Despite Threat From US, India to Continue Iranian Oil Imports
Friday, October 5, 2018, 9:36 PM
Brushing aside United-States threats of sanctions, India is all set to continue its trade with Iran. The state refiners have contracted import of nine million barrels of Iranian oil in November as reported by News18. It is to be noted here that the US reiterated its warning to all purchasers of Iranian-oil to bring it down to zero by Nov-4 or face imminent sanctions.
India to continue import of oil from Iran: Iranian foreign minister
Friday, September 28, 2018, 10:37 AM
India is committed to buying Iranian oil and continuing the two nations' economic cooperation, the Iranian foreign minister said after a meeting with his Indian counterpart and ahead of US sanctions aimed at halting Tehran's oil exports. US-President Donald-Trump's May withdrawal from an international nuclear pact with Iran was followed up with plans to impose new sanctions against the third-largest producer among the OPEC.
India should reduce or stop crude oil import from Iran: Moody's
Thursday, September 27, 2018, 8:24 PM
Rating agency Moody's has estimated a decline of around $500 million in earnings for state-owned refiners Indian Oil, Bharat Petroleum and Hindustan Petroleum on account of substituting crude imports from Iran. Indian refineries, which import over 80% of crude oil, sourced about 14% of their imports from Iran. US sanctions on Iranian oil exports will take effect on November 5.