India buying Iran oil in defiance of Trump sanctions

Oil Barrels

At the same time, as a report in The Times of India said, there was no clarity on whether New Delhi will get a waiver from Washington.

File image of Dharmendra Pradhan. Pradhan said India has its own energy requirements which need to be fulfilled. "We will be guided by our national interest", he added. "Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh was quoted as saying on his ministry's website.

"We have ordered for our usual quantity of oil", he said.

Companies had turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday, according to offshore regulator the Bureau of Safety and Environmental Enforcement.

New Delhi and Tehran have reportedly discussed reverting to rupee trade after November 4. Paying in rupee is an option.

"Any country that makes such claims. just wants to display its support for the USA sanctions against Iran", Zanganeh was quoted as saying.

Singh said International Olympic Committee is importing the "usual" monthly volumes of oil from Iran. Prices are up six cents more than a month ago and 41 cents more than this time previous year.

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

Sample bottle of crude oil are seen in this illustration photo June 1, 2017.

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"The U.S. appears to be abandoning its tough stance on buyers of Iranian oil", analysts at Commerzbank said.

Nayara Energy, formerly Essar Oil, too is stopping import from the Persian Gulf nation.

In August, Trump reimposed economic sanctions against Tehran and said that anyone doing business with Iran would not be doing business with the US.

India also continued to buy Iranian oil in 2012-2015, but shipments had to be sharply reduced to avoid exposure to the U.S. financial system. United States sanctions will block payment routes.

Iran may indeed have not cut production yet to match the rate of decline in its exports, as the country appears to be storing more oil on ships as it did during sanctions that applied until the 2015 nuclear deal.

However, the Trump administration this weekend announced it is considering waivers on sanctions for countries that are merely reducing their imports of Iranian oil.

Saudi Arabia is the biggest oil exporter in the world and India is the third largest oil importer in the world.

India imports an average of 25 million barrels per month from Saudi Arabia. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it.

Has the simmering crude oil market peaked, even if for the time being? The liability and costs associated with successful transit are paid by the seller until the goods are received by the buyer.

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