India's Oil Imports From Iran Jump To Record-High In July

Aug 05, 2018, 12:56
India's Oil Imports From Iran Jump To Record-High In July

Beijing, however, agreed not to increase purchases of Iranian crude, said the officials who spoke on condition of anonymity.

"The U.S. has been unable to persuade China to cut Iranian oil imports, according to two officials familiar with the negotiations, dealing a blow to President Donald Trump's efforts to isolate the Islamic Republic after his withdrawal from the 2015 nuclear accord", the report read.

The nuclear deal with world powers would have allowed Iran to replace its aging commercial fleet.

As an original signatory, the United States also pledged to waive secondary sanctions as long as Iran continued to abide by the deap.

Iranian protesters have attacked a religious school in Karaj province near Tehran, the conservative Fars news agency reported on Saturday, as sporadic protests simmered ahead of the reimposition of USA sanctions. The US also said that it would exert "maximum economic and diplomatic pressure" on other countries to stop buying crude oil from Iran.

The rhetoric between the US and Iran remains heated, despite Trump tweeting last week that he would be willing to meet with Iranian President Hassan Rouhani.

Iranian President Hassan Rouhani has warned the USA against any attempt to stop Tehran's oil trade, threatening to block the strategically important Strait of Hormuz.

While South Korea has halted imports from Iran and reports in India indicate it may also bow to the U.S. campaign, Washington's entreaties to Beijing have proved fruitless, two unnamed officials told Bloomberg.

Unfazed, the administration has warned that even allies would face sanctions if they didn't show “significant” progress in reducing Iranian oil purchases by November 4, ruling out broad exemptions or waivers.

Iran's Revolutionary Guards confirmed on Sunday it had held war games in the Gulf over the past several days, saying they were aimed at "confronting possible threats" by enemies, the state news state news agency IRNA reported.

Preliminary tanker arrival data cited by Reuters on Thursday showed that the Asian country increased purchases of Iranian crude by about 30 percent to a record 768,000 barrels per day (bpd) as state refiners' intake surged ahead of USA sanctions in November.

Iran wants guarantees from Europe to maintain banking cooperation and investments in Iran's oil fields as well as continuation of cooperation between Iranian and European small and medium-sized enterprises, Qasemi noted. China's Unipec, the trading arm of Sinopec, has suspended crude oil imports from the United States.

Between April and July India's oil imports from Iran has risen by an annual 40% to about 677 500 bpd, the data showed.

YOU MIGHT ALSO LIKE
popular