India's oil import from USA soars, Iran sinks ahead of sanctions

Andrew Cummings
July 12, 2018

They say they will do more to encourage their businesses to remain engaged with Iran, though a number of firms have already said they plan to pull out.

Iran on Tuesday, July 10, slammed India for not fulfilling its investment promises for the expansion of the Chabahar port and said that New Delhi will lose "special privileges" if it stops Iranian oil import and tries to source it from other countries like Saudi Arabia, Russia, Iraq, and the US.

Rahaghi pointed out that certain privileges extended to India by Iran between 2012 and 2015 had helped New Delhi to continue importing oil from Tehran through the sanctions before the Iran Nuclear Deal (Joint Comprehensive Place of Action) was signed.

"In previous round of United States sanctions between 2012 [and] 2015, Iran did its best to ensure security of oil supply to India", Iran's Deputy Ambassador and Charge d'Affaires Massoud Rezvanian Rahaghi said at an event organised by the All India Minorities Front at the Parliament annexe on Tuesday.

All told, producers and traders in the United States will send more than 15 million barrels of U.S. crude to India this year through July, compared with 8 million barrels in all of 2017.

Shana also reported that traditional importers of the Iranian oil - China, India, South Korea, and Japan - purchased more than 60 per cent of the Iranian output in April.

Jahangiri said Iran's foreign ministry and the central bank have taken measures to facilitate Iran's banking operations despite the United States sanctions. And we'll make a deal.

That push has driven up oil prices amid concerns that a divestment from Iranian oil would reduce the world's overall supply.

The secretary of State's comments came as the USA steps up pressure on Iran after President TrumpDonald John TrumpMcConnell to meet with Trump's Supreme Court pick Tuesday Kavanaugh offers lengthy judicial record ahead of bitter confirmation fight Hundreds protest Kavanaugh's nomination outside Supreme Court MORE's announcement in May that he would withdraw from the 2015 nuclear deal with Tehran, which sought to curb Iran's nuclear ambitions in exchange for sanctions relief.

Trump said he would reintroduce sanctions, and Washington later told countries they must stop buying Iran's oil from November 4 or face financial consequences.

HPCL-Mittal Energy Ltd continued to skip Iran oil imports for a second month in June, the data showed.

Mr. Pompeo spoke as he wound up a short trip to the United Arab Emirates, a staunch USA ally, and as senior US officials were wrapping up three days of talks in neighboring Saudi Arabia centered on Iran. Imports from other Middle East suppliers also increased.

June's 228,000 bpd of US exports to India are more than double the previous export record of 98,000 bpd last September, according to US Energy Information Administration data.

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