The United States is likely to extend waivers from sanctions on Iranian oil imports in May but will reduce the number of countries receiving them to placate top buyers China and India and to decrease the chance of higher oil prices, analysts said.
India will not share the limited supply of Iranian crude allowed under a U.S. waiver from sanctions with private refiners, according to people with knowledge of the matter. That is a departure from the earlier practice of splitting exempted volumes.
The U.S. plans to grant no new waivers to buyers of Iranian oil as it intensifies efforts to eliminate the Middle Eastern producer’s exports of crude, a senior official said. U.S. sanctions have so far cut Iran’s exports to about 1 million barrels a day from a level of 2.7 million
The United States will grant no more waivers for Iranian oil after the reimposition of US sanctions, the US special representative for Iran said on Saturday, underlining Washington’s push to choke off Tehran’s sources of income.
Iran will see its crude exports severely curtailed for a third month in January as it is struggling to find new buyers amid fresh U.S. sanctions even though its traditional customers secured waivers, according to tanker data and industry sources.
Iranian Oil Minister Bijan Zanganeh said on Thursday U.S. sanctions against his country were “fully illegal” and Tehran would not comply with them.
State-run Bharat Petroleum Corp will import 1 million barrels of Iranian oil in February after a gap of three months, with the nation’s overall purchases from Tehran remaining at 9 million barrels, three industry sources said.
India’s finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters.
The finance ministry has exempted rupee payments made to the National Iranian Oil Co. for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters.
Imports of Iranian crude oil by major buyers in Asia hit their lowest in more than five years in November as U.S. sanctions on Iran’s oil exports took effect last month, government and ship-tracking data showed.