India to buy 12% less Iran oil in April versus March: Report
NEW DELHI: Indian state refiners will lift 8 million barrels of Iranian oil in April, a decline of about 12 per cent from the previous month, industry sources said, as the nation is in talks with the United States to renew the waiver from US sanctions against Tehran.
The United States introduced sanctions aimed at crippling Iran’s oil revenue-dependent economy in November but gave a six-month waiver to eight nations, including India, which allowed them to import some Iranian oil.
India has been allowed by Washington to continue to buy about 300,000 bpd oil or 9 million barrels in a month till early May.
New Delhi, Tehran’s biggest oil client after China, has decided to lift lower volumes in April as a ‘precautionary measure ahead of renewal of waiver,’ said one of the sources familiar with the matter, without elaborating further.
The United States aims to cut Iran’s crude exports by about 20 per cent to below 1 million bpd from May by requiring importing countries to reduce purchases to avoid US sanctions, two sources familiar with the matter said.
The United States will likely renew waivers to sanctions for most countries buying Iranian crude, including the biggest buyers China and India, in exchange for pledges to cut combined imports to below 1 million bpd. That would be around 250,000 bpd below Iran’s current exports of 1.25 million bpd.
It is not yet clear if reduced volumes of 8 million barrels a month is the new condition imposed by Washington for granting a second waiver to New Delhi from sanctions against Tehran.
For March, Indian Oil Corp had placed an order for 5 million barrels, Mangalore Refinery and Petrochemicals Ltd for 2 million, and Hindustan Petroleum Corp and Bharat Petroleum Corp for 1 million each.
In April, IOC would lift 4 million barrels, while there is no change in volumes to be loaded by other companies, the sources said.
MiddleClassIndian Indian - Philadelphia , USA - 8 hours ago -Follow
Modi ruins middle class people of India to please Trump by purchasing costly oil from S Arabia, instead of cheaper Iran oil. He must show his 56 to Trump. Is he afraid of Trump??!!
KAMAL - 7 hours ago -Follow
US had not put any sanction against terrorist state Pakistan who is bleeding whole of the world
Schnell Rai - Bangalore - 7 hours ago -Follow
This shows India will bend down in front of US. India always try to please US by compromising its own interest.
So, for India US interest is more important than own.
such a shameful movement.
Narendra - HINDUstan - 7 hours ago -Follow
Rise of eVehicles is the reason .
I can see lot of cars with Green Boards here in Bangalore.
Shiva Narayan - 2 hours ago -Follow
Decrease in oil imports
Find alternative is the only solution to protect our sacred land
DR.MAHADEVAN IYER - 3 hours ago -Follow
while china with much larger economy than India, how can modi flex his muscles against U.S.
please understand that our economy is still fragile and doing some thing very brave can hurt us terribly
Sudhir Sodhani - 3 hours ago -Follow
May may not see the present govt. It will be a problem of next govt.
Truth is Bitter - Bharath - 3 hours ago -Follow
Bending in front of US and China
Ramaswami - chennai - 4 hours ago -Follow
Mohit - 5 hours ago -Follow
USA should accommodate more India in dealing with Iran.
Pais Hilary - 5 hours ago -Follow
It is a shame the way the United States performance economic terrorism on India.
AROP - 5 hours ago -Follow
We should purchase petroleum from different sources, this will be beneficial in long run. Good move by India.
Arun Choudhary - 6 hours ago -Follow
Slowly we are importing less oil from IRAN
Pkm - Lagos - 7 hours ago -Follow
Really shameful Indeed.What about Chabahar?
Chenchireddy Guvvala - Bangalore - 7 hours ago -Follow
Now Rhaul will unhappy