India may continue with Iranian oil imports post sanctions

OIL DERRICKS

OIL DERRICKS

However, according to Alice G. Wells, principal deputy assistant secretary of state for South and Central Asia, the USA has not taken any decision on sanctioning India for importing oil from Iran and investing in the Chabahar port.

The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed.

The world's third-largest oil importer, India relies upon Iran for 9.4% of its crude supplies: in 2017-18 the country brought in 220.4 million metric tonnes of oil from a number of sources.

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.

Tanker schedules are often adjusted and exports can vary week by week.

"Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh said, according to his ministry's website.

Egyptian‏ ‏and Palestinian officials on Sunday accused ‎Palestinian Authority leader Mahmoud Abbas of ‎actively escalating the crisis in the.

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"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". Brent hit a four-year high of $86.74 last week.

Last week, India reduced gasoline and diesel prices to give relief to consumers against rising global crude prices caused by uncertainty over United States sanctions on Iran and OPEC's decision to raise output. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

The Trump administration is considering waivers on sanctions for countries that are reducing their imports.

"This is one of the single biggest supportive factors for crude", said analysts at JBC Energy of the U.S.re-imposition of Iran sanctions.

"Iranian barrels are declining fast, and Saudi Arabia's promise to balance will face a reality check in a month's time", J.P.Morgan said in an oil market note. Iran has pledged to block any OPEC supply increase that the country deems to be against its interest.

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.

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