India's Oil Imports from Iran Fall by 15.9% in June

India's Oil Imports from Iran Fall by 15.9% in June

This is especially true because the U.S. never really had much justification for withdrawing from the nuclear deal in the first place, beyond President Trump personally having problems with it. Pompeo's primary ammunition in the talks will be assurances that other nations, mostly Saudi Arabia, will replace Iran's oil exports on the market.

Among the top importers of Iranian oil are China, India, Turkey and South Korea.

Last week, while ruling out waivers to India and Turkey - which have told Washington that they would continue to import oil from Iran - the United States had indicated willingness to work with countries that are reducing their oil imports from Iran.

The Trump administration brought back sanctions against Iran after pulling out the U.S. from the Iran nuclear deal in May. The Indian refiners will want to comply with the limits to maintain their access to the US financial system.

Jahangiri said it would be a mistake to think the USA "economic war" against Iran will have no impact, but added: "We will make Americans understand this year that they can not stop Iranian oil sales". "The zero tolerance policy and the pace with which it is moving no doubt concerns Iran's current crude buyers". Overall purchases climbed on a higher intake of crude from Mexico, the United States and Azerbaijan.

Although there were no concrete pledges or deadlines, they also vowed efforts to keep open financial channels with Iran, promote export credit cover, and maintain open air, sea, and overland transport links.

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Most recently, senior US State Department officials completed three days of talks on Iran in Saudi Arabia, and "discussed new ways to deprive th'se regime of revenues", Reuters cited a State Department official as saying to reporters while traveling on Pompeo's plane.

State refiners, accounting for about 60 percent of India's almost 5 million bpd of refining capacity, lifted 10 percent more Iranian volumes in June compared to May, at about 454,000 bpd, the data from the sources showed. The sources declined to be identified.

On a yearly basis, India's imports from Iran were 19.5 percent higher, the data showed. Indian state refiners had cut oil imports from Iran in the 2017/18 financial year because of a dispute over the development rights for an Iranian natural gas field. Iranian President Hassan Rouhani inaugurated the first phase of the port project in December.

Imports by state refiners during the period more than doubled to about 413,400 bpd from 191,700 bpd, the data showed.

He added that the U.S. pressure on Iran came as the United States launched an "economic war with China and even its allies", referring to trade tensions between Washington and many of its main trading partners.

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