Monday, 10 December, 2018


India may continue to import oil from Iran, says Petroleum Minister

Conrad Doyle | 10 October, 2018, 08:52

India would continue its energy imports from Iran even in the wake of the U.S. government's 4 November deadline, hinted petroleum minister Dharmendra Pradhan on Monday.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from US sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

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.

In its March report on Iran's economy, published a month and a half before the US announced that it was re-imposing sanctions on Iran, the International Monetary Fund expected that following the strong rebound after the 2016 nuclear deal, Iran's economic growth would be 4.3 percent in the 2017/18 fiscal year.

Later, talking to reporters, he said India has its own energy requirements which it has to fulfill.

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.

A USA government official said the Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude.

That is down from at least 2.5 million bpd in April, before President Donald Trump in May withdrew the US from a 2015 nuclear deal with Iran and reimposed sanctions.

India is the world's third-largest oil importer, and Iran's second-biggest oil customer after China.

The softer stance on Iran plus news that Saudi Arabia and Russian Federation could ramp up oil production to compensate for the sanctions has lowered oil prices slightly. Brent hit a four-year high of $86.74 last week.

Meanwhile, the International Court of Justice ordered the United States on Wednesday to ease some sanctions against Iran, including those related to the supply of humanitarian trade, food, medicine and the safety of civil aviation.

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.

Worldwide benchmark Brent crude traded at around $83.38 on Monday, down almost 1 percent, while U.S. West Texas Intermediate (WTI) stood at around $73.81, around 0.7 percent lower. Even in the case of Iran there is an expectation that its oil exports may fall less sharply than feared, while Libya's oil production has stated to rise. The Indian basket represents the average of Oman, Dubai and Brent crude.

The government last week effected a Rs 2.50 per litre cut in prices of petrol and diesel to ease inflationary pressure and boost consumer confidence. It added that the effective reversal of fuel price deregulation would also constrain future private sector investments in the sector.

Recommended

loading...
...

Ballon d'Or: Gareth Bale among first five nominees to be announced Ballon d'Or: Gareth Bale among first five nominees to be announced For six years it combined with world football's governing body to become the Fifa Ballon d'Or . Ronaldo is the defending champion, having won his fifth Ballon d'Or in 2017.

Finance Minister Asked to Resign in Phone Call to Ramaphosa Finance Minister Asked to Resign in Phone Call to Ramaphosa Mboweni is a member of the ANC's national executive committee, one of the ruling party's highest decision-making bodies. Nene was widely seen as a hero of the resistance to corruption.

International Monetary Fund downgrades global growth outlook, places responsibility on US-China trade tensions International Monetary Fund  downgrades global growth outlook, places responsibility on US-China trade tensions The move is speculated to have been pushed by authorities in response to the IMF's calls for a weaker exchange rate . Core inflation, which excludes volatile items such as energy, will vary from country to country, it said.

Netanyahu, Putin to meet after plane downing incident in Syria Netanyahu, Putin to meet after plane downing incident in Syria Netanyahu was last questioned on August 17 in "Case 4000", a corruption case involving Israel's telecom giant Bezeq. According to rules, meals can not be ordered from the prime minister's residence when a cook is employed.

Trump Team Sought Israeli Firm's Help to Defeat 'Bear' Trump Team Sought Israeli Firm's Help to Defeat 'Bear' A lawyer for Zamel denied to the Times that he had discussed the proposal with anyone from the Trump campaign. Gates ultimately rejected the company's social media campaigns, according to the Times .

It is my dream to play for Madrid - Hazard It is my dream to play for Madrid - Hazard We have seen Hazard on form before, but he needs to produce consistently, season after season; not one season on, one season off. But Chelsea may block Eden Hazard from leaving the club in January considering how important he is this season for the Blues.

Microsoft releases fix for data deletion bug Microsoft releases fix for data deletion bug If there are still files in the "Documents" folder then you're not affected by the issue, according to another tweet from Sarkar. Microsoft retail stores will also try to help, and may be able to aid you in recovering your deleted files.

Eagles rumors: Philadelphia has reached out to Bills about LeSean McCoy Eagles rumors: Philadelphia has reached out to Bills about LeSean McCoy Ajayi told reporters on Monday that he wished the Eagles rushed the ball more during Sunday's 23-21 loss to the Minnesota Vikings. All of which had speculation running rampant Monday that Philadelphia might try to swing a trade for Le'Veon Bell.

Changing Minds discuss mental health with Newport County under 18s Changing Minds discuss mental health with Newport County under 18s Mental health researchers Dr Jo Robinson and Professor Patrick McGorry say that this rise in suicides is "devastating". Physical activity can help relieve stress as it relaxes the muscles and alleviates tension in the body.

New US Supreme Court Justice Pledges to Be 'Independent and Impartial' New US Supreme Court Justice Pledges to Be 'Independent and Impartial' However, the Republican cautioned that "it remains to be seen whether this lasts for the next three weeks or not". Trump continued: "And with that I must state that you, sir, under historic scrutiny, were proven innocent".

Further Australian support following the Sulawesi quake and tsunami Further Australian support following the Sulawesi quake  and tsunami Wiranto, who uses one name, said heavy equipment cannot operate in such areas because they could potentially sink in the soft mud. Indonesia has the world's biggest Muslim population but also pockets of Christians, including on Sulawesi, and other religions.

Nikki Haley resigns as Trump's United Nations ambassador Nikki Haley resigns as Trump's United Nations  ambassador Grenell spent eight years serving as a US spokesman and political appointee to the United Nations under the George W. President Trump said he has a "big announcement" to make with his "friend" Nikki Haley at the White House today.

Hurricane Michael Gains Strength as It Takes Aim at North Florida Hurricane Michael Gains Strength as It Takes Aim at North Florida Hurricane-force winds extended outward up to 35 miles from the center and tropical-storm-force winds were outward up to 185 miles. The evacuation orders went into effect Tuesday morning for some 120,000 people near the beach and other areas of Bay County.

Bradley Cooper Talks Masculinity And Drag Queens in A Star Is Born Bradley Cooper Talks Masculinity And Drag Queens in A Star Is Born The previous record-holder, Alfonso Cuarón's sci-fi thriller Gravity , had earned 55.7 million dollars. Coming in at No. 2 this weekend is the music-heavy drama " A Star Is Born ".

IOS 12.0.1 fixes iPhone XS charging and WiFi glitches IOS 12.0.1 fixes iPhone XS charging and WiFi glitches This update is a smaller one, as you might've guessed since it's an x.x.1 update, but there are still some notable bug fixes. But this prevented subtitles from working on some video apps, and also created an issue where Bluetooth might not work.