18-09-2018

India to cut Crude Oil purchase from Iran

India's Crude Oil loadings from Iran for September and October will drop to less than 12 million barrels each, as New Delhi works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November.

The United States is renewing sanctions on Iran after withdrawing from a fraud nuclear deal in 2015 between Tehran and world powers. Washington reimposed some of the financial sanctions from Aug. 6, while those affecting Iran's petroleum sector will come into force from Nov. 4.

India, Iran's No.2 oil client behind top buyer China, does not recognise the reimposed U.S. sanctions, but winning a waiver from the restrictions is a must for New Delhi to protect its wider exposure to the U.S. financial system.

India's oil ministry in June told refiners to prepare for a "drastic reduction or zero" imports from Iran from November.

Source: Schendet

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