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India started preparation for possible canceling oil deals with Iran

krzepice1976

Power Poster IV
Joined
Sep 20, 2016
Four months and a week from now, India may be on slippery ground with an oil problem. Starting November 4 + , India's hotline with Iran for oil imports may very well be dead, courtesy US President Donald Trump's assertion of 'zero tolerance' against any country or entity that flouts its diktat to stop buying crude from the west Asian country beyond the November deadline.
Iran being its third largest oil supplier, snapping ties would leave India on a look out to make up for the loss + . The fact that India's oil imports from Iran have inched up consistently in the last four fiscal years is not without reason
Unlike other suppliers, Iran offers economic sweeteners on freight and insurance on its oil. Iranian oil is a lucrative buy for refiners as the Persian Gulf nation provides 60 days of credit for purchases, double the amount of time given by other producers.
While severing ties and finding replacement for Iran oil should not be as painful with Saudi Arabia, Iraq and Kuwait willing to fill in, the changed dynamics are expected to raise India's oil import bill. At a time when oil imports and the volatility of global crude oil prices are intensifying inflationary pressure in the Indian markets, this may well add salt to wound.
Technically, India can choose to defy US's demand as it is bound to comply with sanctions imposed by the United Nations (UN) only. However, the indispensable nature of New Delhi's trade and diplomatic relations with Washington and the Trump administration's tough stance has left India with little room to manoeuvre.
Bringing down imports to zero, as desired by the US, may however not be feasible, officials told news agency PTI.
Oil ministry held discussions with oil refiners on Thursday and will follow them up with meetings with external affairs ministry next week. "Clarity will emerge in one weeks time," an official said.
https://timesofindia.indiatimes.com/business/india-business/how-india-can-cope-with-cut-in-iran-oil-imports/articleshow/64790637.cms
 
Tehran's provisional Friday Prayers Leader Hojjatoleslam Kazzem Seddiqi underlined the importance of the Supreme Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei's insistence that the government should do its best to meet the resistance economy objectives.
Addressing a large and fervent congregation of the people in Tehran on Friday, Hojjatoleslam Seddiqi said, "The current economic problems are not the result of sanctions, but they are the result of not paying full attention to the Economy of Resistance policies outlined by the Supreme Leader and instead expecting the removal of economic problems via the nuclear deal, known also as the Joint Comprehensive Plan of Action."

The senior cleric called for using the Economy of Resistance policies outlined by the Supreme Leader Ayatollah Seyed Ali Khamenei to thwart the US sanctions.

Hojjatoleslam Seddiqi pointed to the US pressures and its allies to restrict Iran's progress in defense field, and said, "The defense capabilities are for deterrence."
http://en.farsnews.com/newstext.aspx?nn=13970408000653
 
That Western European countries would religiously follow Trump's orders to cut economic ties with Iran, that would be perfectly underestandable, it's absolutely logical. Now, India? India, who's been one of the first members of the Non-Aligned movement, who's always been friendly with Russia, who's heveloped its nuclear arsenal with the only goal to drop all of it on Pakistan as soon as possible, decides to go against Iran and cut the oil deals? That's fascinating, and quite surprising. I guess they'll be buying lots of Russian hydrocarbures now...
 
Indian Oil Corp. Chairman Sanjiv Singh says Saudi Arabia alone can cover most of the world’s supply shortfall in case Iran’s oil exports dry up. Also a narrowing spread between Brent crude and Dubai oil gives Indian Oil even more options, the head of the state-run refiner known as IOC, one of Iran’s largest customers, said in an interview.
“We have a very wide crude basket. There’s nothing we can’t procure, there’s nothing we can’t process,” Singh said. “So, even if Iran supplies get disrupted, the supplies to the Indian market will still continue. That’s assured.”
Some customers in Asia are already considering acquiescing to US President Donald Trump’s demand to end trade with Iran by early November, when sanctions aimed at curbing the Islamic republic’s nuclear program come into effect. Several refiners in the largest oil market are looking at alternative supplies from Saudi Arabia to Iraq after the White House said it won’t offer extensions or waivers to US allies

https://timesofindia.indiatimes.com/business/india-business/india-has-plan-d-for-iran-oil-as-trump-adds-sanction-pressure/articleshow/64830242.cms
 
The Trump administration is softening its earlier demand that countries like China, India and Turkey end all imports of Iranian oil by November 4, as a top State Department official on Monday said the United States would allow reduced oil flows, in certain cases.
“We are prepared to work with countries that are reducing their imports on a case-by-case basis,” said Brian Hook, the department’s director of policy and planning.
His announcement was a delicate attempt at reassuring oil markets and allies that sanctions are not likely to hit them this fall — even if Iranian oil continues to flow around the world, as is likely the case.
https://timesofindia.indiatimes.com/business/india-business/us-softens-demand-that-countries-stop-all-iran-oil-imports/articlesho
 
A plan by the United States to cut Iran's oil production to zero is a "fantasy," Iranian President Hassan Rouhani said on Tueday during his European tour to rally support for the 2015 nuclear deal.


https://timesofindia.indiatimes.com/world/middle-east/us-plan-to-end-iranian-oil-exports-a-fantasy-hassan-rouhani/articleshow/64844285.cms
 
"It would be meaningless that Iran cannot export its oil while others in the region can. Do this if you can and see its consequences," President Rouhani said, addressing a group of Iranians in Switzerland on Monday night.
We told all our foreign parties that if they speak to the Iranian nation with the language of logic and respect, then we can get problems solved problems... and that threats, pressure and humiliation will never work against the people of Iran," Rouhani said.

He referred to the US withdrawal from the 2015 nuclear deal, and said, "Iran's logic has not changed, one party without logic has left the Joint Comprehensive Plan of Action (JCPOA )with the goal of putting pressure on the Iranian nation."

Rouhani is currently on a crucial visit to Europe, where he is expected to discuss the fate of a nuclear agreement.

From Switzerland, the Iranian president will travel to Austria where he will meet President Alexander Van der Bellen and Chancellor Sebastian Kurz and oversee the signing of some documents for cooperation.

A key subject on the agenda, however, is a package which the Europeans are expected to offer to Iran in order to keep the country in the JCPOA.
http://en.farsnews.com/newstext.aspx?nn=13970412000260
 
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