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

05 August 2018

While the US failed to persuade Beijing to stop importing Iranian oil, the Chinese government did say it would not increase the imports, according to Bloomberg, which cited two anonymous officials "familiar with the negotiations".

Beijing, however, agreed not to increase purchases of Iran's crude, the officials, who spoke on condition of anonymity told Bloomberg on Friday.

With tensions high ahead of the return of United States sanctions on Tuesday, the government of President Hassan Rouhani also faces opposition from conservatives and religious leaders, who have long disliked his outreach to the West and accuse him of governing only for the rich.

A decision by U.S. President Donald Trump in May to back out of the deal means U.S. sanctions will snap back into place later this month and in November.

In return, United Nations-approved sanctions were lifted, and Iran was allowed to resume trading oil and gas on the worldwide market.

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He added: "Our way of doing things is to keep government's role very modest, and it is focused on helping businesses to do what they do best".

On Sunday, Iran received five more ATR turboprop airplanes only a day before the return of USA sanctions that have already torpedoed the country's plane purchases with other major providers.

If the US wants negotiations, it should stop pressures and sanctions, Qasemi was quoted as saying by official IRNA news agency.

They said they remained committed to the 2015 accord and to building up economic relations with Iran, including "the continuation of Iran's export of oil and gas" and other energy products.

Efforts by the Trump administration to choke off Iran's oil exports are being thwarted by China, which has refused to stop buying crude in the face of reimposed U.S. sanctions, according to a Bloomberg report published Friday.

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

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The US administration has vowed to impose sanctions on any company continuing to buy oil from Iran after the November 4 deadline.

"China will continue to cooperate with Iran adhering to its worldwide obligations".

In April-July, the first four months of this fiscal year, India's oil imports from Iran has risen by an annual 40 percent to about 677,500 bpd, the data showed.

The AP reported that ATR has pushed the USA for permission to send the final seven airplanes to Iran.

Another expert who foresees tightening was far more outspoken in his short-term forecast: Stephen Brennock, oil analyst at PVM Oil Associates, stated in a note on Friday that "Venezuela's ticking time bomb together with the return of Iran's oil industry to the sanctions era has all the makings for a major supply shock".

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