Oil rose to multi-week highs on Monday after OPEC indicated it would probably maintain production cuts that have helped support prices this year, while tension continued to escalate in the Middle East.
Venezuelan Oil Minister Manuel Quevedo said on Sunday his country’s economy and oil industry was under economic and financial siege by the U.S. government.
Iran’s Foreign Minister Mohammad Javad Zarif met External Affairs Minister Sushma Swaraj on Tuesday in New Delhi to discuss bilateral issues, including the fallout of the US decision last month to discontinue the sanction waivers given to eight countries
The visit of Iran foreign minister Mohammad Javad Zarif in the context of the removal of waivers that India had enjoyed for the past six months is significant. The first item on Zarif’s agenda will of course be to discuss the modalities related to continued imports of Iranian oil
India is ready to deal with the impact of U.S. sanctions against Iran and will get extra supplies from other oil producing countries to compensate for loss of Iranian oil, foreign ministry spokesman Raveesh Kumar told a news conference on Thursday.
Iran will not allow any country replace its oil sales in the global market, the Foreign Ministry said on Thursday, after the United States told importers to halt Iranian purchases from May. Washington has decided not to renew its exemptions from U.S. sanctions
The Chabahar port project, being developed by India in Iran, will not be impacted by US President Donald Trump’s decision not to renew exemptions that let eight countries including India to buy Iranian oil without facing American sanctions, a State Department official said.
Crude oil prices hit a fresh five-month high on Tuesday after the Trump administration decided not to extend the waiver that it had granted to India and seven other countries on Iranian oil imports beyond the May 2 deadline.
India is “adequately prepared” to deal with the impact of the US decision to end waiver for importing oil from Iran, the government said on Tuesday, and that it will work with other partner countries, including the US, to find “all possible ways” to protect its energy security and economic interests.
The United States said Monday it would start imposing sanctions on friends such as India that buy Iranian oil, in its latest aggressive step to counter Tehran that could jeopardize US relationships.