India may continue with Iranian oil imports post sanctions

Oil dips but bounces off low on hopes for demand boost from China stimulus

India, however, wants to keep importing oil from Iran, because Tehran offers discounts and incentives for them at a time when the Indian government is struggling with higher oil prices and a weakening local currency.

The United States plans to impose new sanctions targeting Iran's oil sector on November 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme. An industry source who also tracks exports said October shipments were so far below 1 million bpd.

Meanwhile, the International Court of Justice ordered the USA on Wednesday to ease some sanctions against Iran, including those related to the supply of humanitarian trade, food, medicine and the safety of civil aviation. But New Delhi needs a waiver to ensure its wider exposure to the US financial system is not affected.

"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran", one of the sources said.

"Likely, India and Iran will agree to use Rupee payments instead of U.S. dollar payments, something already tried between 2013 and 2015, with Iran then using Rupees to import food, medicines and other commodities from India", said Leszczynski.

Increasing tensions between the United States and Venezuela; the U.S. demanding an end to all imports of Iranian oil by early November; and the rupee's performance as Asia's worst performing currency of the year have compounded the situation and put India in a hard spot.

Manchester City’s tactics a compliment to Liverpool, says Virgil van Dijk
But I think Manchester City are still very strong. "You can not defend them over 95 minutes at 100 percent". On Sunday, against the best team in the land, Liverpool showed that they have that now.

"Previously there was no European channel", the second source said. "This time Europe is not working with the USA, so we intend to evolve a mechanism".

India had diversified its oil supplies to cushion the impact of sanctions, he said. It began clearing the dues in 2015 when the restrictions were eased. The industry has been worrying that an entirely effective ban on Iranian oil exports would strain supplies.

Besides, New Delhi sought to get around the restrictions by supplying goods including wheat, soybean meal and consumer products to Iran in exchange for oil.

"Chatter that Saudi Arabia has replaced all of Iran's lost oil" is weighing on prices, said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. In 2013-14 and 2014-15, India bought 11 MT and 10.95 MT respectively from it.

Oil companies operating in the Gulf of Mexico shut down 19 percent of oil production as Hurricane Michael moved towards eastern Gulf states including Florida. The liability and costs associated with successful transit are paid by the seller until the goods are received by the buyer.


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