will buy 9 million barrels of Iranian crude next month, Reuters reported on Friday.

"We have to fulfill all our domestic requirements", Pradhan said, confirming the plan to buy some Iranian crude after USA sanctions kick in.

Increasing tensions between the USA and Venezuela; the U.S. demanding an end to all imports of Iranian oil by early November; and the rupee's performance as Asia's worst performing currency of the year have compounded the situation and put India in a hard spot. No one else will believe him.

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

Zangeneh further said any country that makes claims about supplying the market with more oil to replace lost Iranian exports had no "determining impact" on the market, but would lead to short-term psychological outcomes.

Prince Mohammed told Bloomberg: "The request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that".

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