Rocked by Trump's Sanctions, Iranian Oil Exports Drops Further
Rocked by Trump's Sanctions, Iranian Oil Exports Drops Further
ICJ orders US to ease Iran sanctions; India to continue purchasing crude oil from Iran
10 October, 2018, 02:02
"India is continuing with its relationship with both its key energy partners Iran and the United States", a second source said.
"There is growing concern that suppliers such as Saudi Arabia and Russian Federation will struggle to compensate for potential production declines from Iran and Venezuela, which has supported oil prices in today's trading session", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.
"However it would come at a cost, both in terms of higher oil prices compared to the favourable terms it gets from Iran and in terms of higher shipping costs as they would inevitably be longer distance shipments compared to Iranian exports".
State refiners Indian Oil Corporation Ltd (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tonnes of Iranian oil for import in November.
U.S. West Texas Intermediate and worldwide benchmark Brent crude oil futures are trading higher early Tuesday, continuing to recover from Monday's early session setback.
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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 USA sanctions coming into force on November 4.
The Trump administration is open to allowing some countries to continue importing Iranian oil, despite promises to tighten the screws on Tehran and any country that continues doing business with the Islamic Republic, according to US officials who confirmed to the Washington Free Beacon that some nations may get a temporary pass from a cadre of new sanctions set to be imposed next month.
Pradhan's statement assumes importance given that India, the world's third-largest oil importer is a major importer of Iranian oil.
Iran says its oil flow to the market should not be hampered no matter what as Western oil news and information providers are steadily claiming declines in Iran's exports, putting them at about 1.7 million bpd ahead of the sanctions.
The decrease apparently was fueled by buyers seeking alternatives ahead of the start of US sanctions on November 4.
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India is going to continue buying Iranian oil in November despite the USA sanctions, Reutersreported citing sources close to the Indian oil industry. To this, taxes at the central and state levels are added, besides dealers' commission, to arrive at the retail price.
On Monday, petrol and diesel were selling at Rs 82.03 per litre and Rs 73.82 per litre, respectively, in New Delhi.
On the last week's excise duty and fuel price cut, the minister said these prices will not be deregulated.
"Oil should not only be priced from a producers' point of view consumers interest should also be taken care of", he said.
The hawkish Foundation for Defense of Democracies, the administration's go-to shop on Iran, cheered her as a latter-day Jeane J. Later in the gaggle, the President said his daughter would be "dynamite" as United Nations ambassador.
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