India cuts Iranian oil imports in June ahead of USA sanctions

Ivan Schwartz
July 12, 2018

The world's fourth largest refiner by capacity is "cutting back on Iranian crude imports", said Reid l'Anson, an analyst at cargo tracking firm Kpler.

The Trump administration has moved in recent months to impose penalties on Iranian individuals and entities, and senior US officials have said that Washington has begun pressing other countries to end Iranian oil imports by November.

The UAE long has been suspicious of Iran and its nuclear deal brokered by former president Barack Obama, from which President Donald Trump recently pulled out.

". If India were to replace Iran with countries like Saudi Arabia, Russia, Iraq, the U.S. and others for the 10 per cent of its oil demand then it may have to revert to dollar-denominated imports which mean higher CAD (Current Account Deficit) and deprivation of all other privileges Iran has offered to India", Mr Rahaghi said.

Iran has used embassies as cover to plot terrorist attacks, the US State Department said on Wednesday, and all countries should carefully examine staff at Iranian diplomatic missions.

"If China levies a tariff on USA oil then United States imports to India will probably rise", he said. This is 30 days more than other oil-producing countries.

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Mr. Pompeo spoke as he wound up a short trip to the United Arab Emirates, a staunch USA ally, and as senior US officials were wrapping up three days of talks in neighboring Saudi Arabia centered on Iran.

The US withdrew from the Iran nuclear deal earlier this year.

In another tweet, Pompeo said that on Thursday, together with allies from Britain, France, Germany, Saudi Arabia and Jordan "we reaffirmed our support for the Syrian political process and our goals of removing Iran's influence, defeating #ISIS, deterring chemical weapons use".

Without referring to the Trump administration's threat to cut Iranian oil imports to zero by November 4 or face sanctions, the statement said India is a sovereign nation that would choose energy partners on the basis of criteria such as "friendly relations with supplier countries, market factors, geopolitical and geo-economical considerations and potentials and reliability of oil suppliers".

In May, President Donald Trump announced that the USA was withdrawing from the Iran nuclear deal signed by the Obama administration in 2015, under which Tehran had agreed to limit its sensitive nuclear activities and allow global inspectors in return for lifting of crippling economic sanctions. Three others are headed for undisclosed ports on India's west coast from the US Gulf Coast.

"... If India were to replace Iran with countries like Saudi Arabia, Russia, Iraq, the United States and others for the 10 per cent of its oil demand then it may have to revert to dollar-denominated imports which mean higher CAD (Current Account Deficit) and deprivation of all other privileges Iran has offered to India", Rahaghi said.

Other reports by GizPress

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