India wants USA sanctions waiver after cutting Iran oil imports

Another factor easing those fears was a Friday Reuters report that cited an unnamed us government official as saying the Trump administration is considering waivers on its sanctions for countries that agree to reduce their imports of Iranian oil.

"We expect the global leadership to acknowledge India's need for Iran's oil", Pradhan said, adding that he wanted major oil producers like Saudi Arabia to raise production.

"It has been quite a tough process to negotiate", said Sanjay Sudhir, a joint secretary handling worldwide cooperation in the Oil Ministry, in reference to efforts to diversify supplies and reduce Iranian imports.

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State refiners Indian Oil Corporation Ltd (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tonnes of Iranian oil for import in November.

Singh said options for paying for Iranian oil are under discussions.

Russian Federation and China are both pursuing their own systems and Germany has suggested creating Europe's rival to global financial messaging service SWIFT based on the euro rather than the dollar in order to bypass U.S. sanctions.

India has been curtailing oil imports from Iran since September. "State's been pushing very hard on this, they deserve a lot of credit for their efforts, so let's see what they come up with before criticizing".

"In particular, both India and China continued to import crude from Iran, even though they had to cut down volumes significantly". It had planned to import 9 MT of Iranian oil in 2018-19 financial year or 0.75 MT a month.

Iran has questioned whether the market needs more oil and says its output is holding steady at about 3.8 million bpd.

India had thus far not publicly articulated its stand on the issue, but with the advance orders placed for November, has made it clear that India will not "zero out" its oil intake from Iran.

But Iran, OPEC's third-largest producer, has repeatedly said that its oil exports can not be reduced to zero because of high demand levels in the market and has blamed Trump for an oil price rally caused by imposing sanctions on Tehran.

Nayara Energy, formerly Essar Oil, too is stopping import from the Persian Gulf nation.

That is down from at least 2.5 million bpd in April, before President Donald Trump in May withdrew the USA from a 2015 nuclear deal with Iran and reimposed sanctions.

That is down from at least 2.5 million bpd in April, before U.S. President Donald Trump in May withdrew the United States from a 2015 nuclear deal with Iran and re-imposed sanctions.

Sources said Iran is open to accepting rupee payment for oil and may use the money to pay for equipment and food items it buys from India.

Vanessa Coleman

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