India defies USA sanctions pressure; allows state refiners to use Iran tankers

Jermaine Castillo
September 6, 2018

"Crude oil export losses from Iran due to United States sanctions, production decline in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in Opec+ production", Tchilinguirian said, referring the Organisation of the Petroleum Exporting Countries and countries including Russian Federation that reached a deal to curb output to counter low prices.

SCI had a contract until August to import Iranian oil for Mangalore Refinery and Petrochemicals, two sources familiar with the matter said. "It therefore remains unclear whether OPEC will be able to absorb a potentially massive fall in Iranian oil exports due to the USA sanctions", they added. He also stated that the Iranian production is already giving indications of declining. S&P suggested that the September 11th OPEC meeting may well spark an increase in production from Iraq and possibly even its fellow members if Iran continues to struggle. With concerns growing that global spare capacity will be stretched if other producers such as Saudi Arabia pump more to make up for the loss, the oil market is revealing risks of a crunch.

The output in August, propelled by Libya, remains the highest the cartel has achieved this year.

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"Crude oil export losses from Iran due to US sanctions, production decline in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in OPEC+ production due to market share sensitivities", the bank said.

The 9.6% rise lifted Japan's import volumes of Iranian cargoes to 183,560 b/d in July despite the country's overall crude imports dropping 12.8% year on year to 2.92 million b/d in the month, preliminary data from the Ministry of Economy, Trade and Industry released Friday showed. Thanks to the US Labor Day holiday, trading volumes in both US and European crude oil futures were relatively light.

Innes, however, feels that it is too early to predict whether the economic slowdown due to these trade wars was going to impact the demand for oil.

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The sanctions were originally halted in 2015, when China, Russia, Britain, France, Germany, the European Union, Russia, the UK, Iran and the U.S. signed the Joint Comprehensive Plan of Action - also known as Iran nuclear deal. According to a private survey, export orders have dropped down for the fifth straight month.

"In any case, the government intends to have talks with the U.S. tenaciously in order to continue Iranian crude oil imports", Minister of Economy, Trade and Industry (METI) Hiroshige Seko said.

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