India Seeking Extension of Iran Oil Waivers
India is in talks with the US to extend a waiver permitting it to continue importing Iranian oil after March, an Indian Oil Ministry official said Thursday.
"We are hopeful of another extension of the waiver by the US administration for six months," the official told reporters, S&P Global Platts reported.
"Terms and conditions will have to be framed by the US on acceptable terms."
The US granted eight key Iran oil buyers a 180-day exemption from sanctions as they came into force in early November, enabling China, India, Japan, South Korea, Turkey, Taiwan, Italy and Greece to purchase some Iranian crude until March.
Indian imports of Iranian crude have averaged around 300,000 bpd since December according to estimates from S&P Global Platts.
Iranian crude exports to India had been robust before the current sanctions were implemented. More than 600,000 bpd of Iranian crude was shipped to India in September, while inflows were nearly 500,000 bpd in October, according to analysts and data from cFlow, a Platts trade tracking tool.
Most analysts expect China, India and Turkey to be again granted waivers from April.
"The real challenge, according to sources, will be India, which has been granted waivers of 300,00 bpd and is set to take advantage of its full quota as it ramps up imports over the next month," analysts with Medley Global Advisers said in a recent note.
"The Indian government continues to put in place policies that would facilitate refinery purchases of Iranian crude, including exempting rupee payments to the National Iranian Oil Company from withholding taxes," it added.
source: Financial Tribune
Top News
Six last month
Two last year
China, Indonesia seal $10 billion in deals focused on green energy and tech
Copper price, stocks are being hammered as Trump tariff, China worries mount
Codelco copper production rises in September, Escondida dips
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Top gold ETF sees largest weekly outflow since 2022 on Trump win
US judge narrows investor lawsuit against Rio Tinto over Mongolian mine
Japan, Peru to agree on cooperation in mineral mining technology
MinRes halts Bald Hill mine amid lithium price rout
Ahead of Rio Tinto buyout, Arcadium’s profit dips on sliding lithium prices
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Lithium in nascent rebound, but long-term outlook is bleak
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus