Sunday, 21 October, 2018

India will break United States sanctions and keep importing Iranian oil

Oil Barrels India buying Iran oil in defiance of Trump sanctions
Priscilla Morrison | 10 October, 2018, 02:01

US Secretary of State Mike Pompeo said in India last month that the Trump administration would consider waivers for Iranian oil buyers such as India but they must eventually bring the imports to zero.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels, the source told Reuters. Persistent internal issues within major oil exporting countries could keep prices high in the coming weeks.

"We will be guided by our national interest", he added.

India, Iran's top client after China, has close diplomatic ties with Iran, where it is building a strategic port called Chabahar that is expected to be operational by 2019. India and Turkey have also dismissed the unilateral American measures.

Oil has been supported by concern that the Iranian export loss will leave a thinner margin of unused production capacity to deal with supply shocks.

Indian Oil Minister Dharmendra Pradhan defended the countries actions stating India need Iran to "fulfil" their countries oil requirements.

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

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The price of USA crude oil jumped by almost 1.5% to $84.78/bbl.in early trade on a one-two of nearing Iran sanctions and production shutdowns in the Gulf of Mexico due to Hurricane Michael.

Sanctions against Iran will block payment routes for India through the United States dollar.

"Instead they're talking about 'sufficient pressure, ' which is their language for allowing banks to keep Iran connected to the global financial system, including through SWIFT or with oil waivers", the source said, referring to new efforts by officials in the Treasury Department and European allies to keep Iran connected to the premier worldwide banking system. The paper quoted a European diplomat as saying that the disagreement over SWIFT was heading for "a diplomatic train wreck". An industry source who also tracks exports said October shipments so far were below 1 million bpd.

He has dismissed claims by the Saudi crown prince as "nonsense".

Underlining the resilience of Iranian exports is the pledge by officials that the country will go full throttle in its production.

"This rapidly declining availability of Iranian barrels within the anticipatory phase of the oil sanctions could prove to be a powerful bullish force but also one that can quickly subside once these sanctions are fully realized next month", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Citing the Kremlin, Reuters reported that Iranian Foreign Minister Mohammad Javad Zarif and his Russian counterpart Sergei Lavrov discussed ways to enhance Tehran-Moscow energy cooperation over the telephone on Monday.

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