Record Iranian oil imports for India in July

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Record Iranian oil imports for India in July

Ahead of the return of the US sanctions on Iran, India's state refiners boosted their Iranian oil purchases, pushing up Indian oil imports from Iran by 30 percent from June, to a record 768,000 bpd in July, Reuters reported on Thursday, citing preliminary tanker arrival data it had obtained from trade sources.

Under the 2015 pact, signed by the US, UK, Britain, China, Russia and the European Union, Tehran agreed to scale back its uranium enrichment programme.

Iran's oil exports could fall by as much as two-thirds by the end of the year because of the USA sanctions, putting oil markets under huge strain amid supply outages elsewhere in the world.

As an original signatory, the USA also pledged to waive secondary sanctions as long as Iran continued to abide by the deap.

More than half-a-dozen current and former officials told the Reuters news agency that the campaign is meant to work in concert with US President Donald Trump's push to economically throttle Iran by re-imposing tough sanctions. The US also said that it would exert "maximum economic and diplomatic pressure" on other countries to stop buying crude oil from Iran.

The U.S. has been pushing its allies to halt their import of Iranian oil ahead of the November deadline.

Iranian President Hassan Rouhani has warned the United States against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

Teams of USA officials have been visiting capitals around the world to try to choke off sales of Iranian oil by early November, when US sanctions are due to snap back into effect. "It shows they have not thought about its consequences", Rouhani was quoted as saying by state news agency IRNA while on an official visit to Austria's capital, Vienna, in July.

On Tuesday, the reimposition of United States sanctions will include purchasing of U.S. dollars, trade in gold and precious metals, coal and industrial-related software, USA imports of Iranian carpets, foodstuffs and some financial transactions.

The Trump administration had wanted Iranian oil exports cut to zero by November 4.

When pressed by CNBC to answer the questions she was raising, Croft replied, "I think this market will tighten at the end of this year", and added that Venezuelan production continues to fall and will be a contributing factor.

Between April and July India's oil imports from Iran has risen by an annual 40% to about 677 500 bpd, the data showed.

On 7 August, Washington will reimpose sanctions on Iran's purchase of USA dollars, its trade in gold and precious metals and its dealings with metals, coal and industrial-related software.

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