Indian companies DEFY President Trump by purchasing Iranian Oil despite United States sanctions

Share
Indian companies DEFY President Trump by purchasing Iranian Oil despite United States sanctions

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from US sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

Speaking at "The Energy Forum" on Monday, oil minister Dharmendra Pradhan said two state refiners had placed orders for importing oil from Iran in November.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals another 3 million barrels, the source said.

On the fall of crude price, oil watchers likened the cause on expectations that some Iranian oil exports will keep flowing despite USA sanctions, easing a strain on supplies. He said that India has its own energy requirements to fulfil.

The US withdrew from a deal on Iran's nuclear program in May and will individually impose sanctions on Iran's crude oil consumers on November 4.

Brent crude was down 7 cents at $83.84 a barrel by 0020 GMT.

Alongside potential waivers on Iranian sanctions, oil supply is seemingly back on the rise with Libya recently boosting oil production to 1.25mbpd (200kbpd more than the September average).

Traders said ongoing concerns that the U.S. But Iran, OPEC's third-largest producer, has repeatedly announced that its oil exports can not be reduced to zero because of high demand levels in the market.

Delhi is hopeful that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries will heed United States calls for production to be boosted by one million barrels per day, as promised in June, which might help bring benchmark prices down.

Reeling from high oil prices, India has also reminded Saudi Arabia of the promise by the Organization of the Petroleum Exporting Countries (Opec) of increasing production by an additional 1 million barrels per day, said Pradhan.

He has dismissed claims by the Saudi crown prince as "nonsense". Global crude oil prices had reached a record high of $147 per barrel in July 2009.

"The step taken by the government reverses the price deregulation of diesel and petrol and increases the likelihood that the government may ask upstream companies Oil and Natural Gas Corporation (Baa1 stable) and Oil India Limited (Baa2 stable) to share the fuel subsidy burden", the report added. "The basic point is that they are all government companies", Pradhan said, according to The Hindu.

Share

Advertisement

Related Posts

Opponents vow Sen. Collins will pay price for Kavanaugh vote
When asked about Ford's testimony in a Sunday interview on CBS' "Face the Nation", Collins said she is "convinced that Dr. She called it "the most hard in the 22 years that I've been honored to represent the state of Maine in the Senate".

TRIGGER WARNING: Trump Celebrates Christopher Columbus On 'Columbus Day'
An attempt in Akron to rename the holiday grew ugly previous year , dividing the all-Democratic city council along racial lines. It's quite clear the way in which Columbus Day is celebrated in our city has changed immensely over the years.

UN Report on Global Warming Carries Life-or-Death Warning
Overall, the authors say that current greenhouse gas emissions must be reduced by 45 percent from 2010 levels by 2030. Any additional carbon dioxide emissions would require removing the harmful gas from the air.

Limo in NY crash that killed 20 failed inspection
Saturday's tragedy unfolded outside the Apple Barrel Country Store and Cafe in Schoharie, a three-hour drive north of Manhattan. Douglas said they had several children between them. "It doesn't sound like anybody survived in that limo".

Facebook launches video device, says privacy is 'very, very, very important'
But what's really interesting about the Portal is that Facebook doesn't have its own voice assistant ready for heavy lifting. You can't browse Facebook or Instagram on it, or even visit the web (you also can't watch video content on it via Youtube).

Eden Hazard admits he is torn between Chelsea and Real Madrid
The Chelsea star also touched on Madrid, specifically the rumblings over his future in the summer and praised the club for its worldwide status.

EPL: FA to investigate Mourinho over comments after Newcastle win
A minute before the final whistle, the Portuguese had looked left to see the Stretford End arising. He, along with many United fans, are convinced that the media are out to get him the sack.

Turkey's Erdogan says awaiting probe results over missing Saudi journalist
At Khashoggi's instruction, Cengiz called when he failed to return from the consulate after four hours. Erdogan said he would wait for the outcome of the current investigation before taking a decision.

Saint John oil refinery explosion worries residents
Michael Steeves said he was driving about a kilometre away when he saw flames reach as high as 100 feet in the air. Flame and smoke erupts from the Irving Oil refinery in Saint John, N.B., on Monday, September 8, 2018.

Brett Kavanaugh to participate in swearing-in ceremony at White House
Amy Klobuchar , often mentioned as a potential 2020 presidential candidate, took note. Romano said Republicans don't need to use Kavanaugh for fundraising or recruitment.

© 2015 ExpressNewsline. All Rights reserved.