The Ministry of External Affairs (MEA) said on Friday that it i taking a closer look at the details of the exemption given to India by the United States for it to continue buying oil from Iran.
Armed with waivers to keep importing Iranian oil without running afoul of US sanctions, some of the Islamic Republic’s top customers are preparing to buy.
U.S. President Donald Trump on Monday said he wants to impose sanctions on Iran’s oil gradually, citing concerns about shocking energy markets and causing global price spikes.
The US has allowed India and seven other countries to temporarily keep buying Iranian crude oil despite sanctions against Tehran, calming fears of a possible jump in fuel prices if supplies from the Opec country were completely choked.
The US has agreed to temporarily allow eight countries to continue buying Iranian oil after it reimposes crippling sanctions on Tehran on November 5, Secretary of State Mike Pompeo said on Friday, citing “significant reductions” in imports of oil from the Persian Gulf nation.
Eight countries will be given exemptions and “weeks longer to wind down” their trade with Iran, once U.S. sanctions against Iran kick in on November 5.
The U.S. believes that global oil supplies will exceed demand next year making it easier for countries to cut Iranian oil imports to zero, a senior U.S. official said on Friday as Washington prepares to reimpose sanctions on Iran.
With India adopting a “wait and watch” policy ahead of US oil and banking sanctions on Iran from Sunday, the rationale behind the underplayed optimism displayed by the world’s third-largest oil consumer was best summed
India on Thursday said it was engaged with the US, Iran and other stakeholders on the issue of American sanctions on import of Iranian oil, amid indications that the Trump administration may grant New Delhi waiver from punitive measures.
India will settle oil contracts with Iran in rupee using a bank in the Gulf nation post November 4 when the US sanctions would freeze all payment channels using international currency. Sources privy to the development told FC Iranian Bank Pasargad could become