Wednesday, 12 December, 2018

India wants US sanctions waiver after cutting Iran oil imports

US considers sanction waivers on countries reducing imports of Iranian oil India buying Iran oil in defiance of Trump sanctions
Laurie Berry | 08 October, 2018, 19:07

Two domestic companies have placed orders to buy Iranian oil in November, oil minister Dharmendra Pradhan said on Monday, adding that the government does not yet know if it will be granted a waiver from USA sanctions on Iran.

Saudi Arabia said last week it plans to raise production in November from October output of 10.7 million barrels per day (bpd), indicating Riyadh will be boosting its supply to the highest ever level.

The Indian orders have reportedly been placed by Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL).

With Iran sanctions still on the table, potential spare capacity constraints and also a slowdown in US drilling, USA bank J.P.Morgan said in its latest cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude".

The United States plans to impose new sanctions targeting Iran's oil sector on November 4, however a USA government official said the Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude.

Ralph Leszczynski, Banchero Costa's head of research in Singapore, tells TradeWinds: " The US sanctions on Iranian oil imports are strictly unilateral, as they have been actively resisted by other buyers of Iranian oil.

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Also, City have lost just one of their last 25 away games in the top flight, and they are yet to taste defeat in the PL this term. While he can be quite efficient from free kicks, it seems like the next time, somebody else should take the penalty kicks.

Speaking at an event here, Pradhan said two of India's state-owned companies had contracted for Iranian crude for November.

"In particular, both India and China continued to import crude from Iran, even though they had to cut down volumes significantly". She said the sanctions that would come into force on 4 November were created to bring Tehran to book and not to penalise India, which meets 83% of its crude oil requirements from outside.

Opec accounts for around 40% of the global production.

Last week, India reduced gasoline and diesel prices to give relief to consumers against rising global crude prices caused by uncertainty over United States sanctions on Iran and OPEC's decision to raise output. Oil dropped to around $83 a barrel on Monday. The Indian basket represents the average of Oman, Dubai and Brent crude. Also, subsidised domestic cooking gas prices have been increased by Rs 2.89 per 14.2 kg cylinder to Rs 502.40, an all-time high. It added that the effective reversal of fuel price deregulation would also constrain future private sector investments in the sector.

In the run-up to 2019 general elections, Fitch Ratings recently raised the spectre of return of state control on fuel pricing in India.

Iran has warned that if it were not able to export its crude oil through the Strait of Hormuz, no other country would be able to do so, threatening to block the strategic strait.

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