Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
India's decision to continue importing Iranian oil is a slap on the face of the United States, according to a former US diplomat who was the Bush administration's point-man on the Indo-US civilian nuclear agreement."India's decision to walk out of step with the international community on Iran isn't just a slap in the face for the US -- it raises questions about its ability to lead," said Burns.
... and there is no stopping its pan-Islamic agenda, cautions Ambassador M K Bhadrakumar.
Oil accounts for about a third of India's total imports and higher dollar prices combined with a rupee near all-time lows have increased its cost.
Whatever be India's course of action, it will have an impact on India-Iran ties, notes Aveek Sen.
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company. "The National Iranian Oil Company (NIOC) has signed a contract worth $1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf," the Iranian oil ministry's official news service Shana reported. "The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran." The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
'Had a very fruitful meeting with Iranian defence minister Brigadier General Amir Hatami in Tehran. We discussed regional security issues including Afghanistan and the issues of bilateral cooperation,' Singh said in a tweet.
Turkey's state-run Halkbank can only resume processing Indian oil payments to Iran once Western sanctions are officially lifted following an interim deal in Geneva last month, a senior Halkbank official said on Wednesday
Sensex heavyweight Reliance Industries fell 2.76 per cent. In percentage terms, major laggards were Yes Bank, Indusind Bank, RIL, ICICI Bank, HDFC and Axis Bank -- plunging as much as 6.62 per cent.
Oil has slumped from above $115 in June 2014 as shale oil from the United States has flooded the market
Carter was in politics, but not a politician, certainly not a transactional politician, points out Shreekant Sambrani.
Teheran bargains on OilMin plan for more rupee payment via increased import; wants investment deal on gas block.
US is putting in effort to reduce dependency on Iranian oil
A day after killing of Hezbollah chief Hassan Nasrallah in an airstrike in Beirut, Israel conducted widespread strikes in Lebanon on Sunday, killing over 100 people. The Israeli Air Force (IAF) also launched airstrikes on military targets in Yemen, specifically targeting Houthi-controlled sites, including power plants and a seaport.
Iran has offered to help India meet its energy needs by relaunching rupee-rial trade for export of oil and gas, said Iranian ambassador to India Ali Chegeni. Chegeni said if both the countries resume rupee-rial trade, bilateral trade can touch $30 billion. Iran used to be India's second largest oil supplier but New Delhi had to halt imports after the former US president Donald Trump withdrew from the nuclear deal with Iran and re-imposed sanctions on its oil exports.
Iran's growing proximity to China may have also played a part.
Indian Navy's destroyer INS Kochi responded following the attack on the vessel, MV Andromeda Star, on April 26, officials said, adding all the crew members are safe.
The Saudi and Iraq offer to replace Iranian crude supplies comes with a catch: Higher prices for the same quality of crude. The new government will face a tough decision over fuel price hike, says Aveek Sen.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
In a temporary reprieve, India will pay for Iranian crude oil in euros through a German bank based in Hamburg, while a permanent solution to the payment issue will be explored at a meeting in Teheran next week.
Keeps open the option to make payments in yen or yuan in the face of sanctions
'All but one of the previous oil shocks brought either a change of government or a political crisis.' 'Is the government braced for stormy weather?' asks T N Ninan.
The sanctions have a singular purpose, denying the world's largest state sponsor of terrorists the capacity to do things like they did this past couple weeks, attempted assassination campaign in the heart of Europe, said US Secretary of State Mike Pompeo.
US crude is now more than 17 per cent below its opening price at the start of the month and Brent is down more than 16 per cent.
Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
Top government officials in New Delhi have started discussions with stakeholders ranging from shipping and container companies to export promotion councils to understand the impact of the Iran-Israel tensions and plan ahead. Inter-ministerial talks are also being lined up amid the crisis situation in West Asia, sources confirmed. While the crude flows are not directly under any threat, elevated oil prices remain a concern, according to officials.
Jaishankar emphasised that the stability of the Middle East region was essential because about one crore Indian citizens live there and said, "a large part of our shipping passes through this region and also, oil comes from there."
The surge in oil prices has also affected the rupee, which hit a 6-week low of 70.25 on Friday against the dollar.
The foreign ministry's statement came amidst the reported visit of Foreign Minister Sun Weidong to Pakistan on a mediation mission.
India's pharmaceutical exports to Iran have been hit owing to depleting rupee reserves in the West Asian country because of India stopping the import of crude oil from it in 2019 following US sanctions. Pharmaceutical exports dropped 71.25 per cent in April-August this year over the same period last year. The data from the Pharmaceutical Exports Promotion Council (Pharmexcil) showed exports to Iran had declined 31.29 per cent in 2022-23 as against the previous financial year.
'Are we to believe that coordinated moves by the Canadian and US authorities are no longer taking place?', asks Ambassador M K Bhadrakumar.
India will pay Iran $900 million in two tranches beginning next week to clear part of the past dues for crude oil it buys from the Persian Gulf nation.
America's decision to give India exemption from imposition of certain sanctions for the development of the port is driven by the South Asian strategy, which was announced by President Donald Trump in August.
The delegation led by Qasemi arrived on Sunday with the aim of persuading New Delhi to step up both oil imports and investment in the OPEC-member's oil and gas sector.
Rouhani said people who think Islam is a religion of "violence and terrorism" are wrong in their assessment.
Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem Soleimani in an airstrike by the US in Baghdad.
The oil cartel's decision to maintain the production ceiling at its 2016 level, despite the recovery of the world economy, will ensure shortfalls in supply and high oil prices in the foreseeable future, warns Ambassador D P Srivastava.
India on Tuesday sought to downplay the United States's decision of exempting it from economic sanctions for cutting the oil imports from Iran, saying it was a "decision taken by the Obama Administration under its domestic law."
"Today I have made the determination that seven economies -- India, Malaysia, Republic of Korea, South Africa, Sri Lanka, Turkey and Taiwan--have all significantly reduced their volume of crude oil purchases from Iran," Secretary of State Hillary Clinton said in a statement.
India on Tuesday sought to downplay the United States decision of exempting it from economic sanctions for cutting the oil imports from Iran, saying it was a "decision taken by the Obama Administration under its domestic law."
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