India, the second biggest crude customer for Iran, may cut its imports from the Islamic republic by half to secure a waiver from the U.S. to continue with shipments, people familiar with the matter said.
Officials from the U.S. had discussed the issue of a conditional waiver on sanctions in talks last month in New Delhi, the people said, requesting not to be identified as the discussion was private. India has expressed its inability to scrap oil imports from Iran completely as its supplies are being offered at competitive rates, the people said. New Delhi expects a response as early as next month when talks resume.
President Donald Trump’s administration has been forced to reconsider its plan to choke off all of Iran’s oil exports after countries including China and India — which together comprise about half of Iran’s oil exports — expressed their inability to halt shipments. Washington is now said to project a 50 percent cut in exports when it reimposes energy sanctions in early November. Read more
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