• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 13 hours Science: Only correct if it fits the popular narrative
  • 6 hours Crazy Stories From Round The World
  • 27 mins EU has already lost the Trump vs. EU Trade War
  • 16 hours Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts
  • 5 hours Impeachment Nonsense
  • 1 day Do The World's Energy Policies Make Sense?
  • 7 hours Everything You Need To Know About Trump
  • 1 day What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 2 days China's Renewables Boom Hits the Wall
  • 16 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 days Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 2 days Water, Trump, and Israel’s National Security
  • 1 day Who writes this stuff? "Crude Prices Swing Between Gains, Losses"

Breaking News:

Russia Plans To Boost Crude Oil Exports

The Real Winner Of The OPEC+ Pact

The Real Winner Of The OPEC+ Pact

Russia has made more money…

IEA Sees $90 Crude Ahead Of Oil’s Downfall

IEA Sees $90 Crude Ahead Of Oil’s Downfall

IEA’s latest report does not…

India Has Ended All Oil Imports From Iran, But For How Long?

India flag

India has officially ended all oil imports from Iran, India’s Ambassador Harsh Vardhan Shringla said on Wednesday, after Prime Minister Narendra Modi has managed to emerge victorious from India’s elections, according to the Daily Mail.

Shringla was reluctant to say whether India agreed with the United States’ stance on the sanctions, but did say that the sanctions have hurt India, who relies on Iran in particular for a sizeable chunk of its crude oil. It now has had to find new sources of crude oil after the United States refused to extend the waiver India was enjoying up until May 2.

Reports came in suggesting that India had asked the United States for another sanction waiver so it could keep importing Iranian oil in the amount of 300,000 barrels per day, but the United States declined to extend any of the waivers.

While India is now in full compliance with the US sanctions on Iran, with the elections behind it, India may once again revisit the possibility of resuming oil purchases from Iran. India has already stated that it will review its decision to stop purchasing Iranian oil after its elections are in the review mirror. 

India joins a list of other Iranian oil purchasers that have officially stopped importing the sanctioned nation’s crude oil after the waivers expired, including Turkey.

Analysts had previously doubted whether India would fully stop its purchases of cheap Iranian oil, even in light of the United States looking to hook India up with alternate supplies including Saudi Arabia and the UAE. While alternate supplies were not necessarily hard to come by, any deals with Saudi Arabia and the UAE would likely have less favorable terms than what it was getting from Iran.

India has long been Iran’s second largest oil customer, after China, getting 10% of its needs from Iran.

By Julianne Geiger 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
Download on the App Store Get it on Google Play