• Wednesday, October 16, 2019

India to stop importing Iranian oil.

Discussion in 'Middle East & Africa' started by mangekyousharingan, Jun 28, 2018.

  1. mangekyousharingan

    mangekyousharingan FULL MEMBER

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    India preparing for 'cut in oil imports from Iran'
    India prepares for a 'drastic reduction' of Iranian oil imports in a push by the US to cut trade ties, Reuters reports.

    3 hours ago

    [​IMG]
    Industry sources said India, the biggest buyer of Iranian oil after China, will be forced to take action to protect its exposure to the US financial system [File: Rupak De Chowdhuri/Reuters]
    MORE ON INDIA
    India's oil ministry has asked refiners to prepare for a 'drastic reduction or zero' imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran, Reuters news agency reports.

    India has said it does not recognise unilateral restrictions imposed by the US, and instead follows UN sanctions. But the industry sources said India, the biggest buyer of Iranian oil after China, will be forced to take action to protect its exposure to the US financial system.

    India's oil ministry held a meeting with refiners on Thursday, urging them to scout for alternatives to Iranian oil, the sources said.

    "[India] has asked refiners to be prepared for any eventuality, since the situation is still evolving. There could be drastic reduction or there could be no import at all," said one of the sources, who has knowledge of the matter.

    Indian oil minister Dharmendra Pradhan told reporters in Mumbai that the country would attend to its interests while deciding on oil imports.

    "We know [that] to have a healthy energy mix, we can get oil from anywhere. The rest depends on geopolitics, and those decisions will be taken based on the situations," he said. "We will go by our interests. When we decide anything on Iran, we will inform you."

    During the previous round of sanctions, India was one of the few countries that continued to buy Iranian oil, although it had to reduce imports as shipping, insurance and banking channels were choked due to the European and US sanctions.

    Political tensions loom over critical OPEC meeting


    The source said this time the situation is different.

    "You have India, China and Europe on one side, and US on the other... At this moment we really don't know what to do, but at the same time we have to prepare ourselves to face any eventuality," said the source.

    While a State Department official has said that Washington wants Iranian oil buyers to halt imports from November, US Ambassador to the United Nations Nikki Haley has told Indian Prime Minister Narendra Modi to lessen dependence on Iranian oil.

    Haley, currently in Delhi, spoke with US Secretary of State Mike Pompeo early on Wednesday, before meeting Modi.

    The US push to curb countries' imports of Iranian oil comes after US President Donald Trump withdrew from a 2015 deal between Iran and six world powers and ordered a reimposition of sanctions on Tehran.

    Some sanctions take effect after a 90-day "wind-down" period ending on August 6, and the rest, notably in the petroleum sector, following a 180-day "wind-down period" ending on November 4.

    Output boost from OPEC
    Under pressure from the US sanctions, Reliance Industries Ltd, the operator of the world's biggest refining complex, has decided to halt imports.

    Nayara Energy, an Indian company promoted by Russian oil major Rosneft is also preparing to halt Iranian oil imports from November after a communication from the government, a second source said. The company has already started cutting its oil imports from this month.

    Indian Oil Corp, Mangalore Refineries and Petrochemicals Ltd and Nayara Energy, the top three Indian buyers of Iranian oil, did not respond to Reuters's request for comments.

    OPEC reaches deal to raise oil output


    Removing Iranian oil from the global market by November as called for by the US is impossible, an Iranian oil official told the semi-official Tasnim news agency on Wednesday.

    The options to find replacements to Iranian oil have widened after OPEC agreed with Russia and other oil-producing allies last week to raise output from July by about 1 million bpd, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

    Saudi Arabia's plans to pump up to 11 million barrels of oil per day (bpd) in July would mark a new record, an industry source familiar with Saudi oil production plans told Reuters on Tuesday.

    The second source said there were plenty of options available in the market to replace Iranian oil. "There are companies and traders that are willing to give you a 60 day credit, crude is available in the market," the source said.

    To boost its sales to India, Iran recently offered virtually free shipping and an extended credit period of 60 days.

    "We can buy Basra Heavy, Saudi or Kuwait oil to replace Iran. Finding replacement barrels is not a problem, but it has to give the best economic value," a third source in New Delhi said.
     
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  2. hazzam

    hazzam BANNED

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    india will not follow suit.
     
  3. Beast

    Beast BANNED

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    India has no choice. India is heavily dependant on US for military edge. Even Israel needs to listen to US. Not to mention India. LCA engine is dependent on US. Sanction of engine will killed India domestic military industry.
     
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  4. hazzam

    hazzam BANNED

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    india is purchasing arms from allover the world not only from america.
     
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  5. abc123xyx

    abc123xyx BANNED

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    US is a friendly countey to india....

    on iran....
    relations are only commercial....its not me or indian govt stating...it was the statement from iran while dening gas field contect to indian companies....
     
  6. Śakra

    Śakra SENIOR MEMBER

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    Very happy that India will no longer buy oil from a country that tried to kill Israeli diplomats on Indian soil and attacked and destroyed a Saudi Embassy in their own country.
     
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  7. enquencher

    enquencher FULL MEMBER

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    Worst diplomatic move by iran to not award gas field to india..atleast taking into account india stood by them when under sanctions.
    Iran started seeing petrodollar too soon. Iran not trustworthy. Sorry iran this time u help urself
     
  8. Aramagedon

    Aramagedon SENIOR MEMBER

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    Outlaw villains are everywhere in every country. No country or state is an exception.

    Btw those (mko members) who attacked Suadi embassy were paid by Saudi themselves. They were not even Iranians but some mko members.
     
    Last edited: Jun 29, 2018
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  9. padamchen

    padamchen ELITE MEMBER

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    You are trying to explain yourself to a known Iran and Persian hater.

    Why?

    Cheers, Doc
     
  10. hazzam

    hazzam BANNED

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    we have to keep balance .iran hame sasta tel deta hai.
     
  11. hussain0216

    hussain0216 ELITE MEMBER

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    Why must they hand over gas fields to India to develop when other companies from other countries can do it better?

    Handing things to Indians just for the sake of it is stupid
     
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  12. hazzam

    hazzam BANNED

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    that's right .
     
  13. Beast

    Beast BANNED

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    Sorry , there are something once u build an ecosystem on it and you will always depend on it. Aero engine and major radar are not Lego that can be easily plug and play. LCA engine cannot be easily replaced with another engine. This is a true fact. Same as IN destroyer and LRSAM fitted with Israel system.
     
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  14. AZADPAKISTAN2009

    AZADPAKISTAN2009 ELITE MEMBER

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    :pop: Ir-repairable damage being done here

    • First the backstab on gasline
    • Now backstab on oil
     
  15. Timur

    Timur SENIOR MEMBER

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    lets see if iranians shift more and more towards china.. that would be the best option (except the option giving up enemity towards israel)