• 4 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 14 minutes The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 29 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 7 hours Coal Boom in Asia is Real and a Long Trend
  • 3 hours The Plastics Problem
  • 14 hours Hydrogen FTW... Some Day
  • 1 hour Solar Panels at 26 cents per watt
  • 1 day China's President Xi To Visit North Korea This Week
  • 1 day OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 17 hours GM Considering Electric Hummer
  • 4 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 13 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 4 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 1 day Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 1 day Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 1 day Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack

Breaking News:

Oil Stabilizes On Small Crude Draw

Oil Plunges On Fears Of Weak Demand

Oil Plunges On Fears Of Weak Demand

Oil prices fell another 4%…

The Oil Price Risk Analysts Are Ignoring

The Oil Price Risk Analysts Are Ignoring

While geopolitical tensions in the…

India Allows State Refiners To Import Iranian Oil In Iran-Owned Tankers

Oil tanker

India has given permission to state-owned refiners to import oil from Iran with Iranian tankers and insurance, after the biggest Indian shipping company backed out of Iran voyages due to the U.S. sanctions, sources told Reuters, in a sign that India may not cut off Iranian oil imports after the sanctions return.

The Shipping Corporation of India (SCI) has stopped Iranian oil trade because of lack of insurance cover, a source in the company told Reuters, while a government official said that India’s shipping ministry has allowed state refiners to import Iranian oil on the so-called cost, insurance, and freight (CIF) basis, under which Iran would provide the shipping and the insurance for the oil cargoes.

Iran eager to continue selling its oil to India—its second-largest single oil customer after China—even as some Indian refiners are said to be thinking of reducing oil imports from Iran for fear of running afoul with the U.S. sanctions and having their access cut off to the U.S. financial system. Earlier this summer, reports had it that Iran had started to offer India cargo insurance and tankers operated by Iranian companies as some Indian insurers backed out of covering oil cargoes from Iran.

Refiners and oil traders in China, Iran’s top oil customer, have reportedly started to switch to using Iran-owned tankers for almost all their crude oil imports from Tehran.

Related: The Collapse Of Venezuela's Imaginary Oil Currency

China has said that it would not stop buying Iranian oil despite U.S. efforts to bring the Iranian exports down to ‘zero.’ But Beijing is also said to have agreed not to increase its oil purchases from Iran.

India, for its part, has been torn between cutting itself—and its refiners—off from the U.S. financial system by continuing to import Iranian oil, and keeping cheaper Iranian oil imports flowing. India is expected to finalize its strategy regarding Iranian oil purchases after a meeting with top U.S. officials on Thursday.

India will “definitely” not entirely cut off its crude oil imports from Iran, a senior Indian government official with direct knowledge of the country’s oil purchasing policy told Reuters last week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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