India will not honor sanctions on Iran, Venezuela

[Rodent + 1,424]

I guess they are in between a rock and a hard place, with being a major importer.

https://www.rferl.org/a/india-top-iranian-oil-importer-says-will-not-honor-us-sanctions-swaraj/29256213.html

[Harsh vardhan singh + 36]

1 hour ago, Rodent said:

I guess they are in between a rock and a hard place, with being a major importer.

https://www.rferl.org/a/india-top-iranian-oil-importer-says-will-not-honor-us-sanctions-swaraj/29256213.html

rightly! said, India are caught between rock and hard place...but one thing that we can say that in this situation the ball is in india's court...now India want more oil to refine at finest rate and  they they will easily get from Iran and Venezuela...India's crude oil imports increased by 15.8% in January 2018. 

and the long eco-political relations with Iran is also comes in their way to cut oil import. 

The maximum crude oil imports are from middle east and Iran is one of the major supplier....may be all these things are just a situational advantage...

[Guillaume Albasini + 851]

Not really surprising as India plans to import more iranian oil.

"Indian state refiners plan to almost double oil imports from Iran in 2018/19, drawn by incentives offered by Tehran, sources with knowledge of the matter said, potentially helping Iran increase its share in the world’s third-biggest oil importer. "

Source : https://www.reuters.com/article/us-india-iran-oil/indian-state-firms-plan-to-nearly-double-iranian-oil-imports-sources-idUSKCN1HD0W8

 

China is on a similar trend...

"A Chinese investment firm will spend US$2 billion on building an oil refinery in the Iranian northern province of Mazandaran, the official Islamic Republic News Agency (IRNA) reported on Monday "

Source .  https://oilprice.com/Latest-Energy-News/World-News/Chinese-Firm-To-Invest-2B-In-Oil-Refinery-In-Iran.html

"China’s state-owned energy major CNPC is ready to take over Total’s stake in the giant Iranian South Pars gas project if the French company leaves amid newly announced U.S. sanctions [...] Reuters reported in December that a $1 billion deal signed last July gave the Chinese firm the option to take over Total’s stake if it left Iran. Since then, the Beijing-backed giant has conducted significant due diligence and planning, several high-level industry sources told Reuters. “The possibility of Total’s pullout is quite high now, and in that scenario CNPC will be ready to take it over fully,” said a senior state oil official with knowledge of the contract. An executive with direct knowledge of the project added that planning began “the day the investment was approved. CNPC foresaw a high probability of a reimposition of (U.S.) sanctions,” the executive said.

Source : https://www.reuters.com/article/us-iran-nuclear-cnpc-total/chinas-cnpc-ready-to-take-over-iran-project-if-total-leaves-sources-idUSKBN1IC0TE

 

 

I think that US santions will not affect the global iranian oil output but just change the destination of the oil flows.

In the end, European or japanese oil companies pulling out of Iran will be the real loosers.

 

 

 

 

[Rodent + 1,424]

India's largest refiner (the world's largest, actually) Reliance, will no longer import Iranian crude starting in October or November, according to Retuers sources.

NOT GOOD for Iran.

[sudhir + 9]

On 31/05/2018 at 7:53 PM, Rodent said:

India's largest refiner (the world's largest, actually) Reliance, will no longer import Iranian crude starting in October or November, according to Retuers sources.

NOT GOOD for Iran.

This is definitely a bad news for India also. Iran is quite close to India and is a source of reasonably cheap oil and gas. By loosing Iran, India is just playing into the hands of US and Opec cartel.

[PeterfromCalgary + 60]

Trumps not going to be happy about India trading with Iran as it could give it enough resources to keep hobbling along.  As for Venezuela it is so broken it does not even have the resources necessary to keep its oil infrastructure running or feed its workers.   Venezuela is collapsing and will soon not be able to export any oil.  Sanctions against Venezuela are a moot point.

Edited June 3, 2018 by PeterfromCalgary

[JunoTen + 118]

India has no plans of staying reliant to oil exporting countries that make the prices artificially higher. India's plan is to lower its oil consumption by pushing electric vehicles forward, as it happened in Norway recently. When it does so, it won't stand being bullied anymore by OPEC and friends.

[Guillaume Albasini + 851]

In June Indian private refiners cuted iranian oil imports... but state refiners increased iranian oil imports.

https://af.reuters.com/article/energyOilNews/idAFL4N1U72B9