India’s oil imports from Iran in February plunged by over 60 per cent from a year ago to about 260,000 barrels per day (bpd) as New Delhi cuts imports under a sanctions waiver deal with Washington, data compiled by Reuters showed.
Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.
Iran will firmly respond if Israel’s navy acts against its oil sales, Iranian minister of defense said on Wednesday, a week after Israeli Prime Minister Benjamin Netanyahu said the navy could act against Iranian oil “smuggling” despite U.S. sanctions.
India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with Washington about extending a waiver of US sanctions past early May, two sources in India with knowledge of the matter said.
India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day (bpd), as it negotiates with the Washington about extending a sanctions waiver past early May, two sources in India with knowledge of the matter said.
Iran hopes to have its part of a new payments vehicle — devised to bypass US sanctions — ready within a fortnight, Deputy Foreign Minister Abbas Araghchi said on Wednesday.
The Trump administration is comfortable that there is enough oil in the global market months into its program of unilaterally re-imposing sanctions on OPEC-member Iran, the State Department’s energy envoy said on Friday.
Asia’s crude oil imports from Iran dipped in January to the lowest in two months after top buyers China and India slowed down purchases and as Japan recorded zero imports for a third month, government and trade data showed.
Renewed U.S. sanctions on Iran’s oil exports are giving a boost to the profits of one of India’s smaller state-owned banks, which has been struggling under the weight of a mountain of bad loans.
India’s oil imports from Iran fell by 45 percent in January to 270,500 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, below the estimated 300,000 bpd for the month as some cargoes were delayed.