• 5 mins PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 2 hours Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 4 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 5 hours Schlumberger Warns Of Moderating Investment In North America
  • 6 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 7 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 9 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 10 hours New Video Game Targets Oil Infrastructure
  • 12 hours Shell Restarts Bonny Light Exports
  • 13 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 19 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 1 day British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Is The Aramco IPO On The Brink Of Collapse?

Is The Aramco IPO On The Brink Of Collapse?

Conflicting news suggests that Saudi…

India Could Become the First Large Casualty of the US Sanctions on Iran

India Could Become the First Large Casualty of the US Sanctions on Iran

In an attempt to force economic pressure on Iran due to the conflict over its nuclear regime, the US has imposed sanctions demanding that countries significantly reduce trade of Iranian oil during the first half of 2012. Failure to comply with these sanctions by an organisation will result in them being banned from the US banking system.

India has failed to reduce its purchases of Iranian oil, and has therefore failed to comply with the US sanctions. President Obama may now be forced to impose his sanctions on one of the largest economic powers in Asia. His decision could come as early as 28th June.

The Indian government hasn’t actually asked any of its refiners to halt trade with Iran. It just requested that they look for alternative supplies in an attempt to gradually reduce dealings with the Persian state. The problem is however, that annual crude oil contracts usually run from April to March. India has said that when the new contracts start they will then look to introduce reductions.
The US has even offered its help in searching for and negotiating with alternative suppliers such as Iraq and Saudi Arabia.

According to two officials, as the new contracts start to take effect next month, the largest Indian buyer of Iranian oil, state-owned Mangalore Refinery & Petrochemicals Ltd., has made plans to import less crude from Iran.

However, Oil Minister S. Jaipal Reddy, Finance Minister Pranab Mukherjee and Foreign Secretary Ranjan Mathai have all declared that India will continue to buy Iranian oil to fuel its expanding economy. India has, and will, always support UN sanctions, but objects to sanctions from individual countries.

The US Energy Information Administration says that India bought an average of 328,000 barrels a day from Iran during the first six months of last year. This year that volume has sharply increased.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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