India expected to keep buying Iranian oil despite sanctions by US

India buying Iran oil in defiance of Trump sanctions

"Despite the mischief of the Americans, Iran's oil exports have surpassed state budget outlay projections", Vice President Es'haq Jahangiri said last week.

However, a USA government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

India will defy U.S. sanctions and continue importing oil from Iran after a November 4 deadline, easing concerns over the country's energy security but setting up a possible showdown with Washington.

Indian Oil Corp will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd 3 million barrels, the source told Reuters.

Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from USA sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.

India has already stated that it will continue importing oil from Iran as they "do not recognise sanctions imposed by anyone other than the United Nations".

Furthermore, Leszczynski says that if India were to stop or significantly reduce imports from Iran, it would complicate the strategic relationship it is trying to build between the two countries.

"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.

India also continued to buy Iranian oil in 2012-2015, but shipments had to be sharply reduced to avoid exposure to the United States financial system. An industry source who also tracks exports said October shipments were so far below 1 million bpd.

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"Even without sanctions also, Iran had been accepting payments in rupee".

Opec accounts for around 40% of the global production.

Oil prices rallied last week to their highest level since November 2014, with Brent Crude hitting $86 and WTI Crude rising above $75 a barrel at one point in the middle of the week.

Andurand benefited from a surge in energy prices in late September that took oil to above $80 a barrel.

Pradhan said he had urged Saudi Arabia's oil minister to keep in mind the interests of oil consuming countries when it came to higher prices.

Soaring crude oil prices have been a huge burden for the Indian consumer and have brought the taxation structure and margins of oil marketing companies under the scanner leading to mass criticism.

"In effect, the government has asked the OMCs to sell petrol and diesel at subsidized prices, for which they will not be reimbursed", the report said.

In the run-up to 2019 general elections, Fitch Ratings recently raised the spectre of return of state control on fuel pricing in India.

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