Oil rises, but on track for weekly loss on developments in Iran nuclear talks msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Indian, European refiners get ready to buy Iranian oil
Reuters
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Updated on
Cos upbeat about lifting of sanctions by US later this year
New Delhi/London, May 19 Indian refiners and at least one European refiner are re-evaluating their çrude purchases to make room for Iranian oil in the second half of this year, anticipating that U.S. sanctions will be lifted,company officials and trading sources said.
Former U.S. President Trump abandoned the 2015 Iran nuclear deal and reimposed sanctions on Tehran in late 2018. Until then, Europe and Turkey had brought close to 500,000 barrels per day (bpd) of Iranian oil. India, Iran s biggest client after China, was buying as much as 480,000 bpd in the fiscal year beginning April 2018.
Indian refiners set to curb spot buying to make room for Iranian oil
Indian refiners, anticipating a lifting of U.S. sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year, company officials told Reuters.
The world’s third largest oil consumer and importer halted imports from Tehran in 2019 after former U.S. President Donald Trump withdrew from a 2015 accord and re-imposed sanctions on the OPEC producer over its disputed nuclear programme.
U.S. President Joe Biden’s administration and Iran have been involved in indirect talks to revive the pact for Tehran to curb its nuclear activities in exchange for a lifting of sanctions.
Alberta Energy Minister Sonya Savage made the comments in a statement sent to
Canada’s National Observer in response to the release of the IEA’s “Net Zero by 2050” report, which lays out a roadmap for reaching net-zero emissions. It concluded there was “no need for investment in new fossil fuel supply.”
Last year, Savage cited the IEA’s forecasts in an op-ed as “proof” that the world’s energy markets will continue to demand oil “decades” into the future. “Under every single scenario and forecast out there, oil will continue to be used and dominate the energy mix,” she told media on another occasion.
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