Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

India Delays May Order for Iran Oil, Awaits Clarity on US Sanctions Waiver: Report

In November, US President Donald Trump withdrew from the 2015 Iran nuclear deal and re-imposed broad economic sanctions.

Reuters

Updated:April 9, 2019, 3:20 PM IST
facebookTwitter Pocket whatsapp
India Delays May Order for Iran Oil, Awaits Clarity on US Sanctions Waiver: Report
Image for Representation

New Delhi: Indian refiners are holding back from ordering Iranian oil for loading in May pending clarity on whether Washington will extend a waiver from US sanctions against the OPEC-member, four sources said. In November, US President Donald Trump withdrew from the 2015 Iran nuclear deal and re-imposed broad economic sanctions.

Washington, however, gave a six-month waiver to eight nations including India, allowing them to import some Iranian oil until early May. India, Iran's top oil client after China, was allowed to buy about 9 million barrels a month.

India hopes to get clarity in seven to 10 days on any extension of the waiver, as well as the amount of oil that could be purchased if an extension is given, the sources said. "We don't know about U.S. thinking, whether they will allow India to buy oil or not," said one of the sources, all of whom declined to be named due to the sensitivity of the issue.

Under the current waiver, India can buy about 300,000 bpd of Iranian oil — about half the amount before the sanctions were imposed — and New Delhi wants to keep buying Iranian oil at that level, Indian sources said last month.

Since November only state-run Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum and Mangalore Refinery and Petrochemicals have been buying Iranian oil. State-refiners and India's oil ministry did not respond to Reuters request for comments.

Brian Hook, the special US envoy for Iran, in March said Washington is pursuing its plan to bring Iranian crude exports to zero. Last week Hook said three of eight importers granted waivers by Washington have cut shipments to zero.

“Sanctions against IRGC (Islamic Revolutionary Guard Corps) have also added to the uncertainty over supply of Iranian oil ... in the current scenario when enough alternatives are available it is better to wait for a clarity,” said another of the sources.

Trump on Monday designated Iran's Guards a foreign terrorist organisation. Iran's president Rouhani said Tehran will resist US pressure and hailed IRGC as defenders of Iranians.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
ICICI Bank 536.35 0.45
HDFC Bank 1,212.90 -2.51
Wockhardt 352.90 18.01
Dr Reddys Labs 3,188.95 5.31
PI Industries 1,541.40 2.85
Top Gainers
Company Price Change %Gain
M&M 578.30 1.85
UltraTechCement 4,690.00 1.05
Tech Mahindra 791.30 0.50
ICICI Bank 536.35 0.45
Axis Bank 740.00 0.37
Top Losers
Company Price Change %Gain
Tata Steel 462.40 -4.31
IndusInd Bank 1,271.60 -3.37
HDFC Bank 1,212.90 -2.51
SBI 316.20 -2.42
Power Grid Corp 192.50 -2.26

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results