• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 21 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 2 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 7 hours Mr
  • 16 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 4 hours Free market or Freeloading off the work of others?
  • 4 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 6 hours Marine based energy generation
  • 18 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 19 hours How to Create a Pandemic
  • 20 hours Apple to Bypass Internet and Beam Directly to Phones
  • 11 hours Which producers will shut in first?
  • 18 hours Real Death Toll In CCP Virus May Be 12X Official Toll
Alt Text

What Will $15 Oil Mean For Producers?

According to the IEA, if…

Alt Text

Oil Industry Joins The Fight Against Coronavirus

The coronavirus has forced businesses…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

India Cuts Iranian Oil Imports As U.S. Sanctions Loom

Indian refiners are reducing their intake of Iranian crude oil in preparation for the return of U.S. sanctions on Tehran. The reduction is being seen as an attempt to score a waiver from the U.S. Treasury Department, Reuters reports. Loadings for September and October will be lower than 12 million barrels each month, which is nearly half of what they imported earlier this year in preparation for the sanctions.

India’s Foreign Minister stated earlier this year that New Delhi will not honor unilateral sanctions from the United States, but due to its exposure to the U.S. financial system it has had to lessen its reliance on Iranian crude. India is Iran’s second-largest oil client after China, which has also stated it will continue buying Iranian crude.

India imports as much as 80 percent of the oil it consumes, which makes it more vulnerable than other importers to price swings. This vulnerability has, in recent months, been heightened by a devaluation in the rupee, which has led to a considerable swelling in its oil bill. In August, government calculations revealed this bill could rise by as much as US$26 billion in financial 2018/2019 if prices remain high.

Last week, Secretary of State Mike Pompeo visited New Delhi to try and negotiate a total suspension of Indian imports of Iranian oil and said after the meeting Washington was ready to grant temporary waivers to clients such as India in exchange for assurances that they will eventually stop importing Iranian oil.

This will be tricky, as Iran offers attractive discounts to its clients and as New Delhi strives to maintain its good relations with Tehran. “We have a special relationship with both the U.S. and with Iran, and we are seeing how to balance this all, and also to balance out the interest of the refiners and end-consumers,” Reuters quoted Indian government officials as saying. They added, however, that if Washington decides to be unyielding, India will have to comply with the sanctions and stop buying Iranian crude.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News