India to keep buying Iranian oil despite US sanctions

Mae Love
October 8, 2018

Meanwhile, the remaining parties to the 2015 nuclear deal-namely, Britain, France, Germany, Russia and China-have vowed to circumvent the American restrictions through the creation of a "special goal vehicle" that could include a mechanism for bartering goods for Iranian oil.

Speaking to hundreds of members of the Basij militia and top Revolutionary Guard leaders gathered at Tehran's Azadi stadium, he said: "The situation of the nation, region and world is sensitive, especially for us the people of Iran". The oil price now stands at just over $84.

Top industry sources said Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tons of Iranian oil for import in November, the month when the United States sanctions against Iran's oil sector will kick in, the Economic Times reported.

The market has been reacting to the November 4 deadline of the U.S. administration for the global buyers to stop purchasing crude oil from Iran as part of the United States sanctions.

As exports have fallen, domestic refinery runs have increased sharply.

The US officials were least moved, however, with President Donald Trump's National Security Advisor (NSA) John Bolton revealing that the US would give up the "optional protocol" under the Vienna Convention on Diplomatic Relations - a 1961 worldwide treaty that outlines diplomatic ties between nations.

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"S&P Global Platts sees prices strengthening "a little" toward the end of the year", said Chris Midgely, the company's global director of analytics, at the S&P Global Platts Analytics annual summit.

Keeping oil prices below $100 per barrel may have been the deciding factor after all as the very release of the Reuters report that exposed the private Russia-Saudi deal led to a drop in the price of oil (albeit a small one).

Oil prices continue to be supported by the deadline and the hard-line enforcement expected by the administration of President Donald Trump.

Islamic Republic of Iran enjoys high potential in exporting oil to target markets and put country's oil exports volume per day at 2.8 million, he maintained.

India is the second biggest purchaser of Iranian crude after China which also increased shipments from the Middle Eastern country by 29,000 bpd to 620,000 bpd.

The so-called OPEC+ coalition includes other Gulf producers like the United Arab Emirates, as well as countries outside OPEC such as Russian Federation. The friendship agreement came into effect in June 1957 and granted Iran economic and diplomatic privileges.

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