Two Indian companies to buy Iranian oil in November: Dharmendra Pradhan

Gladys Abbott
Октября 8, 2018

Iran has warned that if it were not able to export its crude oil through the Strait of Hormuz, no other country would be able to do so, threatening to block the strategic strait.

India imported around 10 million barrels of Iranian oil in October, with the November shipment expected to be around 1 million barrels less than this. Buyers of the superlight crude are under more pressure than importers of "regular" crude since there are few alternate suppliers.

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.

India, however, wants to keep importing oil from Iran, because Tehran offers discounts and incentives for them at a time when the Indian government is struggling with higher oil prices and a weakening local currency.

Brent crude oil prices fell more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran. TankerTrackers.com reported in September that Iranian tankers were switching off their tracking devices after leaving their home ports, and later said that probably half of September's exports were shipped with the trackers off.

The United States plans to impose new sanctions targeting Iran's oil sector on November 4, however a US 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.

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"Iran's oil can not be replaced by Saudi Arabia nor any other country", Zanganeh said, according to his ministry's website. Of the 220.4 million metric tonnes (million MT) of crude oil imported by India in 2017-18, about 9.4% was from Iran.

Oil dropped below $83 a barrel on Monday, pressured by expectations that some Iranian oil exports will keep flowing after the USA reimposes sanctions, easing a strain on supplies.

"What the Saudis had been supplying the market with, were not from Riyadh's spare capacity but from tapping its oil stocks", Zanganeh said, according to the website. -Chinese trade war could slow down economic growth and hit oil demand also weighed on the market, traders in Asia said.

"In particular, both India and China continued to import crude from Iran, even though they had to cut down volumes significantly".

Traders said ongoing concerns that the U.S. She said the sanctions that would come into force on 4 November were created to bring Tehran to book and not to penalise India, which meets 83% of its crude oil requirements from outside.

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