India defies US, buying Iranian oil despite sanctions
India defies US, buying Iranian oil despite sanctions
Despite US sanctions, India to continue buying Iranian oil
10 October, 2018, 20:57
The prospects for the returning sanctions have already made consumers look for waivers from the USA to continue purchasing Iran'soil. While private companies like Reliance and Nayara Energy (Essar) have had to drastically reduce their purchases, public sector companies, who are more immune to us strictures, and already have alternate banking arrangements and a "rupee-rial" mechanism, are staying the course for now. A government official added that the administration was in the middle of an internal process of considering waivers called significant reduction exemption.
The government was discussing its options to buy Iranian oil with all authorities, Pradhan said.
Some veteran Iran watchers cautioned against criticizing the administration for its decision to consider oil waivers, telling the Free Beacon it is very hard for nations to cut their imports to zero in the matter of months.
Two companies in India, which in the past have been big buyers or Iranian oil, have ordered barrels in November, according to India's oil minister.
India is going to continue buying Iranian oil in November despite the US sanctions, Reutersreported citing sources close to the Indian oil industry.
While Washington has said it wants to cut Iran's oil exports to zero, Iran and Saudi Arabia say that is unlikely.
He said that nine million barrels of oil are expected to be purchased. The Trump administration is considering waivers on sanctions for countries that are reducing their imports. "This time Europe is not working with the USA, so we intend to evolve a mechanism". The global benchmark hit a four-year high of $86.74 last week but slipped as low as $82.66 on Monday.
Both Iran and Russian Federation have condemned the Trump administration for withdrawing from the deal, a move that will reimpose USA sanctions suspended under the accord to choke off the Iranian economy.
"These officials are planning to announce that it's OK to give banks waivers because re-imposed sanctions on businesses are sufficient", the source explained.
There are concerns a shortfall in Iran's oil production could prompt global oil supply to fall and prices to rise.
This is the first public statement made by the Government on its stand on sourcing Iranian oil once the United States sanction on Iran pertaining to the oil industry comes into force.
Besides blocking of banking channels from November, the absence of payment mechanism may pose a challenge to the transportation of the oil as Iranian crude is bought on a CIF basis and shipped on Iranian tankers.
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