Indian refiners will cut their monthly crude loadings from Iran for September and October by nearly half from earlier this year as the government works to win waivers on the oil export sanctions Washington plans to reimpose on Tehran in November.
India’s loadings from Iran for this month and next will drop to less than 12 million barrels each, after purchases over April-August had been boosted in anticipation of the reductions.
The US is renewing sanctions on Iran after withdrawing from a nuclear deal forged in 2015 between Tehran and world powers. Washington reimposed some of the financial sanctions from August 6, while those affecting Iran’s petroleum sector will come into force from November 4.
India is Iran’s second-biggest oil client behind top buyer China. The government does not recognise the reimposed US sanctions, but winning a waiver from the restrictions is a must for Delhi to protect its wider exposure to the US financial system Read More