Thursday, 13 December, 2018

India will break United States sanctions and keep importing Iranian oil

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Jean Garcia | 10 October, 2018, 20:51

Elsewhere, the second largest importer of Iranian oil, India, is planning to purchase 300kbpd of Iranian oil in November.

"We export as much as two barrels for any barrel that disappeared from Iran recently", Prince Mohammed told Bloomberg. This would signal an attempt to bypass US sanctions on Iranian transactions using the dollar - the dominant currency in global oil trade.

According to an executive order (EO 13846) issued by President Donald Trump, all American and non-American entities were given a six-month "wind-down" period from May 2018, in which to "zero out" all transactions with designated Iranian oil companies and port operators.

Secretary of State Mike Pompeo said on a visit to India in September that some waivers from the sanctions might be granted to countries buying Iranian oil, but only if they agreed to cut their imports to zero.

Pradhan also added the country was considering evolving a different payment system to buy Iran's oil and that it could pay using Indian rupees.

The U.S.is imposing the sanctions because Iran has reneged on a 2015 nuclear deal-a point on which other major powers disagree-and because it wants Iranian forces to pull out of Syria and Iraq. Last week, the Saudis hastened to inform the market that they are now pumping 10.7 million bpd-just shy of the all-time record high-and could even tweak that 10.7 million "slightly higher" next month. "We continue to discuss our Iran policy with our counterparts around the world and the implications of our re-imposition of sanctions previously lifted or waived under the JCPOA".

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"There is growing concern that suppliers such as Saudi Arabia and Russian Federation will struggle to compensate for potential production declines from Iran and Venezuela, which has supported oil prices in today's trading session", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.

"These officials are planning to announce that it's OK to give banks waivers because re-imposed sanctions on businesses are sufficient", the source explained.

India is Iran's top oil client after China, though several refiners have indicated they will stop taking Iranian barrels because of the sanctions.

Oil prices have extended a rally on expectations the sanctions will test the Organization of the Petroleum Exporting Countries and other producers.

There are concerns a shortfall in Iran's oil production could prompt global oil supply to fall and prices to rise.

Has the simmering crude oil market peaked, even if for the time being?

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