• India buys Iran's oil for November supply

A senior Indian official has confirmed that India will keep buying Iranian oil for November supply.

Iran Press/ Asia: Joint secretary for international cooperation at the Ministry of Petroleum & Natural Gas of India, Sunjay Sudhir, said that public companies of the country have already placed their orders with Iran for crude oil supply during November, Mehr News Agency reported.

Iran, historically has been a key supplier of crude for India, he stressed after presenting investment opportunities in the Indian Strategic Petroleum Reserve programme Phase II (ISPR) to Singapore-based investors.

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In further comments Sudhir said: "In India, we are guided by our consideration for energy security."

Sudhir also said Indian officials were in talks with the US on waivers relating to Washington's sanctions on dealing with Iran.

Sixty-five percents of India's crude supply comes from the Middle East countries including Iraq, Saudi Arabia and Iran.

The other two main suppliers are Venezuela and Nigeria. Crude oil supply from the US has been choked due to pipeline and terminal infrastructure at the supply points.

"The constraints are on the US infrastructure side," Sudhir noted.

India's total demand for crude oil is 4.6 million barrel a day, which ranked the country third in the world's largest consumers after the United States and China.

India receives 80 percent of its oil needs from Iran.

The US, following withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May 2018, announced its' intention to reduce Iran's oil exports to zero.

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Washington wants all countries importing Iranian oil to cut back on their imports or to stop import of Iranian crude altogether.                                                                                       

Many countries including China, India, Russia and Turkey have already announced they won't abide by America's unilateral sanctions against Iran, and they will keep on trading with Iran, including buying Iranian oil.

The US departure from JCPOA has been condemned and criticized globally, including by all remaining signatories to the nuclear deal.

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Oct 27, 2018 17:49 Asia/Tehran
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