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India cuts down on Iranian oil imports, hopes for a waiver from the US

India cuts down on Iranian oil imports, hopes for a waiver from the US

Despite the US sanctions set to be effective during the month, Indian public sector oil companies still have placed orders to buy crude from Iran. India expects a waiver from the Donald Trump administration which will be provided if the country reduces importing oil from Iran before November 4. According to a recent announcement from Washington, it will consider waivers for nations who will decrease their Iranian oil imports.  

Petroleum Minister, Dharmendra Pradhan spoke to journalists saying that the waiver issue is being discussed with the concerned authorities at New Delhi. Pradhan also stressed on the nation’s need to satisfy all domestic requirements, so India might still have to rely on some Iranian unrefined after the US sanctions. Indian Oil Corporation and HPCL-run Mangalore Refineries and Petrochemicals Ltd have got into deals to buy Iranian oil.

India is now attempting to balance its relationship with the U.S. and Iran without adversely affecting its energy and security interests. “We expect the global leadership to acknowledge India’s need for Iran’s oil”, Pradhan said. He also mentions that he had a talk with Khalid al-Falih, Saudi Oil Minister, regarding the June decision by OPEC and major oil producers to add 1 million bpd to the oil market. “Oil should not be priced from a producers’ point of view. Consumers interest should also be taken care of”, he added. Indian Oil chairman, Sanjiv Singh said that some Indian refiners have paid for the Iranian oil, and in case of absence of any alternatives, the same mechanism could be put to use in the future to settle trade with Tehran.


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