Friday, 21 September 2018
Latest news
Main » India's Iranian oil intakes jump to record high in July

India's Iranian oil intakes jump to record high in July

05 August 2018

But as the new Indian fiscal year began in April, refiners have been taking more Iranian oil imports compared to the previous fiscal year, as Iran offered incentives such as extended credit periods and nearly free shipping to keep its market share in India-Tehran's second-largest oil customer after China. He called Washington's attempt to reduce Iran's oil exports to zero was "mindless" and a sign that the Trump administration has not "thought about its consequences".

The drive, supported by Secretary of State Mike Pompeo and National Security Adviser John Bolton, has intensified since Trump withdrew on 8 May from a 2015 seven-nation deal to stop Iran from developing nuclear weapons.

Last month, Iran's Supreme Leader Ayatollah Ali Khamenei backed President Hassan Rouhani's suggestion that Iran may block Gulf oil exports if its own exports are stopped.

China has said it plans to impose tariffs on liquefied natural gas, raising concerns that it could also impose tariffs on oil, said John Kilduff, partner at Again Capital Management in NY.

A decision by U.S. President Donald Trump in May to back out of the deal means U.S. sanctions will snap back into place later this month and in November.

Fars reported authorities arrested 20 protesters and numerous protest leaders were women.

USA accuses Russian Federation of 'pervasive' election meddling
Paul Nakasone, National Security Adviser John Bolton , and Federal Bureau of Investigation director Christopher Wray . Sanders won't say if the White House would push Congress to pass a nationwide law calling for a voter ID system.

The Iranian riyal is down 25% against the dollar.

The first round of United States sanctions on Iran goes into effect on August 6, followed by ones targeting Iran's oil exports on November 4. The sanctions targeting Iran's oil industry could cut off a crucial source of hard currency.

In July, Beijing lifted monthly oil imports from Iran by 26 percent.

Iran's navy and its paramilitary Revolutionary Guard routinely conduct seaborne exercises in the Gulf and the strait.

"There are rising concerns, all this time we have uncertainties on the Iran sanction and uncertainties over tariffs, as we certainly don't need any more trigger for a significant swing [in prices] in one way or another", said Jim Ritterbusch, an analyst in Galena, Illinois.

"This exercise was conducted with the aim of controlling and safeguarding the safety of the global waterway and within the framework of the program of the Guards' annual military exercises", Guards spokesman Ramezan Sharif said, according to IRNA. He did not elaborate.

India's Iranian oil intakes jump to record high in July