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Imports of Iranian oil from Iran fell by more than 25 percent in June, but some shipments loaded last month are expected to arrive this month, officials said today. government and industry
. In May, imports from Iran dropped to 570,000 bpd in June, with India considering acquiescing to US President Donald Trump's demands to stop Iran's oil imports. before November 4th.
Officials said the actual cargo reaching the Indian coasts showed a decline but some of the oil that was loaded in June arrived this month and was not taken into account in the June numbers .
Restrictions imposed by the United States on any country and UN sanctions were demanded of the oil companies who prepared to pay for Iranian oil to be blocked in November, following the sanctions against the Persian Gulf nation. Nayara Energy and the private sector Reliance Industries, as well as state-owned Indian Oil Corp (IOC) have shown less Iranian purchases, but Mangalore Refinery and Petrochemicals Ltd. (MPRL) source more oil.
Imports from Iran, which is currently India's third largest oil supplier after Iraq and Saudi Arabia, are likely to gradually come down and will have to to be replaced by more purchases from countries like Saudi Arabia and Kuwait, They added that imports from Iran after November 4 would only be possible if Iran accepted Rupee payments.
The Trump administration is putting pressure on India, China and other buyers The withdrawal of the United States from a historic nuclear agreement and the announcement that the sanctions will be reimposed on Iran within 180 days threatened to cut off access to the US banking system for foreign financial institutions that trade with Iran.
This means that India, the second largest importer of Asia after China, will have to abandon the payment mechanism in euros for imports. US sanctions against Iran come into force.
But, he could continue to import if Iran accepts an alternative payment or offers a longer credit period.
State Bank of India (SBI), the country & # 39; The current payment mechanism implies that Indian refiners transfer funds to the SBI when they use the German-based Europaeisch-Iranische Handelsbank to pay euros to Iran [leplusgrandprêteurainformélesraffineurspétroliers19659002]. first round of sanctions in 2012 when the European Union (EU) joined the United States in imposing financial restrictions, India first used a Turkish bank to pay Iran for the oil that she had bought. in rupees, while keeping the rest in suspense until the opening of the payment routes.
He began paying duties in 2015.
In addition, New Delhi had sought to circumvent the restrictions by providing goods, including wheat. , soy flour and consumer products in Iran in exchange for oil.
In 2012, the EU imposed restrictions on the insurance of Iranian oil and the ships that transported them. To get around the problem, Iran was providing oil in its own tankers.
Iran supplied 18.4 million tons of crude oil in April 2017 and January 2018 (first 10 months of 2017-2018 fiscal year). Crude oil supplier after Saudi Arabia until 2010-11 but Western sanctions on its alleged nuclear program have pushed it to 7th place in the following years. Supply in Iran has increased after the lifting of sanctions
Iranian oil is a lucrative purchase for refiners as the Persian Gulf nation grants 60 days of credit for purchases, double the time granted by other producers. , companies are not allowed to enter into new transactions in the Iranian oil and energy sector.
By August, transactions on the Iranian debt or currency and purchases involving the Iranian auto sector and other metals will have to stop. In November, transactions involving the Iranian oil and energy sector, ports and insurance services will be banned
(This story was not edited by the Standard Business staff and is generated automatically from from a syndicated thread.)
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