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India buying Iran oil in defiance of Trump sanctions

India buying Iran oil in defiance of Trump sanctions

India will buy nine million barrels of Iranian oil in November, in a signal the world's third-biggest oil importer will continue purchasing crude from Iran despite US sanctions coming into force on November 4, Reuters reported on Sunday.


"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million barrels) of oil from Iran," a source added.

 

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals another 3 million barrels, the source said.

 

The United States plans to impose new sanctions targeting Iran's oil sector on November 4 to try to stop the country's involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile program.

 

"India is continuing with its relationship with both its key energy partners Iran and the US," a second source said.

 

A US government official said the Trump administration is "in the midst of an internal process" of considering waivers for countries that are reducing imports of Iranian crude.

 

US Secretary of State Mike Pompeo said in India last month that the Trump administration would consider waivers for Iranian oil buyers such as India but they must eventually bring the imports to zero.

 

Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower.

 

In the previous round of sanctions from 2012 to 2015, India continued to buy Iranian crude although it had to cut purchases significantly to protect its wider exposure to the US financial system.

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